Bershire Hathaway opens doors in India

Berkshire Hathaway Inc., a U.S. based insurance company run by Warren Buffett, has announced that they will be entering the insurance market in India. The insurer will make its entrance into the Indian sector as a corporate agent of Bajaj Allianz General Insurance. Berkshire Hathaway will provide general insurance products via online distribution. They will focus their efforts mostly on auto insurance and branch out from there. The Indian insurance market is experience rapid evolution and Berkshire Hathaway is committed to providing the products that are needed most. According to…

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So you think insurance is wasted money, think again!

While insurance may seem to be a burden to most people, it does have moments of significance that is usually only noticed when certain situations arise. Five important insurance claims are explored, including car problems, fine arts, pet insurance, natural disasters and the 9/11 financial burden. Auto insurance holds a huge significance that should not be taken for granted. Back in 2007 in the UK, a car shopper took out a Pagani Zonda for a test drive which is worth £500,000, with only ten of the cars produced in a…

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An eye opener to insurance fraud

Insurance fraud claims have been rising, and it seems consumer’s tolerance to the wrongdoing has risen also. The 2010 statistics show that the fraud claims totaled 80 billion dollars last year. It has been referred to as a white collar crime, and many people consider it a “victimless” crime. Why would someone file a bogus insurance claim? In the case of a Connecticut man, it seems he committed the crime out of spite. The 62 year old man was a former advertising executive and was being divorced by his wife…

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Conseco Life rate increase shot down

A federal court judge in California has rebuked Conseco Life Insurance Co., ruling against them in a class action suit. The ruling will prohibit the insurer from tripling its rates on nearly 50,000 life insurance policies sold in the late 80’s into the mid 90’s. The decision was made on Wednesday. The case began in 2002, when the Indiana Department of Insurance voiced their worry about the insurers’ ability to manage itself appropriately. Conseco filed for Chapter 11 bankruptcy protection that year after it failed to acquire a competing insurance…

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The business of fraudulent insurance claims

Today, there are some that make a living specializing only in insurance fraud by submitting doctored up insurance claims. The false claims received may include life insurance, third-party policy, personal damage and car theft.  In many cases, the claim amounts asked for are considerably higher than the injuries, damage or loss that occurred – this can raise a red flag to potential wrong doing. Life insurance fraud is when someone makes false claims about faking an injury or death.  The false documentation used is usually police reports, medical cards, marriage…

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How much life insurance do you need?

The best way to protect your family before you pass away is to have a life insurance policy. Upon the event of your death, your beneficiaries will receive the money tax-free.  Since your debts and income change frequently, you can estimate how much life insurance you need through some calculations. Here is important information to think about when figuring how much to cover.  In the event of your passing your family will be responsible for the debt that is left behind.  It is important to have enough coverage so your…

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Too good to be true life insurance

When shopping for life insurance on and offline buyers should beware. Many, not all, quote preferred rates which are hard for the best of health to get. We’ve all heard the commercials or seen the ads promising premiums for $10 a month with no underwriting required, but many find that after speaking with an agent, that $10 a month is nowhere in the ballpark, and medical tests are required! It’s called the ol’ bait and switch but here are some dos and don’ts to avoid this… Online quotes are merely…

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Is your insurance in danger of cancellation?

An insurance company can only cancel your policy for good reason. If you are late making your payments, they may drop you.  Though there might be a grace period, it will depend on the company or type of insurance you have. Different companies handle this differently. Also, Auto, Life, Health, and Home policies have different rules regarding late payments. If you lie to an automobile insurance company about the distance you drive car, you could also end up being dropped.  Other lies you want to avoid are dangerous hobbies such…

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Shopping for life insurance on the Internet

In days past, life insurance agents would come to your door. Today, the agents are trying to reach people through the Internet. The benefit of purchasing online is that you can compare insurance companies and their rates, view features and plans that are offered.  Many online insurance companies will even connect you with a licensed insurance agent so you can make sure you get the coverage you need for yourself or your family. Gary Lardy, CEO of IntelliQuoute feels that by insurance websites providing access to tools at all hours…

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Are top-name insurance companies profiting from deaths of American Soldiers?

Insurance news

Prudential, the second largest insurance company, is being accused by family members of fallen solders of profiting from death benefit pay outs. When soldiers are killed in the line of duty, the next of kin receives a life-insurance payment from the government but what most would think should be a lump sum  turns out to be more like an “IOU” cleverly disguised as a check book. Recently a mother lost her son in an explosion in Afghanistan.  She received a checkbook and a packet from Prudential, instead of the $400,000…

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