CASCO: Fraud with contracts It is not uncommon to encounter situations in which from the insurance company with which an automobile collision insurance contract has been concluded attempts to obtain payment illegally. Let's look at the most common cases. TOP-5 Illegal methods of enrichment in motor hull insurance Unscrupulous policyholders come up with many different ways to outsmart the insurance company and illegally enrich themselves. But for each method of fraud, the insurer has its own countermeasure. Double car insurance Fraudsters use this method when the car is already damaged at the time of insurance. Then they find a car of the same make and color and come to insure it with the documents of the damaged car, hoping that the body and chassis number will not be checked. However, when concluding a car insurance contract, an employee of the insurance company is obliged to check the data of the car recorded in the documents with the actual data. Replacement of a drunk dr...
Showing posts from October, 2024
Procedure of the driver in case of accident outside Ukraine
Procedure of driver's actions in case of accident outside Ukraine 1. Stop the vehicle and stay at the accident site. Do not change the position of the vehicle under any circumstances. 2. Call the police. Obtain a copy of the report or any other document that establishes fault, identifies the participants and the circumstances of the accident (it is advisable to take photos or videos of the vehicles involved in the accident from different angles and of other objects involved in the accident). If none of the accident parties speaks the language of the country where the accident occurred, you should call the Motor Bureau (an organization established to control the activities of insurers) of the country where the accident occurred (phone numbers are on the back of the Green Card policy). 3. If you are required to sign a document If you are required to sign a document in which the fault of the parties involved in the accident is stated in a language that you do not understand, yo...
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Insurance Against the Flu: Key Points and Offers
Insurance Against the Flu: What You Need to Know About Policies and Offers Some insurance companies offer voluntary health insurance (VHI) programs for protection against the flu and acute respiratory diseases, but there is no unified approach to this issue. Some programs include mandatory vaccinations and compensation for illness, while others provide flu treatment within broader insurance plans without having separate programs. Specialized flu insurance may exist, but difficulties in diagnosis and determining the connection between complications and the flu can lead to disputes over claims. Overall, while specialized programs may be more affordable, the uncertainty in diagnosis makes them less appealing to insurers. Challenges: The main issue with flu insurance is the difficulty in diagnosing influenza distinctly from other respiratory infections. Insurers require a clear flu diagnosis to determine coverage, leading to potential disputes over claims. If complications arise, the i...
Types of compulsory insurance In Ukraine, the following types of compulsory insurance are carried out: health insurance; personal insurance of medical and pharmaceutical employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) in case of infection with the human immunodeficiency virus during the performance of their official duties; personal insurance of departmental employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) and rural fire brigades and members of voluntary fire brigades (teams); insurance of sportsmen of higher categories; life and health insurance of specialists in veterinary medicine; personal insurance against accidents in transport; aviation insurance of civil aviation; liability insurance of the maritime carrier and the performer of work related to the servicing of maritime transport, in respect of compensation for losses incurr...
History of insurance: Medieval era
History of insurance. Medieval era. Sea loans or foenus nauticum were common before the traditional marine insurance in the medieval times, in which investor lend his money to a travelling merchant, and merchant will be liable to pay back if the ship returns safely, providing credit and sea insurance at the same time. The rate of interest for sea loans was high to compensate higher risk involved. Hence, in sea loans merchants have to pay the interest charges to the lenders for bearing the sea risk rather than profit sharing, as it was the case in sedentary-travelling merchant relationship. Therefore, due the usury involvement in the transaction, in 1236 the Pope Gregory IX condemned this practice in his decretal Naviganti (Roover, 1945, p. 175; See also Kingston, 2011). The commenda contracts were introduced when Pope Gregory IX condemned the sea loans because of usury. Capitalist provide funds to entrepreneur to carry out trade on partnership, sharing the profit but both sea and c...
History of insurance: Ancient world
History of insurance. Ancient world. Initially people used to sell goods in their own villages and gathering society. However, with the passage of time, they turned to nearby villages to sell. Furthermore, in the thirteenth and early fourteenth centuries, the European traders used to travel to sell their goods across the globe and to hedge the risk of theft or fraud by the Capitan or crew also known as Risicum Gentium. However, they realized that selling this way, involves not only the risk of loss (i.e. damaged, theft or life of trader as well) but also they cannot cover the wider market. Therefore, the trend of hiring commissioned base agents across different markets emerged. The traders sent (export) their goods to the agents who on the behalf of traders sold them. Sending goods to the agents by road or sea involves different risks i.e. sea storms, pirate attack; goods may be damaged due to poor handling while loading and unloading, etc. Traders exploited different measures to he...
How and why are insurance classified?
How and why are insurance classified? The classification of insurance allows to establish differences and similarities of forms and types of insurance, to reduce them to a certain number of groups and thus facilitate their study and practical use. The classification of insurance divides the whole set of insurance relationships into interdependent links (in the sphere of activity, industry, sub-sector and types) that are in each other in a certain subordination, in such a way that each subsequent link of the classification is part of the previous one. It is also important for understanding the internal structure of insurance, in developing methodological approaches to its assessment, as well as in its theoretical study. By objects of insurance Objects of insurance are the main feature of the classification of insurance: property insurance – a set of types of insurance, the object of which is the property of legal entities and individuals, for example, insurance of land transpo...