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...
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Car insurance: the main points
Car insurance: the main points "You call on God, but you have to do it yourself". This proverb is very applicable to the topic of risk insurance. When you buy a car, you want to think only about the positive aspects of its use. And this is correct. However, you should not forget that a car is a means of increased danger and, therefore, increased responsibility. After all, its operation involves risks of harm to the vehicle itself, its owner, and third parties. Therefore, we hope for the best, but do not forget about the need to insure our liability (possible risks and losses). The legislator also thought about this, providing for mandatory forms of insurance for vehicle owners. In addition to compulsory insurance, no one deprives car owners of the right to additionally use voluntary insurance. In this section, we will consider in detail all the most important issues that may be related to vehicle insurance. Insurance is a rather specific type of activity. Therefore, bef...
CASCO Insurance CASCO (from the Italian word casco - helmet) is the insurance of a vehicle against risks that may arise during the operation of the vehicle. "Full CASCO" means insurance against all possible risks, while "partial CASCO" covers only some risks. CASCO insurance means only insurance of the vehicle itself and does not include insurance of liability to third parties, insurance of the driver and passengers, property (cargo insurance) transported in the vehicle. Objects of insurance The subject of the motor hull insurance are means of land transport - trucks, cars, special cars, motorcycles, trailers and some other vehicles owned by legal entities or natural persons, including additional equipment and facilities, which are in the possession of the Insured on the basis of ownership, use or disposal. The insurance is provided at rates that depend on the type of vehicle, its age, value, type of use and storage conditions. This type of insurance also tak...
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How do insurers decide whether to total my car?
How do insurers decide whether to total my car? A car insurance company's decision to total a car depends on the extent of the damage following an accident. Car insurance companies take into account several factors when deciding whether to total your car, including: Repair estimates List value Salvage value State laws, if applicable While each car insurance company approaches the decision differently, many insurers declare the vehicle a total loss if the estimated cost of repairs plus the salvage value equals or exceeds the car's actual cash value. The actual cash value is a car's fair market value – or, replacement cost less depreciation. Adjusters typically determine a car's actual cash value by looking to their company's proprietary database of values. Some insurers total the car if repair costs exceed a certain percentage of the car's actual cash value. Common thresholds for totaling a vehicle are 51 percent or 80 percent of the value, at...
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...
What in the insurance policy can be considered influenza?
Insurance against a runny nose: What in the policy can be considered "flu"? As winter approaches, many of us catch colds and start sneezing and coughing. Some insurers offer special voluntary medical insurance programs for those who get the flu or acute respiratory diseases every winter. Can such a policy protect its holder from seasonal illnesses? Insurance companies engaged in voluntary health insurance (VHI) have not yet developed a general approach to protecting against the flu. Some have offered citizens vaccinations followed by insurance against the disease itself. For example, about a month ago, GUTA Insurance announced a VHI program called "Protection from Influenza." This program provides mandatory vaccination against influenza using vaccines recommended by the WHO and pays compensation in case of illness or complications within a year after vaccination. In other words, the vaccine's effectiveness is assumed to last a year. The policy, which has an i...
Investment Insurance Investment insurance is a type of insurance where the subject of the insurance contract are property interests, not in conflict with the law, related to investment activities of the insured or another person designated by the insured in the insurance contract. This type of insurance provides for the insurer's obligation to pay indemnification in accordance with the insurance policy by compensating the insured or another person designated by the insured in the insurance policy (the beneficiary) for the loss incurred in the course of investment activities as a result of the loss of investments or a part thereof, failure to receive investment income for reasons specified in the regulations and the insurance policy. Loan Insurance (Liability for Loan Default) Loan insurance (including borrower's liability for loan default) is a type of insurance where the subject of the insurance contract are property interests that do not contradict the law and are rela...
Land transport insurance (except railway) Land transport insurance (except railway) - a type of insurance, according to which the subject of the insurance contract is property interests that do not contradict the law, related to the ownership, use and disposal of a land vehicle, including its trailer, and all types of vehicles special purpose. This type of insurance provides for the insurer's obligation to pay the insurance indemnity in accordance with the terms of the insurance contract for the fee established by the insurance contract (insurance premium, insurance payment, insurance premium) by indemnifying the insured or another person specified by the insured in the insurance contract (beneficiary) for loss, incurred by them in connection with damage, destruction or loss of the insured ground vehicle, including its trailer, and all types of special purpose vehicles, as well as, if provided for by the rules and the insurance contract, additional equipment to them. The condi...