At a presentation for would-be Uber drivers attended by BuzzFeed News, a company representative advised getting less-expensive “personal” insurance that can leave drivers uncovered and in some cases lead them to incorrectly register their cars in violation of the law.
Uber is steering drivers to purchase auto insurance that leaves them uncovered when they’re trolling for fares and that often forces them to flout the law by lying when they register their automobiles, according to documents, interviews, and an Uber presentation attended by a BuzzFeed News reporter.
To understand how insurance works, it is important to know the seven insurance principles that rules this activitie.
Since the begining, the insurance concept started distributing the risk among a group of people or enterprises. So cooperation is the main element behind any insurance contract.
From that point are derived the seven insurance principles. Here they are:
1) Principal of Utmost Good Faith
Both parties, insurer and insured should enter into contract in good faith
Insured should provide all the information that impacts the subject matter
Insurer should provide all the details regarding insurance contract
For example – John took a health insurance policy. At the time of taking policy, he was a smoker and he didn’t disclose this fact. He got cancer. Insurance company won’t pay anything as John didn’t reveal the important facts.
So many people would be surprised to find out that there are basic things that homeowners insurance does not cover.
In a very precise article, Tim Lemke shows us this particular uncovered things that may cause you a headache.
If you’ve never read the entirety of your homeowners insurance policy, you might believe you’re protected against any kind of problem with your home or property. But the truth is, many things are specifically excluded from most policies. Most of us know flooding and water damage is not generally covered by standard policies. The rest, though, may surprise you.
The occasion is not too far off when we all need to have protection. Be that as it may, do you definitely know what the diverse types of insurance are?
Is it accurate to say that you are now familiar and acquainted with the classes?
To stay away from perplexity and shocks along the way, let this article guide you through a presentation on the diverse sorts of protections.
This may exclude various types of insurance but rather will give you a general outline of the most well-known ones.
1. For Drivers. The United States has obliged all drivers to have their autos protected. Contingent upon the organization you pick, arrangements may vary.
Albeit standard arrangements apply and should be tailed, you can buy certain additional items to broaden your scope. Most standard strategies incorporate Bodily Injury Protection, Personal Protection, Uninsured or Insured Motorist.
With regards to one of the current hottest topic in the financial industry is “Insurance” vs “Investment”. If you were to ask me, in my opinion and being in this industry, I would say that Insurance is never an Investment. It is totally two different things.
So, I cannot believe how my peers in this industry actually go out there, acting as an Investment Professional, hard-selling products as Investment Product towards clients. In my very own opinion, I would say that this practise can be regarded as mis-selling.
Why? Why is a question you would ask me? We are professionals to design and cater for the assurance needs of the client and not investment needs. Although we have an option for clients which are called “Invesment-Linked Policies”, our priority is to cater for the client’s assurance or protection needs, investment needs is secondary.
Auto insurance is a form of insurance available to consumers who own cars, trucks and other vehicles. It covers the insured party against the risks involved in owning or driving a vehicle. This may be a car accident, damage caused to other cars or property, loss to passengers in your car, and damage to your car itself.
There are different levels of insurance available depending on what risks you wants to cover. You can cover against the costs of repairing your vehicle after an accident. You can cover the cost of purchasing a new car should yours be stolen or damaged beyond repair. These are optional covers.
Insurance as we understand it now might be associated to the Huge Fire of London, which in 1666 devoured 13,200 houses. Fallowing this disaster Nicholas Barbon opened an office to insure buildings. In 1680 he established England’s first fire insurance company, “The Fire Office”, to insure brick and frame homes. The first insurance firm in the United States provided cover against fire was founded in Charles Town (nowadays Charleston), South Carolina, in 1732.