All Australian Insurance Companies Are Not Equal
All Australian insurance companies are not equal. Some are very easy to deal with, pay claims promptly and cheerfully, others are not. I worked in the insurance industry for a few years and I got to know who were the best and who were the rogues. I remember very early in my career dealing with a claims inquiry. An elderly lady rang up and wanted to claim on her roof that had been blown off in a storm in Sydney during the late 70's. She had been a loyal client for over 60 years and never had a claim.
In fact her insurance policy was that old that details were nearly impossible to read. As a junior in the claims dept, I didn't know what to do and consulted with my supervisor on what action to take. His answer? Deny the claim! See what I mean? That was a company to run a mile from and I left shortly after, shaking my head in disbelief.
Insurance From Wikipedia, the free encyclopaedia Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
Definitions of insurance from research on the Web:
1. Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
2. A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
3. In blackjack, a side bet that the dealer has a natural. Insurance is offered only when the dealers up card is an ace. The insurance bet wins double if the dealer has a natural, but loses if the dealer does not. Or more simply: The player bets that the dealer has a blackjack when the dealer's up card is an ace.
4. Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
5. A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies.
6. A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured.
7. Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.
8. A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract.
9. A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
10. Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
11. A contract of indemnity against specified perils.
12. A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
13. A system whereby individuals and companies who are concerned about the potential for loss pay premiums to an insurance company which, in turn, will reimburse those individuals and companies in the event the loss occurs.
14. The business of providing financial protection for property, life, health, etc against specific occurrences. intermediate Level above basic but below advanced. internship Employment a student (especially of medicine) takes to gain experience for a qualification. intro week An introductory week for new university or college students which enables them to become familiar with their institution, its facilities, their course and the town or city they will be studying in.
In fact her insurance policy was that old that details were nearly impossible to read. As a junior in the claims dept, I didn't know what to do and consulted with my supervisor on what action to take. His answer? Deny the claim! See what I mean? That was a company to run a mile from and I left shortly after, shaking my head in disbelief.
Insurance From Wikipedia, the free encyclopaedia Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
Definitions of insurance from research on the Web:
1. Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
2. A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
3. In blackjack, a side bet that the dealer has a natural. Insurance is offered only when the dealers up card is an ace. The insurance bet wins double if the dealer has a natural, but loses if the dealer does not. Or more simply: The player bets that the dealer has a blackjack when the dealer's up card is an ace.
4. Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
5. A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies.
6. A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured.
7. Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.
8. A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract.
9. A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
10. Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
11. A contract of indemnity against specified perils.
12. A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
13. A system whereby individuals and companies who are concerned about the potential for loss pay premiums to an insurance company which, in turn, will reimburse those individuals and companies in the event the loss occurs.
14. The business of providing financial protection for property, life, health, etc against specific occurrences. intermediate Level above basic but below advanced. internship Employment a student (especially of medicine) takes to gain experience for a qualification. intro week An introductory week for new university or college students which enables them to become familiar with their institution, its facilities, their course and the town or city they will be studying in.
All Australian insurance companies are not equal. Some are very easy to deal with, pay claims promptly and cheerfully, others are not. I worked in the insurance industry for a few years and I got to know who were the best and who were the rogues. I remember very early in my career dealing with a claims inquiry. An elderly lady rang up and wanted to claim on her roof that had been blown off in a storm in Sydney during the late 70's. She had been a loyal client for over 60 years and never had a claim.
In fact her insurance policy was that old that details were nearly impossible to read. As a junior in the claims dept, I didn't know what to do and consulted with my supervisor on what action to take. His answer? Deny the claim! See what I mean? That was a company to run a mile from and I left shortly after, shaking my head in disbelief.
Insurance From Wikipedia, the free encyclopaedia Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
Definitions of insurance from research on the Web:
1. Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
2. A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
3. In blackjack, a side bet that the dealer has a natural. Insurance is offered only when the dealers up card is an ace. The insurance bet wins double if the dealer has a natural, but loses if the dealer does not. Or more simply: The player bets that the dealer has a blackjack when the dealer's up card is an ace.
4. Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
5. A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies.
6. A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured.
7. Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.
8. A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract.
9. A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
10. Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
11. A contract of indemnity against specified perils.
12. A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
13. A system whereby individuals and companies who are concerned about the potential for loss pay premiums to an insurance company which, in turn, will reimburse those individuals and companies in the event the loss occurs.
14. The business of providing financial protection for property, life, health, etc against specific occurrences. intermediate Level above basic but below advanced. internship Employment a student (especially of medicine) takes to gain experience for a qualification. intro week An introductory week for new university or college students which enables them to become familiar with their institution, its facilities, their course and the town or city they will be studying in.
In fact her insurance policy was that old that details were nearly impossible to read. As a junior in the claims dept, I didn't know what to do and consulted with my supervisor on what action to take. His answer? Deny the claim! See what I mean? That was a company to run a mile from and I left shortly after, shaking my head in disbelief.
Insurance From Wikipedia, the free encyclopaedia Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
Definitions of insurance from research on the Web:
1. Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
2. A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
3. In blackjack, a side bet that the dealer has a natural. Insurance is offered only when the dealers up card is an ace. The insurance bet wins double if the dealer has a natural, but loses if the dealer does not. Or more simply: The player bets that the dealer has a blackjack when the dealer's up card is an ace.
4. Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
5. A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies.
6. A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured.
7. Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.
8. A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract.
9. A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
10. Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
11. A contract of indemnity against specified perils.
12. A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
13. A system whereby individuals and companies who are concerned about the potential for loss pay premiums to an insurance company which, in turn, will reimburse those individuals and companies in the event the loss occurs.
14. The business of providing financial protection for property, life, health, etc against specific occurrences. intermediate Level above basic but below advanced. internship Employment a student (especially of medicine) takes to gain experience for a qualification. intro week An introductory week for new university or college students which enables them to become familiar with their institution, its facilities, their course and the town or city they will be studying in.
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