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Update in Insurance

How will life insurance reach my beneficiaries if the address on the file was not updated?

Assume if someone met with the Accident, he has an Insurance card on the Pocket/Purse

1. Verify & Check the Validity of the card
2. Collect the contact details from the Health Insurance company,
3. Inform Police if necessary.
4. Inform relatives based on the Phone No. and Address
5. Insurance company (Call Center) will inform the Branch and the Branch may inform Agent.
6. Agent may help to reach Policy Holder Address or relatives, based on the system.

You can update the Address any time with produce the PoA Proof of Address, thru Insurance Agent or Branch.

How often should you update your car insurance?

This may vary from state to state within the US. In Texas, a traditional policy is written for six months or a year. Now, insurance companies have special computer programs to extract every dollar from every policy.

The computers are able to predict with a good level of accuracy the odds of someone shopping around. If the odds are low, they will raise the rates without as much of a fear of losing the customer. So it does pay to check.

Can you occupy an abandoned property and update it, take out an insurance policy to cover any expenses you have incurred, if the owner is turning up in the future?

possible: what you are covering are “improvements and betterments.”

Two problems, though:

The first is underwriting approval.


If a property inspection shows an abandoned property, the insurance company might decline to issue coverage, at all. Your “story” might be that you are fixing up old Pap Smear’s place, but that’s the problem: you’re lying. If this is later discovered, bad news on a claim. bad news on fraud, too.

The other issue is an insurable interest.


Who actually owns the improvements? , at the point, the improvements are made, the title passes to the property owner, even if that person is unknown. That’s a legal matter, but if the insurance company is looking at a big claim, it will search county records to determine the owner. Quite the owner is dead, and the title has passed to the nephew, Billy Rubin. Billy will no doubt be surprised by your fixing up the old homestead. Problems, again.

So, if you don’t bet busted when you apply for coverage, you’ll get busted somewhere along the line, and almost in the event of a claim.

Hope that helps.


(Source of article: www.quora.com)