Do You Have Sufficient Auto Insurance Coverage?

Imagine getting ready to leave your house and you open your door and the rain is pouring down. Now you start to frantically look for your umbrella…. ah, there it is! You step outside, open your umbrella, and you are now protected from that pouring rain. If it were a bright sunny day with no rain in sight you probably would not even care about where your umbrella is or if you even had one! The same is true about insurance. Until you need it, do you really care about it? Unfortunately, too many people realize that they have insufficient coverage only when an unexpected incident occurs and they have to place a claim with their insurance company.

So, a logical starting point to determine if you have proper insurance coverage is to understand the basics. To ensure that you do have the proper coverage, you first need to acquire a good understanding of the basics of auto, home, personal umbrella, and life insurance coverage. For this article, we will focus on auto insurance coverage.

Auto Insurance basically covers you for liability and property damage as it relates to your motor vehicle. There are other optional areas of coverage as well, but for our discussion let’s stay focused on the basics, which are the most important anyway. Your auto insurance policy’s first and/or second pages are the declaration pages of your auto insurance policy. The declarations pages describe your auto coverage limits in numeric dollar values.

Here is a sample of what you may see on your auto insurance policy’s declaration pages:

-Bodily Injury/Property (BIPD) 250/500/100

-Limited or Unlimited

-Medical (Med) $5,000

-Personal Injury Protection (PIP) 250 w/250 Ded

-Uninsured/Underinsured (UM/UIM) 250/500/100

-Collision $500 (Coll) Deductible

-Comprehensive (Comp) $500 Deductible

-Rental Insurance (RI) 80%/1500

Let’s take a look at each of these coverage definitions and amounts in more detail.

The BIPD represents Bodily Injury (BI) / Property Damage (PD). Basically, in the example above, this individual policyholder has liability protection for $250,000 per individual or $500,000 maximum per incident, plus $100,000 in property damage to the other party’s vehicle in a collision. Liability coverage is protection for times when you have been deemed and proven negligent in an auto accident and you therefore become legally liable for the resulting compensatory and/or punitive damages to the other party or parties. The BI, of the BIPD, will cover you for negligence on your part that resulted in bodily injury to the other party or parties. BI also covers the cost of attorney fees associated with any litigation brought against you by the other party. In the above example, this person has $250,000 in coverage for all inclusive liability and attorney fees per individual injured or $500,000 for the entire incident.

The PD, of the BIPD, covers the damage to the other party’s vehicle as a result of your negligence; thus, in the above example, up to $100,000 in property damage to the other party’s vehicle or property. Now, being cognizant of the litigious society that we live in, we ask if $250,000 per person or $500,000 per incident is enough BI coverage? This is a personal decision for every individual to make depending upon their current assets and net worth, and their knowledge of recent jury decisions and awards on BI cases. A major factor affecting this decision is an understanding that you are self-insured for any amounts awarded in excess of your BI coverage amount, should the jury award compensatory and punitive damages greater than your BI coverage amount. So, in this example, should the jury award $750,000 to the individual driving the other vehicle who suffered bodily injury because you collided with them as a result of your negligence, then you are self-insured for the amount in excess of $250,000 which in this case would be $500,000. If you do not have the $500,000 to settle the award, then the judge has many other options to ensure restitution to the injured party such as: garnishing your wages, selling off some of your assets, placing a lien on your property, etc. Now, you can get an umbrella policy to cover you up to a certain amount in excess of your underlying auto BI coverage. We will look at how an umbrella policy works in more detail in an upcoming article.

Next, we have “limited right to sue” versus “unlimited right to sue” coverage. Basically, under the “limited” right to sue lawsuit option, you agree not to sue the person who caused the auto accident for your pain and suffering unless you sustain one of the permanent injuries listed below:

-Loss of body part

-Significant disfigurement or scarring

-A displaced fracture

-Loss of a fetus

-Permanent injury

-Death

Please note that choosing this option does not waive your right to sue for economic damages such as medical expenses and lost wages.

Under the “Unlimited” right to sue lawsuit option, you retain the right to sue the person who caused an auto accident for pain and suffering for any injury. Most people will choose the “limited” option because it is far less costly and it provides the ability to sue the negligent party for most major and permanent injuries. However, many attorneys will usually choose the “unlimited option” for their own personal coverage and pay the significant extra cost because they want the right to sue for any injury.

PIP coverage stands for Personal Injury Protection coverage. PIP is paid from your own policy. PIP covers medical expenses, and possibly lost wages and other damages. PIP is sometimes referred to as “no-fault” coverage, because the statutes that enacted it are generally known as no-fault laws. PIP is designed to be paid without regard to “fault,” or more properly, without regard to legal liability. PIP is also called “no-fault” because, by definition, a claimant’s, or insured’s, insurance premium should not increase due to a PIP claim. A PIP claim may be subrogated by your insurance against the other party’s insurance company if the other party was determined to be the neglligent party in the accident. PIP is a mandatory coverage in some states.

Uninsured/Underinsured (UM/UIM) is coverage from your policy that may pay for injuries to you and your passengers, and possibly damage to your property, when as a result of an auto accident the other driver is both legally responsible for the accident and determined to be “uninsured” or “underinsured.”

An uninsured driver is a person who has no auto insurance coverage, or had insurance that did not meet state-mandated minimum liability requirements, or whose insurance company denied their claim or was not financially able to pay it. In most states, a hit-and-run driver is also considered an uninsured driver as it pertains to paying for injuries to you or your passengers.

An underinsured driver is a person who had insurance that met minimum legal requirements, but did not have high enough coverage limits to pay for the damage caused by the accident. In these situations, UIM coverage can pay you for your damages. It is important to note that uninsured and underinsured is separate coverage, although in many states they can or must be purchased together. Some states mandate purchase of UM/UIM, but many do not.

Collision coverage insures you for damage to your vehicle. No matter if it is a collision between your car and another car, or your car and a stone wall. You are covered if your car sustains damage as a result of colliding into something or something colliding into it, whether you are at fault or not. Your deductible will usually apply. If you collide with another vehicle and the other party is at fault, then your insurance company may subrogate the claim against the at fault party’s insurance company to recover the claim amount.

Comprehensive (Comp) basically covers what collision coverage does not. When your car sustains damage that did not result from colliding with another motor vehicle or object, the comprehensive portion of your policy will pay for the damages. If you do not have comprehensive coverage then you would have to pay out of your own pocket for any damage to your vehicle not related to a collision. Here are the perils typically covered by comprehensive auto insurance coverage: fire, theft, vandalism, broken or damaged glass, animal inflicted damage, falling objects, storms (hail, wind, etc.), and water damage. Your deductible will usually apply.

Rental Insurance (RI) is coverage for you to rent a car while your vehicle is being repaired because of a covered incident. In the above example of declaration page values, the 80%/1500 means that you have coverage for $80 per day and $1,500 maximum total cost to rent a car while your vehicle is being repaired. This is an optional coverage that many people take, but some do not.

Well, that is it! That is the basics of understanding your auto insurance coverage. Not so bad, right? Now that you understand the basics of auto insurance coverage you can review and analyze your personal auto insurance policy’s declaration page coverage information while taking into consideration your personal financials to determine whether or not you have sufficient coverage.

Stay tuned for future articles that will explain the basics of understanding homeowner’s, personal umbrella, and life insurance coverage. You never know when it is going to rain!

Joseph Rubino, Agent

NJ Licensed Property & Casualty, Health, and Life

Posted in general | Tagged , , | Comments Off on Do You Have Sufficient Auto Insurance Coverage?

The Different Types of Home Insurance HO-1 to HO-8

People that are concerned with their house always try to do the best thing for it. You want to ensure the financial security of it in the event of disasters damages and other occurrences.

It is important that one should have home insurance to protect the expensive investment you have and provide security for any damages might occur to the house.

Here are the different types of home insurance:

  • HO-1 Known as Basic Home Owners Insurance: This covers your dwelling and personal property against damages or losses including fire and lightening, theft, vandalism or malicious mischief and windstorm
  • HO-2 Known as Basic Homeowners Insurance Plus: HO-1 is included in this kind of categories plus other damages such as falling objects, electrical surge damages, 3 categories of water related damages from utilities or appliances, weight of ice snow,
  • HO-3 Known as Extended or Special Homeowners Insurance: 17 stated perils included in this categories of HO-2. This provides extensive coverage of your home like the structure and the content inside your house. This cover large area of your homeowners insurance also known as All Risk Policy.
  • Ho-4 Known as Renter Insurance: This kind of insurance cover the personal property only from the 17 HO-2 perils in which this policy are highly recommended for people renting an apartment which is also called as Renter’s Policy.
  • HO-5 Known as All Risk: which covers building and the personal property and is something similar to HO-3 but it differs in terms which have better protection than HO-3. This cover larger area of damages or losses with wider boundaries that owners and its properties as well is liability that might arise from passer -by or outsider.
  • HO-6 Known as Condominium Owners Insurance Coverage: This is designed for condominium owner’s which covers personal property, building items, etc. and this provides protection for claims made for mishap or damages occur. Fire, thefts and other forms of loss that will occur in the future is included.
  • HO-8 Known as Basic Older Home Coverage: Covers actual cash values or repairs in rebuilding cost and personal property where in this is designed for older house or so called historical house.

These are some of the different types of home insurance that you need to know before you get your coverage. You should know the different types you want to buy to satisfy your needs and the benefits you can get from this types of coverage.

Buying is easy but you need to look at your budget on where your money fall in on what type of insurance you can buy. Shopping is the best way to do before buying. Comparing prices from one insurance company to other is where you can get the cheaper price for your home insurance.

No time to go around to shop? There is an easy alternative way to shop without hassle and you own your time. You can go shopping online through the internet where you can explore the different types of homeowners insurance you need and you can easily compare the prices. Lots of sites to go 24/7 and not only you will learn a lot but it also give you some idea where to go next time you need something and you need to shop for it.

Posted in general | Tagged , , | Comments Off on The Different Types of Home Insurance HO-1 to HO-8

Property Tax – Pros and Cons

Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.

Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person’s economic condition.

Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:

Any additions to the property such as improvements to the land

Land itself

Any structures that are not permanent to the property

The assessment is commonly made by an exclusive county tax collector in each state. An individual’s property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner’s escrow amount stated on their mortgage.

Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.

People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn’t allow much wiggle room in the event of acts of nature or personal tragedy.

Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.

It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.

So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.

Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one’s decision where to reside to achieve the American Dream of land or home ownership.

Posted in general | Tagged , , | Comments Off on Property Tax – Pros and Cons

BCIN? Difference Between Designer, Architect and Engineer According to the Ontario Building Code

As I meet with new clients and friends every day, I commonly hear the same questions “What is a BCIN?” “When is a BCIN required?” etc. Here is some clarification to the public on some important issues about choosing a company to provide you with plans. Please note that this information applies only in the Province of Ontario.

What is a BCIN?

A BCIN stands for ‘Building Code Identification Number’. This number is assigned by the Ministry of Municipal Affairs & Housing, to successful applicants who have completed the requirements outlined in Division C Section 3.2 of the Ontario Building Code. There are two distinct types of BCIN number, individuals & firms. Individuals are people who have completed the exams and have received a BCIN from the MAH; however, they do NOT carry any insurance. As a result this limits the types of projects that the person can do. Firm BCIN’s on the other hand MUST carry valid liability insurance, and depending on the amount of designs fees that a firm charges in a year will dictate the required amount of insurance coverage they must have. Insurance is expensive but it is there to protect you so avoid working with companies who do not have it. For most people, a home is your single largest asset; do you really want to get plans from someone without insurance?

How do I know if I am choosing a registered company?

The Ministry of Municipal Affairs & Housing maintains a database of all registered BCIN holders. The registry is available through a system called QUARTS. Once on the Public Registry, this system allows you to search by the individual’s name, the company’s name or the BCIN #. Once you have found a business or individual, it will bring you to a page with details on the company. It lists the mailing address of the business & contact details. At the bottom it should also show the Registration as ‘Registered Designer’ and the Status as ‘Current’. If it shows up as ‘lapsed or expired’ then this means that they either do not have valid insurance for that year, or that they are late in filing their paperwork.

Do I need an architect or engineer for my project?

Probably not! There have been massive changes to the system in the last few years, opening the doorway for a new title; designers. Architects & Engineers are NOT required for any project less than 600m² (6,458 sq.ft.) and less than 4 storeys. For most residential and small commercial projects, you do NOT need an architect or an engineer. However, and this is important, if the project involves severe structural modifications, an engineer may be requested by the municipality to review the plans. On this note, there is a BCIN exam which will supersede this requirement! If your design company is a registered company in the Category of ‘Building Structural’ then they can complete the plans.

When do I need a BCIN ‘stamp’ for my project?

Depending on the type of project you may or may not need a BCIN number on your drawings. You do not need a BCIN number if the project relates to the construction of a house that is owned by the person who produces the drawings or if it relates to a farm building less than 3 storeys. There are a few other instances, but these are probably the two most important. Often I hear homeowners ask for just the drawings to submit for permit (no stamp). This is allowed, but as the homeowner you must be knowledgeable of the drawings (after all, you are claiming that you have produced them). It is okay to admit to the municipality that you hired someone to draw them for you, but at the end of the day you will be responsible to ensure that the drawings meet code. If the city has approved your building permit based on the drawings and you proceed to build your project to the drawings only to later find out that there is a problem, you will be on the hook to make any necessary adjustments to pass inspection. Most companies will charge from $200 to $2000 for the use of their BCIN number on the drawings. This may seem expensive but it is the security blanket that will keep you safe and ensure that your drawings meet code! I also personally apply for the permits and handle all the paperwork on my client’s behalf when I charge this fee; which most people prefer as nobody likes to stand in line for half a day to submit paperwork to the City.

I hope that this will help to clarify any questions you may have had regarding the requirements of having someone produce building permits for your project. I look forward to working with you, and if you have any questions then please don’t hesitate to ask!

Posted in general | Tagged , , | Comments Off on BCIN? Difference Between Designer, Architect and Engineer According to the Ontario Building Code

What Is the Difference Between an Heir and a Beneficiary?

The term ‘heir’ refers to a person who is entitled to property owned by a deceased family member. Individuals can bequeath property to heirs through their last will and testament or a trust. When a person dies without leaving a Will, their assets are given to rightful heirs according to state probate laws.

An heir can be a surviving spouse, minor or adult children, mother, father, or siblings. Heirs can also include direct lineage relatives such as aunts, uncles, and cousins. Individuals can bequeath property to whomever they desire. If they gift items to anyone outside the family, those individuals are referred to as beneficiaries. Although somewhat confusing, heirs can be beneficiaries, but beneficiaries are not always heirs.

The only way to ensure property is distributed according to your wishes is to execute a legal Will. When property is held in a trust, the Will is used to provide directives regarding distribution. Unless inheritance assets are placed into a trust, the estate must undergo the probate process.

Probate is required to settle decedent estates. Two types of probate exist – testate and intestate. Testate refers to estates which include a last Will, while intestate refers to estates where no Will exists. The probate process varies depending on the type. Intestate estates take longer to settle because additional procedures must be taken.

The last will and testament is also used to designate a probate personal representative. This person is responsible for all tasks required to settle the estate. This can include paying any outstanding debts owed by the decedent; filing a final tax return and paying outstanding taxes; obtaining appraisals for valuable property; securing personal property owned by the decedent; and distributing inheritance gifts left to heirs and beneficiaries.

The last will can also be used to disinherit an heir. When a person decides to leave a direct lineage relative out of their Will they must include a disinheritance clause which states the reason for exclusion. While this clause does not prevent heirs from contesting the Will, it can minimize the risk. If a disinheritance statement is not included, heirs can prolong the probate process by claiming the decedent was influenced by another person or not in their right mind when executing the Will.

Contesting a Will is a costly process that often bankrupts estates due to excessive legal fees. Those who have direct lineage relatives whom they do not want to bequeath gifts to should consult with a probate lawyer to ensure their Will is properly executed.

Engaging in estate planning can keep certain assets out of probate and allow quick distribution to heirs. Individuals with checking or savings accounts can designate beneficiaries to receive funds at death. This is referred to as payable on death (POD) beneficiaries. Account holders must fill out POD beneficiary forms to provide the names, addresses, date of birth, and social security number. Upon death, beneficiaries must provide photo ID and a copy of the decedent’s death certificate to claim funds.

Individuals with retirement accounts or financial portfolios can assign transfer on death (TOD) beneficiaries. Upon death, heirs can elect to transfer funds into a new account to avoid estate taxes or cash-out the account. It is best to consult with a tax attorney to discuss tax ramifications before accepting lump sum cash.

Executing a last will and testament is one of the best gifts you can leave loved ones. Wills should be updated when major events occur. These might include buying or selling real estate; starting or closing a business; or when a new heir is born or a designated heir dies.

Posted in general | Tagged , , | Comments Off on What Is the Difference Between an Heir and a Beneficiary?

The Eviction Process

Obviously, evicting a tenant is not a thrilling part of real estate investing for the tenant or the landlord. What follows is a description of the eviction process itself (especially as it pertains to what can be expected in Ohio), peppered with some of my personal comments with regards to how I typically handle evictions.

Generally, if I’ve not received rent monies from a tenant by the 8th or 9th of the month, I call the tenant. My leases stipulate that the tenant has a grace period until the 5th of the month to mail rent monies without being charged any type of late fee. As long as the envelope is postmarked by the 5th – no late fee. Allowing 3 or 4 days (from the 5th) for a tenant’s payment to arrive is pretty liberal and plenty of time to allow for the monies to be received from cross-town mail.

If upon a call to the tenant I believe we’re going to have problems, I immediately deliver a 3-day notice to the property. A copy of the notice is made before delivering. The 3-day notice is posted (taped) on the front door of the property if the tenant or other occupant is not there when it’s delivered. Any tenant that reaches this point (the starting of the eviction process), is advised that the 3-day notice is simply being posted as a way to protect my interests in the event the tenant doesn’t make good on the outstanding monies due.

Attaching a 3-day notice to the tenant’s door does not negatively affect the tenant’s public record. It’s not until the 3-day is formally filed that it becomes public record. The landlord cannot file for eviction until 3 business days have passed from the point the 3 day-notice was placed on the property. Once the 3 business days are up, the landlord can begin the formal eviction process. How does this start? You will take your paperwork, including a copy of the 3-day notice, and file to have an eviction hearing. I use an attorney to process all of my evictions. Specifically, one specializing in handling evictions. I personally prefer using an attorney that will try to remedy the situation with the tenant before the case is even heard. You don’t have to use an attorney – you can do a lot of this yourself and save a few bucks, but I recommend you use one. If you’ve never been to your local court system to witness eviction hearings, I highly recommend it. You’ll quickly get a flavor of what takes place during these hearings and will know what to expect ahead of time should you ever get to the point of processing an eviction on one of your own properties.

You can expect it take approximately two weeks before your hearing is scheduled. It’s important to note that I always keep the communication line open with the tenant through this whole process. I think this is extremely important. I want the tenant to know that I don’t like going down this path just as much as the tenant doesn’t. It’s not my goal just to boot a tenant out of the property. In fact, I try very hard to work out payment arrangements or even payment assistance resources with the tenant in an effort to get him or her back up on their feet. Yes it may take a little hand-holding and some of your extra time, but I’d say eight out of ten tenants going through this extra hand-holding will appreciate your trying to help and will ultimately clear their overdue balances with you. You walk a very fine line here with the tenant in that he or she may also be taking advantage of you. It can be a tough call. At times it can simply come down to relying on your gut feeling with the situation.

If judgement is taken (in your favor) at the hearing, the judge will give you permission to “red tag” the door. A red tag is just that – it’s bright red and has marked on it the date that possessions will be moved out of the property if the tenant has not vacated. The tenant has five days from tagging to get out of the property. It will usually take 2-3 business days after the court hearing for this tag to get placed on the front door of your property. Again, I keep the tenant abreast of my intentions during this process. You as the landlord call the shots with regards to whether or not any possible set-out occurs. I mention to the tenant that I still do not desire to set property out at the curb, and if payment arrangements can be made, the set-out can be averted. You will again have to make the call here. Do you want to accept only partial payment for what is owed and try to arrange a plan for payment on the extra monies? Or do you feel the tenant is just not going to make it, and in this instance, follow through with the eviction process?

The final step is the dreaded set-out. It’s extremely rare that I ever have to get to this point. If it comes this far, frankly the tenant deserves it. I’ve given them every opportunity within reason to try and remedy the situation or move out on their own accord. If the tenant has not moved out by the date stipulated on the red tag, you as the landlord have the right to order a set-out with the bailiff. Again, an attorney that specializes in evictions really helps here. In Columbus, Ohio, you only have a two hour window Monday-Friday to request and schedule a set-out. Additionally, the set-out must be scheduled within ten days following the red tag, or you have to order a supplemental red tag (more money).

When the set-out is requested (it’s generally a day and time agreed upon by you and the bailiff), you will be expected to have at least four people dedicated to setting furniture and belongings out of the house. You will also be required to have trash bags and boxes to pack items before removing them from the house. Good maintenance workers will be handy to have when you get to this point.

As you can see, evictions can be a rather drawn-out process that generally take a good three to four weeks to run their route. This is why I believe it’s very crucial to always maintain good communication lines with your tenant and try and be as professional as possible in handling the situation. It will be frustrating!…but try and keep an open mind into ways you can help your tenant get through this. A good positive attitude can go a long way to making this process less stressful to both you and the tenant!

Posted in general | Tagged , , | Comments Off on The Eviction Process

Life Insurance Fraud

Life insurance fraud is a black eye on both life insurance companies and life insurance customers. Both parties have been guilty of life insurance fraud and will be again–especially since, sadly, fraud seems to be on the rise according to most statistical measures.

Research by the non-profit The Coalition Against Insurance Fraud concludes that life insurance fraud committed by all parties costs an average household $1650 per year and increases life insurance premiums by 25%.

Life insurers are most often guilty of insurance fraud in the form of their agents doing “churning”. This is where the agent seeks to cancel your existing life insurance policy and replace it with a new policy that is paid for by the “juice”, or cash value, in your existing policy. Agents do this to earn more commissions for themselves without having to seek new prospects for business. Churning can result in increased premiums for a customer and clearly costs them out of their cash value.

Another insurance fraud practiced by agents, however, is called “windowing”. This is where, being unable to attain a client’s or applicant’s signature on a necessary document but already having that signature elsewhere, the agent holds up a signed document behind the unsigned document, presses it against a window to make the light shine through, and traces over the signature with a pen in order to forge the signature of the client or applicant.

When big name insurance companies have their agents do bad things it makes big headlines, but the fact is that the public is far more guilty of insurance fraud than companies are. And of course making false claims is the thing they do the most, which is why all claims on life insurance death benefit payouts are subject to investigation.

But falsely stating background or financial income information is another form of insurance fraud often engaged in by consumers. They might be embarrassed by their medical history or income, or they may realize that if they tell the truth they will have their coverage diminished or their premiums will be very high. If a life insurance company finds out someone lied on their application they have the right not to pay the claim or not pay the full death benefit depending on the circumstances and the policy.

But there are things that buyers of life insurance can do to protect themselves against insurance fraud, since they don’t have the great investigative resources that life insurance companies do.

Remember, when it comes to life insurance, if it sounds too good to be true, it probably is. There’s no free lunch.

Save all of your life insurance paperwork, including getting receipts for every penny you give your agent, and never ignore any notifications from your life insurance company.

Life insurance is never free and it’s not a pension plan, although certain policies can indeed become self-funding–but they never start off that way.

Never buy any coverage that you feel strongly is unnecessary, never let yourself be pressured, and never borrow to finance life insurance.

Although it can be part of an investment portfolio, life insurance’s number one role is protection against the unforeseen–and most people don’t need life insurance in their later years. It is intended to be temporary.

Posted in general | Tagged , , | Comments Off on Life Insurance Fraud

Types and Examples of Larceny

When someone is talking about larceny crimes they are talking about the crimes that are associated with personal property. Property has two different titles, which are personal or real. Personal property is any real property that has been cut from the ground. Personal property can become a real property if it becomes attached to the ground. Real property is any property that is affixed to the ground like an apartment or house. The definition of larceny is liable to definition changes that are determined by severance or attachment. When someone is charged with crimes against property, it means a crime in which the defendant acquires property which belongs to someone else. These can include extortion, receipt of stolen property, larceny, false pretenses, robbery.

If you are charged with larceny it means that you have illegally taken of someone’s property, with the intention of permanently dispossessing the owner of their property. It could be goods or money. There are many different forms of larceny, which can include:

• Petty-this is where the property amounting to a smaller prices is being stolen. For a crime to be considered petty larceny the object stolen has to be less than four hundred dollars. If they are convicted of this crime they will have to pay a fine or do jail time.

• Grand-this is also known as felonious larceny and occurs when the property stolen is more than four hundred dollars. In New York, the amount of the robbery has to be more than one thousand dollars for it to be considered a felony. If you are convicted of this misdemeanor are subjected to time in prison. If the crime committed is a crime of a large magnitude can result in longer prison time. In addition to going to prison, you are also liable for fines related to the crime, court fees, and restitution payments.

Examples of larceny

• Snatching a purse-if the offender uses force to snatch the purse and instills fear in the victim it is known as robbery. If there is no force or fear in the victim then it is larceny.

• Shoplifting-this crime occurs when an individual shoplifts certain items from a store and does not pay for them. It also happens if you switch price tags so you are paying an lesser amount that what the actual value is.

• Embezzlement-this crime is when there is misappropriation of funds from an account that belongs to the victim.

• False check -this is a crime when the person issues bad checks to an owner for acquiring the property.

Posted in general | Tagged , , | Comments Off on Types and Examples of Larceny

Factors That Affect the Cost of Travel Insurance

Travel insurance policies come in different types of packages, with all manner of options and choices. It is designed this way for a reason, of course. You would not want to pay for cover that you are illegally to need, or skimp on cover you should have.

A basic policy may be adequate, or you may find you'll be more comfortable paying a bit more to obtain higher levels of cover, as needed. It often depends on where you plan to travel. Let's say you plan to travel to a destination such as Madagascar, which has limited medical facilities. In the case of a serious medical emergency you may have to be transferred by air ambulance to another country for treatment. Therefore, you would be wise to pick a policy that offers the maximum cover for medical emergencies. It should also include cover for air ambulance and medical repatriation. If you check you may find that a very cheap policy does not include this cover.

You will need to decide whether to opt for a Single Trip or Annual Multi-trip policy. If there is any possibility that you may take more than one trip in a year the Annual policy is usually the best value for money. On many policies children are included free – which is a major saving for family holidays.

Travel insurance premiums usually increase increasing depending on where in the world you are traveling. For example, the cost of travel insurance for a British citizen traveling to Europe would be less than if they were flying long-haul to a destination such as North America or Australia.

Most travel insurance companies offer different levels of cover so that you can choose. Paying a bit more for the next level should affect the amount the insurer will pay on a claim, or increase the amount of items covered. Pay attention to the amount of Excess (Deductible) included as it may be much higher on a cheap policy. (This is the amount you have to pay towards a claim). To keep the premium very low it is often the case that levels of cover have been cut or the amount of Excess increased.

When it comes to pre-existing medical conditions the cost may increase dramatically for serious pre-existing conditions, or the insurer may not offer cover at all. Most often though the average company will agree to cover a specific condition for an extra premium, or with the understanding that any claims related to the condition are excluded. This can be a bitter pill to swallow for those that are affected.

Unfortunately, it is a fact that travel insurance for seniors is usually more expensive because of the assumed increased risk of a medical problem arising – despite the fact that our seniors are probably healthier these days than they have ever been!

Winter sports (skiing / snowboarding) insurance can be added to a typical travel insurance policy for an additional fee. Other add-ons may include cover for activities such as:

  • Business Insurance – additional premium to cover many travel-related risks associated with traveling for business
  • Golf Insurance – additional cover for mishaps relating a golf holiday to cover lost or stolen equipment, golf equipment hire, and pre-paid green fees

When it comes to activities deemed by insurers as 'Hazardous' the cover may vary very between policies and companies. It is important to check and understand which activities are covered as standard. A typical policy will include activities in which you can participate on a casual, unplanned or 'incidental' basis. An additional premium may be required to provide cover for activities that are considered planned or 'non-incidental'. Confused? Do not worry, it is not as complicated as it sounds! Here are some examples to show the difference:

'Incidental' usually refer to activities such as a bungee jump, an elephant ride or sleigh ride that you may decide to participate in on the spur of the moment. 'Non-incidental' or planned activities refer to those that are participating in a regular or non-causal basis. For example: the activity is the main purpose of the trip, such as sailing holiday, scuba diving holiday, safari, white-water rafting trip, or cycle touring.

There is no question that insurance can be a difficult subject to forgive – most people would prefer to spend their precious spare time doing something much more interesting and fun!

The bottom line really is that if you do not have time to look into it in detail, make sure that the policy you choose contains, at a minimum , adequate cover for potentially cost travel problems involving: Medical Expenses, Medical Repatriation, Air Ambulance , Personal Liability, and Legal Expenses. A good basic policy and even a backpacker policy should contain these as standard. Pay a little more and you will get more features.

Beware of that cheap policy offered as an incentive – it may not always be a good buy. You get what you pay for – and peace of mind is priceless!

Posted in general | Tagged , , | Comments Off on Factors That Affect the Cost of Travel Insurance

Advantages of Bus Travel

Bus is the most popular transport nowadays. Many people choose bus as the best transport for them because of the many advantages they find in it. Others never get on a bus, thinking only of the disadvantages, which are truly a lot. Here I will tell you the reasons why it is better to choose travelling by bus rather than travelling with your car for example.

The good standpoints for travelling by bus

Many people choose bus transport because it is cheap. This is the main reason why when you get on a bus you will see mainly students and old people. The tickets for long destinations are much cheaper than the flight tickets. You can also by a card for every month and travel at reduced fare. This is also a good advantage to choose bus transport, because it saves you money that you can spend on your next vacation.

Another good advantage of bus transport when going on short travels is that bad weather won’t be a problem for the bus driver. If you are planning to go to the nearest village with your bicycle and it starts raining or snowing, you will get wet for sure. If you choose the bus, you can save yourself this uncomfortable situation and it also can save you money because it won’t get you sick. Also if you choose to take a flight and the weather surprises you and a storm comes out, you may be waiting for hours because of delayed flights.

However, this won’t happen if you choose bus travel. In modern buses, you will have an air conditioner, toilet, the bus-hostess will offer you drinks and snacks to make your trip more enjoyable, and there are also at least two TV sets in new travel buses. So you can enjoy your trip watching a movie and having a snack without worrying when will be the next stop for the toilet. Also if you are travelling on a bus for more hours or even days, you can always make new friends there. So, the new social contacts are the other advantage of the bus. And if you have to choose between a plane or bus, remember that you will see much more if you are travelling with a bus. The bus also stops at many places during the travel and in that time, you can have a coffee or a cigarette if you are a smoker. In the plane this could not be done.

Another good advantage of buses is that they reduce the traffic jams in the rush hour in big cities. Imagine that everyone uses cars. The traffic jams will be a lot bigger than they are now. In some countries like India, a bus can gather more than 150 passengers. Imagine that all these people were using their cars instead of bus transport the cities will be crowded.

Posted in general | Tagged , , | Comments Off on Advantages of Bus Travel