Insurance- Need of the time

25 January 2020

Everything comes with a risk and it may result in financial losses. To handle these risks efficiently, insurance is required. Insurance is a prudent process to transfer the risks to the insurance agency and everything starting from assets, damages, and destruction can be covered through insurance policies.

It is a legal agreement between the insurer and the company, which laid down the policies and procedures to be done in case of any contingency. Contingencies can be any event that puts the insurer in the loss. The insurer has to pay a premium on regular intervals or quarterly or annually according to policy terms.

How Insurance Help you?

1. Beneficial for Homeowners:

It helps you to claim for the repairs and replacement of any damage and protection against theft, damage from fire or water, all which covered in the insurance policy. It is essential for mortgage lenders to know that home is insured.

2. Drive vehicles:

Though it is a legal requirement, insurance helps you to reduce financial strain by covering accidental damage, medical care and legal costs related to your automobiles.

3. Help for the standard of living:

In case of critical illness and recovery will take a long time, an insurance policy can be used to cover daily expenses and heavy expenditures including debt to give you time to focus on recovery.

4. Health care and support to Family:

In case of death, life insurance policies have many variants to address the long and short term needs to protect your family’s assets, loan, and lifestyle.

5. The backbone for business:

To manage the risk in business, an insurance policy can be used for the owner, business and employee coverage. Retirement plans and group benefits can be provided.

5. Tax benefits:

Apart from financial losses coverage and security points, income tax benefits can be reaped. Income invested in paying the premium is exempted from tax deductions and it may vary policy to policy.

Spend time on insurance research to find the best insurance policy for home, individual or business. In-depth knowledge helps you to take new risks and support in bad situations. You can visit sites like this to get detailed information about insurance schemes.

Major insurance types which everyone needs to spend life without worries:

i). Life Insurance:

According to the name, it is for the safety of your life. It can be purchased to help the dependents to live life easier in case of untimely death. It helps your family to stand again in severe circumstances and helps them to pay loans, bills, or educational costs.

ii). Health insurance:

Health insurance

Severe illness is equal to bankruptcy, and most of the organizations opt for medical insurance for its employees as a mandatory joining requirement. Premium paid under the policy is mainly supports you in case of ailments, suppositories, and hospitalization.

iii). Vehicle Insurance:

The vehicle is a valuable asset and it needs to safe and covered financially. Few of the insurance policies provide protection for natural calamities such as storms, earthquakes or floods.

iv). Home Insurance:

Protecting a house is a tedious task and it can do by taking the right insurance policy to deal with fire and lightning.

Choose the right insurance policy to save your assets and loved ones.

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8 Reasons to Have a Pre-employment Background Check in Facility

It is risky to entrust your business to a total stranger who is seeking a job in your organization. For your business or organization to reap maximum benefits, it is important to make sure that you have a team of employees who you can trust. You don’t have to entirely depend on contract terms as the primary basis for the trust! Make sure that you have background knowledge of the employees before even employing them. 8 Reasons to Have a Pre-employment Background Check in Facility The following are the reasons why you need to have a pre-employment background check facility in your organization. 1. Keep away from criminals: Having criminals in your organization is very risky. They can steal from you, tarnish the name of your organization or cause scandals which can even lead to permanent closure. To make sure that you are not employing criminals, it is important to have a background check before hiring any employee. It is vital to make the job seeker to provide the relevant criminal records or what is commonly referred to as “Certificate of Good Conduct”. By doing this, you will be sure that you are not employing a convict and your organization is safe. 2. Scrutinize documents for authenticity: Some of the people seeking jobs may forge documents to make their resumes look impressive. If the employer is not keen, underqualified staff may be hired! Having underperforming staff has detrimental effects on the organization’s profits and operations. It is important to make sure that the documents provided by the prospective employees are authentic and verifiable. You can call the particular institutions indicated to verify the information. In this modern age, it is possible for a high school drop-out to possess a degree! Go through the paperwork to ensure that every detail provided is correct and true. 3. To ensure the proper social conduct: Many companies or organizations spend a lot of money to brand their image. It is very important that the image is upheld to the highest standards to make sure that it remains trustworthy in the eyes of investors and the public. To safeguard the organization’s image, it is necessary to have a background check of the employees to ensure that their social conduct doesn’t compromise what the organization stands for. You can go through their social media accounts and see what they post. If you find that a particular employment seeker has consistent ideologies that compromise the organization’s image, drop him/her. 4. To employ sober people: Most organizations today carry out pre-employment drug tests. The organizations require sober and productive employees, not drug addicts! Drug users normally underperform their duties and cause many workplace accidents. The accidents not only result in physical harm but also huge losses which become difficult to recover from. Furthermore, the insurance cost increases due to such accidents. Your business or organization does not have to go through such risks if you are able to avoid them. Have the employment seekers to take a drug test for the illegal drugs. You can employ a urine drug test, blood test, hair follicle or even a saliva drug test. 5. To ensure physical and medical fitness: Most jobs require the physical and medical fitness for maximum productivity. Certain medical conditions can only be worsened by the type of work being done. Example, a construction company may avoid people with respiratory conditions like asthma. It is important to ask for a medical report for particular tests to ensure that the employees are fully fit to carry out different tasks without taking medical leaves. 6. To check past employment records and reasons for being laid off: Research has shown that a person’s behavioral character is likely to remain the same under similar authority or conditions. Before offering employment, make sure that you have checked the employment records of the job seeker. You can do so by going through the recommendation letters provided or calling the organizations indicated. You don’t need to employ a person who was fired for coming to work late, stealing or even insubordination. There is a likelihood for your organization to suffer from the same! 7. To make sure that the employee is legally eligible to work in the country: It is against the law to hire illegal immigrants or underage people. To make sure that none of these happen, make sure that you have a proper pre-employment background test facility in your organization. For non-citizens, ask for work visas and all the legal documents. Make sure that you ask for the national identity cards for the citizens. You don’t want your organization to be on the wrong side of the law! 8. To ensure a high level of responsibility: A job seeker might possess the sufficient education and skills for the job but is irresponsible when it comes to filing taxes (tax-noncompliance) or repaying loans. It might seem to be a non-issue until the same predicaments hit your organization. In your background check facility, make sure you inquire about tax certificates and loan statements. You need to employ people who show some degree of responsibility even in the small matters! It is always better to be safe than sorry. Make sure that you have a fully functional pre-employment background test facility in your organization! Read Also: Go For A Better Legal Job In 2018! Things To Look Out For While Hiring Health App Developers

A Detailed Guide to Cashless Car Insurance Policy

As a responsible car owner, you must take the utmost care to ensure that you follow all traffic and safety rules. Wearing a seat belt, obeying the traffic laws, maintaining adequate distance between two vehicles, and driving within the speed limit are some of the safety measures. However, even if you follow all rules, there is always a fear of accidents because of numerous vehicles, reckless drivers, and other third-party issues. An accident can cause significant damage to your vehicle, which may result in huge financial expenses. Hence, in such contingencies, an insurance policy for cars can provide much-needed financial aid. Moreover, it is mandatory to have car insurance in India. If you drive your car without an active car insurance policy, you will be charged a penalty or even imprisoned in certain cases. Car insurance covers medical expenses, property damage, and even third parties. Compulsory third-party insurance covers the owner or driver of the vehicle against claims for personal injuries caused to other people in a road accident. Car owners can obtain a CTP green slip quote from a reputable insurance provider nearby or online in areas where this insurance is mandatory. There are different kinds of insurance products available in the market. One of the most popular insurance policies is a cashless car insurance plan. A cashless policy can save you from spending hard cash while extending the requisite financial coverage. Below is a detailed guide to cashless car insurance: What is a cashless car insurance policy? A cashless policy allows you to get your car repaired without making any cash payment. The expense of repairs is borne by the cashless car insurance policy, unlike a general insurance plan where you are liable to pay for expenses and then file for reimbursement. A cashless car insurance plan will include a network of garages where you can get your car fixed without paying any money. This is also inclusive of online 3rd party car insurance. What does the cashless car insurance policy cover? A cashless insurance cover allows you to get your car refurbished without paying any money. The payment is directly settled by the insurer and is included as a part of your insurance contract. However, the policy excludes deductibles and depreciation, which are explained below. Deductibles: It is the amount that you have to pay while raising a claim. For instance, if you are filing a claim of 20,000 and the deductible is Rs. 2,000. Then, the insurer shall make the payment of Rs. 8,000 subject to other terms and conditions. There are two types of deductibles, compulsory and voluntary. Both are decided at the time of buying the policy. A compulsory deductible is mandatory, and you are required to pay your component of the final amount at the time of claim. Whereas, a voluntary deductible is what you agree to pay, in addition to the compulsory deductible. Depreciation: The value of an asset decreases over time due to the use, wear, and tear or obsolesce. Depreciation is the reduction in the value of the car or any of its parts. The insurer deducts the value of depreciation before releasing the payment. Depreciation is calculated according to the life of the asset at the rates listed by the Insurance Regulatory and Development Authority of India (IRDAI). What is an authorized garage? An authorized garage forms a part of a network of workshops that have entered into an agreement with the insurance company. Workshops meeting predetermined selection criteria get added to the list of the authorized workshops. They offer cashless repair services for insurance policyholders. The repairs are undertaken by trained mechanics who maintain transparency in the pricing. Moreover, the workshop issues the initial estimate of repair expenses, which is reasonably accurate. What are the benefits of a cashless policy? The key advantage of a cashless policy is that the insurance company settles the cost of damages directly with the authorized garage. You need not incur expenses before raising the claim. Hence, there is no financial stress to arrange funds for repair. A good insurance company will have a large network of authorized garages across the country, which further makes the cashless claim process smoother. How to buy a cashless car insurance policy? You can purchase a cashless plan by visiting the nearest branch office of your chosen insurance company. The documentation process is simple and quick, but you would need to go to the branch in-person. Alternatively, you can buy insurance online. Online car insurance India brings in more transparency and convenience in the entire process. Moreover, in the current pandemic situation, the IRDA has abolished the need for submitting the documents or application form in hard copies. The insurer can share the policy document on your registered e-mail ID or mobile number, which shall be treated as a valid physical document. Overall, given the number of rising accidents today, a comprehensive car insurance policy has become more of a necessity than a choice. If you fear the cumbersome claim process and want an easy way out, buy cashless car insurance online at the convenience of your home. The policy protects your vehicle and also assures your hassle-free settlement at all times. Read Also: 10 Reasons to Purchase a Used Car Get Fast Access to Car Title Loan during Bad Times Why You Need Classic Car Insurance? Get Cheap Car Insurance For Young Drivers

What Is The Difference Between Chapter 7 & Chapter 11 Bankruptcy

The businesses that fell into financial trouble consider Bankruptcy as their only legal way of solution. This particular legal process is often initiated by the debtors and is imposed through court orders. If you find that bankruptcy is your only way to seek relief from the creditor, then you can go for it. But you also need to keep in mind that Bankruptcy has various chapters, for instance, chapter 7, chapter 11, and chapter13 as well. If you are willing to file bankruptcy, you must consider the difference between these chapters in it. What Is Chapter 7 Bankruptcy? The liquidation of assets takes place to repay the debt. In that case, a company or an individual can file for this particular chapter, and that will be the shutdown of their whole operations and management processes. You will be able to understand everything from Chapter 7 Bankruptcy about the chapter 7 bankruptcy before you file for it. The debtors need to liquidate their personal assets, according to this chapter. To fill the debt, the debtor tries to focus on secured loans such as home equity loans, car loans, mortgage loans, et cetera. After that, if there is still money left for the debtor, they will pay through unsecured loans like credit cards or personal loans. The main benefit of chapter 7 is that they will not get any further repayment plan, and thus they can start anew. What Is Chapter 11 Bankruptcy? It is a new process of returning the money to the creditor. The debtors file this chapter to save their assets. But anyone cannot go for this bankruptcy unless they have sufficient proof to run their business regularly. Chapter 7 bankruptcy in GA works in a different way from chapter 11 bankruptcy. If you have the ability to run your own business but are facing trouble repaying your debt, then only you will be able to file chapter 11. In this case, you will need to submit a restructured payment method that you want to initiate for your repayment. After that, the court will analyze and restructure it again through its trustee to give you the best negotiation possible. Key Differences Still, finding the key differences? Through this discussion, you will be able to understand the differences between these two chapters. And understanding these differences will let you go through the legal process carefully and properly. 1. Type If you consider understanding the chapter 7 bankruptcy in GA, you will be able to assess that this chapter deals with the liquidation of assets in terms of paying the debt. On the other hand, chapter 11 deals with the negotiation process of your loans. It helps you to restructure your repayment method and bares you some extra time in a possible way. 2. Advantages With chapter 7, you cannot start your own repayment plan without having any limitations of debt. If you give a closer look into chapter 7 bankruptcy in GA, you get the idea that you will not have the chance to start from the beginning. On the other hand, with chapter 11, your company will get the chance to continue processing its operations to stand again. 3. Closure Are you willing to close all your operations? With chapter 7, you will be able to do that to pay your debts. Closing all your operations will help you to liquidate your money by selling your assets. Do you want to continue your current operations? You can do that if you file for chapter 11 only. 4. Processing Time In chapter 7, the debt payment through liquidation takes up to 6 months. On the other hand, chapter 11 processing takes a much longer time. Chapter 11 does not have any particular time period as the restructuring process takes time to be fixed, and there are also chances of payment extension. To Wrap Up If you want to file for bankruptcy, you must know the process and details of it. If you do not consider this article on your reading list, you will not be able to file a suitable chapter for you. Always try to be advanced while considering law cases. It is your responsibility to take down the debt from your head and thus be sure to advance your knowledge of bankruptcy and its different chapters. Read Also: Does Bankruptcy Ruin Your Credit?Can I File Bankruptcy Without an Attorney?What are the types of debt that can be discharged in bankruptcy?

Insurance- Need of the time