The most love-hate topic of them all. Insurance. Why love them? Cause they'll.give you money. Why hate them? Cause you'll have to pay in order to get that money.
A simple term to describe insurance is.......protection money? Well, that will do. Ok, why am I posting about this? I work in the insurance industry and its my blog. So, just keep on reading.
For most people, buying insurance ensure that they are FINANCIALLY protected. I stressed on the FINANCIAL part is because its true. It only protect you financially. "Insurance put you (client) back to your original financial position". You can never gain or make profit from insurance.
For mostof you, the buying part is easy. But have you ever check your insurance policy. It is important for you to check your policy, espacially for the property insurance, health and life insurance. What is being covered? Is the sum insured adequate? What are the perils covered? What are not covered?
Here's a tip. When renewing your car insurance and road tax. The lowest amount that insurance company would take is RM10,000.00 for comprehensive cover (a.k.a first party). Same goes to third party, fire and theft cover. But some insurance company does take lower (below RM10,000.00) coverage for third party coverage. But this is also depending on the year of make and model of your car.
In the event of loss, (if you wish to proceed with insurance claim) please lodge a police report within 24 hours. Then, notify your insurance company on the loss.
Thats all for now. Will continue on the up coming blog post. Cheers!!