Medical insurance?
There are so many medical insurance within singapore. Among the AIA, Great Eastern, aviva, prudential, and ntuc. Which is the best. Is there a website of comparisionsAnswers: For days gone by few years, I have witnessed these insurers trying to contribute better and better plan over time. At the moment, NTUC has newly up their offer to provide coverage for congenital disease and community hospitals and removed the 4-day notification (to match that of Great Eastern). However, for Private Hospital Plan, Great Eastern is still slightly cheaper.
If you also want to cover the co-insurance and deductible, Great Eastern's TotalShield is the one.
Why are insurance rates based on credit score?
Answers: You have to remember, insurance companies do everything based on statistics and the law of large numbers. They analyze everything statistically and make decisions based on the numbers. Having said that, here is why credit scoring has become a part of rating insurance policies...
Data collected and analyzed has proven that "AS A GROUP" people with lower credit scores tend to file more claims and the size of the claim they file is bigger. On the other hand, the numbers show that "AS A GROUP" people with higher credit scores tend to file fewer claims and when they do file, the claim is not as large as those with lower credit scores.
So what does this have to do with you?
Whatever group you fall into with your credit scores determines how the insurance company "thinks" you're going to perform in terms of claims in the future.
The problem with this approach is that you can have a guy that hasn't filed an insurance claim in 20 years and because he has terrible credit he is going to pay more for his coverage than a guy who has perfect credit, but has maybe had an accident a year ago. Fair? As you look at it from an individual basis... no, it's not fair. But remember, insurance companies base their decisions on the law of large numbers... the individual is not as important as the whole.
Hopes this helps explain it to you... I know that it probably doesn't make you feel better about it.
Well, for a start the worse you are with money, the more likely you are to be poor in retirement and not to be able to afford to take care of yourself medically.
Thats one way your life could be shortened by not being financially literate.
Anyone else want to come up with others?
Raiddinn
Credit score is only a part of the rating system used by most companies. It is all based on statistics and statistically speaking, the better the credit score, the more responsible the person is and therefore, they will have less claims. I know there are people who fall outside the norm on this and their credit may reflect a score due to items out of their control, but insurance is based on statistics and averages used by the actuarials who devise the rates. I know for my company, as for many others, this has allowed for more accurate rating of risks and therefore, a better bottom line. As unfair this may seem, it is business and business has little emotion and does not seem to care about fairness.
My advise to you is if you are having issues due to this...shop around. different companies may weigh that credit score differently and this may help your rate.
Good luck!
They aren't FULLY based on credit score, only partially.
Because, like being 16, statistics show that having a lower credit score increases the possibility of a claim payout.
No one has done a study on WHY low credit scores result in more claims, the insurance companies don't CARE. All they care about, are the statistics.
Smokers die sooner. Fat people have more health claims. 16 year old boys have more car accidents. And people with low credit scores put in more claims.
Suing someone for insurance deductible?
I was contained by an accident concluding month where the other celebration was 100 percent at responsibility. Her car have no damage and my bill be $5,200...insurance covered all but the 500 dollar deductible. I know I chose a plan that have a deductible but seeing how the other party be 100 percent at fault can I sue for the $500 deductible??Im not looking for opinion here please answer only if you own specific knowledge to my interrogate. Thanks in mortgage!
Answers: First, there be no damage to her vehicle, however you incurred $5200? Yikers! Anyway, as noted, your insurance company will subrogate against her. Normally, if the insurance info is not available, the subro department will run a plate check. A plate check is run through the DMV. The insurance info is available through them. If the plate # was not secured, next they will send a notification to her requesting the name of her insurer. If she is not insured, later they will proceed with litigation. Remember, your insurance company wishes to recover the money they rewarded out to you as well. It have only be a month, the process of subrogating can sometimes be lengthy. You cannot sue the third deputation directly.
No, you cannot.
By collecting under your own policy for the collision, you automatically transferred your right to sue her, to the insurance company. Look at your policy, beneath "transfer of rights of recovery" beneath the conditions section.
THEY achieve to sue her, and will try to collect what they paid you, PLUS your deductible. If they find it, they'll send the deductible to you.