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Finance

Health Insurance Problems During Divorce And Child Custody

Health insurance is essential as it will lower the cost of high medical expenses and even provide free health screenings and check-ups depending on the insurance policy. In the event of a divorce or child custody, it might significantly affect the health insurance policies that you have previously applied for. In such cases, it is crucial to talk to Kohlmeyer Hagen Law Office and get the appropriate legal advice on what can be done in order to be secure and protected.

Here are some of the problems that you might be facing during divorce and child custody:

Most people do not realise that they might lose their health insurance when they get a divorce, and the insurance coverage can be questionable if their child is in custody with a divorced parent. Although family law courts can intervene in the issue and help decide how to get the benefits from health insurance when you are in a divorce, it is recommended to have an attorney who will guide you in taking the proper steps legally and responsibly. 

The following are some of the problems that arise in health insurance if you are getting a divorce or in child custody:

  1. If a couple does not inform their respective insurance company about their legal separation in advance within a particular time, then there are chances that the insurance claim is considered as insurance fraud.
  2. Failure to research the available options in getting the best insurance coverage before the divorce or legal separation can result in paying a lump sum amount of money which can be significantly higher for the couple to pay.
  3. If the child has a pre-existing medical condition and the parents are divorced, then it is recommended for the child’s parents to agree on a contract with the doctor to have bills separately on an appropriate ratio to avoid expensive medical costs on one parent. If not, the custodial parent might have to pay more.
  4. If the non-custodial parent who had agreed on providing insurance for the child changes jobs, he is requested to contact his new employer about including his child along with him in his new employer-provided insurance plan. Hence, the child is insured under the same plan as his non-custodial parent.
  5. A parent would be asked to pay all the medical costs incurred under insurance if he was ordered to provide health insurance by the court yet failed to do so.
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Finance

An Insider’s View into Bike Insurance for First Time Buyers

Ticking off your wish list after buying that one particular bike you always wanted can mean nothing short of happiness. But bike isn’t the only thing that you need worry when buying one, its insurance follows that suit. Considering the plethora of options, how does one buy the right insurance plan? Fret-not! This article simplifies how to go about buying the perfect bike insurance policy for first time buyers. So, if this is your first time in selecting a bike insurance cover, you have come to the right place. 

For starters, it is essential to know why is bike insurance important.

Just like a prudent person buys health insurance for protecting their health, similarly you purchase a bike insurance cover. You can buy bike insurance online, as well as offline, thereby giving you the choice to select your preferred channel. When you invest in a policy that checks all the right boxes, you can safeguard yourself from the financial loss due to damages to your bike. In addition, legal liabilities are also covered under the policy.

Now let’s look at a few pointers that first-time buyers must consider when buying a two-wheeler insurance policy:

Type of insurance coverage:

You might have heard countless times about the necessity to buy an insurance cover. This comes from the legal requirement laid down by the Motor Vehicles Act. This law requires all bike owners to at least have third-party coverage.

You can buy from the two types of two wheeler insurance third party cover or a comprehensive cover.

A third-party policy is the one which provides protection from legal liabilities arising in the event of an accident or damages. Accidents can also result in injury to third person which may include death which is covered by a third-party policy. Thus, it is the bare minimum insurance coverage you need to have to legally drive a bike in India. Next is a comprehensive cover. While third-party safeguards from legal liabilities, it offers no coverage for damages and injuries sustained by you, the policyholder. Accidents cause damage not just to a third person, but also the rider. So, to overcome the limitations of a third-party policy, a comprehensive cover can be purchased. * Standard T&C Apply

Setting the right IDV:

IDV or insured declared value is the amount that insurance companies compensate in the event of a total loss to the vehicle. When purchasing an insurance plan, it is crucial to set the right IDV as it defines the compensation that may be offered for cases like theft of your bike or damage beyond repair. However, you need to remember that it directly impacts the premium. Hence, make sure to set the right amount that keeps your policy premiums within budget. For that, you can make use of a two wheeler insurance premium calculator too. * Standard T&C Apply

Checking the policy features:

Before finalising on an insurance plan, it is essential to check the policy features too. While different policies offer different features, a network garage facility for cashless claims is something that you shouldn’t miss. With such facility, you can lodge cashless claims with your insurance company for any repairs required.

Picking the right add-ons:

Optional policy covers can be used to enhance the coverage offered by a standard comprehensive plan known as add-ons. With the help of these add-ons, the parts like engine, consumables spares, and depreciation on your vehicle at the time of claim which are otherwise lower the policy’s scope or the claim amount can be insured. * Standard T&C Apply

With the above pointers, a new buyer can make a choice of suitable bike insurance policy. Also keep in mind that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Finance

Principle of Subrogation in General Insurance – Explained

Insurance is a legal obligation between you, the policyholder, and the insurance company to make good for the losses. It is no means to make profits, but in fact, reimburse the loss that may occur. A general insurance cover is purchased to safeguard yourself from the damages that either may be your fault or some third person. But it isn’t always the loss may arise when you are at fault.

A common example of such scenario is when an accident occurs without any fault of yours. It is an annoyance, but you still have to deal with the damages and a general insurance plan comes handy at these times. Insurance companies reimburse the loss or the cost of repairs. These losses can however be reimbursed from such third person as per the principle of subrogation.

What is subrogation in general insurance?

The principle of subrogation in general insurance substitutes the insurer in your place, i.e. the policyholder, to pursue such third person and reimburse the damages. It is a legal right transferred to the insurance company to claim the money from a third person. To simplify, subrogation can be referred to as substitution where the insurance company, instead of you, can follow up with either the third person or such third person’s insurer to compensate for the loss. However, all of it is done after the compensation is paid to you.

The principle of subrogation is categorised under the indemnity clause which is a contract between you and the insurance company. This clause mentions the obligation of the insurer to compensate for the damages caused.

How does subrogation work?

Subrogation is commonly observed in general insurance plans and involves three parties—the insurer, the policyholder and the third-party at fault. The process of subrogation starts when you, the policyholder, raise a claim with your insurance company for damages sustained due to such third person. Once this claim is settled, the insurance company initiates the process of retrieving the claim amount. But before that, all your legal rights to sue such third person are acquired by the insurer, in effect, substituting the insurer in your place.

Some insurance companies even include the amount of deductible in the subrogation process. In such a case, you will be entitled to claim the deductibles as well in your insurance claim once the third-party compensates for it. * Standard T&C Apply

Basis pointers concerning principle of subrogation

Here are some pointers about subrogation when it comes to third party insurance:

  • The process of subrogation is generally a transparent process that occurs between you and your insurance company. The rights concerning subrogation are mentioned in your policy document.
  • The insurer must acquire your consent before proceeding with the subrogation process.
  • Further, the subrogation by the insurer can only take place once you, the policyholder, have been fully indemnified. However, some insurance companies may begin the subrogation in your name even if the negotiation concerning the compensation is ongoing.
  • The insurance company has a right to charge legal offence against such guilty third person that has resulted in a damage to your vehicle.

These are some of the must-know about principle of subrogation. Make sure to carefully understand what is general insurance policy that you have bought and its features before buying. Also, remember, insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Finance

Want to Reduce Your Home Loan Burden?

For most people to realize the goal of owning their own home takes a lifetime of savings, or even more than that. The only way for several people to reach the goal of owning a home is to take a home loan. You can get up to 90% of the value of the home you buy in the loan you receive from a lender. If you have a salaried income or have an income from a regular source, lenders will be ready to approve a home loan for you and you can take one quite easily. Nonetheless, if you do end up taking a loan to buy a new home, most of your finances go into repayments of EMIs that are often large amounts (with interest thrown in) as homes are big-ticket items. Furthermore, an upward trend in home loan interest rates may leave you in a financial crisis. However, fear not, there are some pointers to adhere to and these can lead to a reduction in your loan woes. A simple way to reduce the load of a home loan is to avail of a home loan balance transfer, and this is possible through Finserv MARKETS.

How Do You Reduce a Home Loan Burden?

Here are a few ways that you can get your home loan burden reduced:

  • Loan Tenure Extensions – You can opt for a home loan balance transfer and get the tenure of your EMI extended so that the burden on you every month is relieved. You may transfer your balance loan repayments to another lender at a lower rate of interest, for a longer tenure. You may opt for this avenue to lower your loan burden if you are an existing loan customer. The longer tenure will ensure that your EMI amount decreases, and you will also get assured lower home loan balance transfer interest rates.
  • Consider a Longer Tenure Initially – When you initially take your loan, it’s a good idea to choose a longer loan repayment tenure. Nonetheless, a longer loan repayment tenure calls for more interest to be paid. Think of prepayment of your loan from time to time, whenever you acquire surplus cash.
  • Larger Down Payment – When you start your loan-taking process, think of making a bigger down payment. This ensures you take a lower amount as your loan, and consequently, have lower repayments to make. Just because lenders offer you up to 90% of your property value as loan amounts, there’s no need to take the maximum as you end up having to pay more back.
  • Compare Lender Offers – Before you opt for a loan, compare as many lenders as you can, checking offers and tenures, as well as fixed versus floating interest rates. Better than a home loan balance transfer that may not look good on your credit profile as it implies you need relief from a home loan burden, opting for loan offers of which you are capable of making payments easily is the best option.

Take Your Best Home Loan

At Finserv MARKETS, you can take your best home loan, choosing from partner lenders like Bajaj Housing Finance and PNB Housing Finance Limited.

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Finance

The Process of Tax Consultancy in the USA

To improve financial security, anyone can opt for a tax consultation service. In the USA, the complex tax codes seem confusing for many people. For both individuals and business owners, it is crucial to know the tax codes and ensure financial security. However, the tax rules and regulations are constantly changing, and therefore, it is essential to hire tax planning consultants, who work dedicatedly in solving tax-related issues. Here are the roles and responsibilities of a dedicated tax consultant in the USA.

Who Is a Tax Consultant?

A tax consultant is a professional who helps clients to save money by making wise financial decisions. A tax consultant can solve tax-related issues and protect clients from harassment or loss. On meeting a tax consultant, the professional usually gathers information about the client’s financial situation. Then, the professional comes up with various strategies to help the client reduce tax liability.

Many people in the USA do not know how to manage tax credits and deductions. Anyone looking to secure his or finance should know about the same to fulfill tax obligations and follow the law. Hiring a tax consultant can be instrumental in the process of securing finance by obliging to legal terms.

Responsibilities of a Tax Consultant in the USA:

A tax consultant in the USA can help clients with a variety of tax-related issues. Here are some essential responsibilities that are common to all tax consultants.

  1. Interviewing Clients: Gathering relevant information about a client’s financial status is the first step towards ensuring complete tax consultancy. A tax consultant can ask clients about the person’s taxable income, allowances, and deductible expenses.
  2. Preparing Tax Returns: A significant knowledge of tax rules and regulations is required for preparing error-free tax returns. Tax consultants can either prepare tax returns for clients or help the clients prepare the same.
  3. Evaluating Taxes Owed: Determining how much clients own in taxes is a huge responsibility. Only experienced tax consultants can evaluate the same by using computers and adding machines. For an error-free result, they often use tax tables and other tools.
  4. Understanding Tax Rules and Regulations: A reputed tax owner should understand tax rules and regulations well. Hence, the professional always update his or her knowledge to ensure they give the clients accurate information.
  5. Providing Consultation: Tax codes in the USA are ever-changing. The responsibility of a tax consultant is not only to stay updated but also to give accurate information to the client. Tax consultants always inform their clients about changes in tax codes and other important facts.

Conclusion:

Individuals, organizations, and businesses should consult tax planning consultants to ensure financial security. The above roles and responsibilities are common to all tax consultants. However, depending upon their specialization, the roles may vary sometimes. One can either search online or look for recommendations to find a tax consultant in town. Tax consultants are hired by public accounting firms, the federal government, state Government, local Government, specialty tax consulting firms, corporate tax offices, and law organizations.