It’s that time of year again – a time for introspection and checking oneself.
How about this insurance “Cheshbon Ha’Nefesh”
- Have you made a will?
- If something were to happen to you, as parents – have you left clear written instructions regarding your children?
- Do you have life insurance? Have you reviewed it recently? (Have your agent give you a full list of the amounts that you and your spouse carry.)
- Disability – sometimes this is needed even more than life insurance, for example if you lose the ability to work for next 25 years who fills that financial gap? Make sure that your life insurance has a rider including this, or for professionals, a separate policy.
- Are you a שכיר? Ask your employer’s insurance agent to give you a break-down of your Bituach Minhalim. Then ask your personal agent if you are getting the best deal.
- Supplementary Health Insurance – A child needs a complicated eye-op which can be done best in the U.S. or you need a hernia-op but prefer to go to someone who is not on your Kupa, or someone needs major surgery and you want a second opinion – in all these cases, a private, supplementary health policy would be of great benefit. It is relatively inexpensive – check it out.
- Car Insurance – make sure that your car is insured for all drivers who use it (i.e. young/new/temporary/visitors). Always let your agent know even if someone takes it for a short spin.
- Home Insurance – Do you have an assessor’s report for your contents? Have you looked into switching your building insurance (which comes with your mortgage) from the bank to a private insurance company?
The past is history
The future – a mystery
What happens is a gift and that is why it is called “the present”!
Claims! Claims! Claims!
We have all been through it! Your car is innocently parked outside the shopping center. You return to find a huge dent in the side of your car with a “sorry” note on your windscreen. You repair the damage and then, because the other party is totally at fault, you make what is called a צד ג’ (third party) claim against his/her insurance. Now, what are your rights and obligations?
- a) You can only claim once for the damage. Therefore your insurance company must supply you with a no-claim letter to prove that you are not claiming from your own company.
- b) You are obligated to lessen the damage as much as possible. (You cannot wait for 2 weeks to repair a broken windshield and then also claim for rain damage to the seats).
- c) The other party’s insurance company has to confirm the receipt of your claim (This confirmation usually comes to your insurance agent).
- d) The $64,000 question – by when do they have to pay?
The law – you must receive payment within 30 days of their receiving all the paperwork necessary for a claim. The 30 days are up and no payment is in sight? They have to add the C.O.L. linkage + 4% interest from the day that you sent in the claim.
- e) What if they agree to pay only 50% of the claim (i.e. you claim for twodoors and they agree to pay for one only).
By law, any amount that is agreed upon by both sides must be paid and what remains can be decided in court. Therefore if you receive a check from the insurance company for 50% which requires you to sign a full waiver of future claims, you must consult with your agent before signing and make sure that you leave your options open.
May Hashem bless us all with courage, good health and fulfillment in both the spiritual and material worlds.