THE UNFAIR PRACTICES OF MANY INSURANCE COMPANIES ARE COLLAPSING THE VERY BASIC MASS ECONOMICAL SET UP .
Basically in the common market with the mass economical structure , due to the the lack of interest about Insurance plan is not so popular or trending topic . Because somehow the overall common are not so aware of the benefit from the proper Insurance plan according to their avarage financial income , daily basis financial expense , basic financial savings and a crisis budget for critical periods .
Actually a proper and well discussed Insurance plan could be a good friend for a family in their general crisis period . But it needs a crystal clear transparency with proper documents , information , and various kind of terms and conditions from both the Insurer and Insured .
But , in reality the concept of Insurance , basically among the common is not so highly popular as it was to be .
Though through the proper Insurance plan , there are many ways , where many people can reduce their basic financial crisis due to cause of death , various kind of illness , asset damages and so many other factors , where financial back up may be a standard factor to run a standard financial life and business , too . In short , a standard Insurance plan could change many lives and our basic social structure . It could be more friendly to a life than any political leader .
So very automatically , overall the concept of Insurance could be the topic of common's discussions , as it would be a properly effective financial backup to the person and could be a leading factor to keep the Socio- Economical set up , which is highly connected with areas like Socio-Cultural , Socio- Psychological set up .
But pathetically , it did not happen as it was to be .
Many scholars would say that , factors like -
1) Lack of public awarness about the benefit of Insurance plan .
2) Basic financial crisis and insecurities of financial set up of the common .
3) Sometimes The Govt Policies on the Insurance companies ----are crucial factors for the concept of Insurance plan not to be of high priority among the common .
Apart from the second point of "Basic financial crisis and insecurities of financial set up of the common" - rest of the sayings are fully not accepted by me .
Concept of Insuance is based on the overall wellness like Education , Health and other sectors .
May be most of the common are not so familiar with industry and sectorial terminology . But it never means that , the common are not so aware of their basic betterment .
In many cases , throughout the world , we obsearved the students to walk 20 km distance to reach the schools on foot . People can wait for months for a basic heath camp in their village .
And on the other side so many people spend a huge amount of their financial income on luxury goods and entertainments .
Then what is the wrong with Insurance Companies ?
The first and foremost answer from my end is the " UNFAIR PRACTICES OF THE INSURANCE COMPANIES " .
BASICS OF UNFAIR PRACTICES BY INSURANCE COMPANIES
- Misrepresenting the benefits, advantages, conditions or terms of any policy
- Misrepresenting the dividends or share of the surplus to be received on any policy
- Misleading or misrepresenting with regard to the financial condition of the insurer
- Using any name or title of a policy or class of policies that misrepresents their true nature .
Way out
Perhaps there is hardly any ground , speacially in case of financial dealing , where every points would be presented with full authentification . The overall concept of Insurance is generally for good reasons . So a person should be with reasonable views in time of taking an Insurance plan . Transparency of information , proper documentations and so many other factors are vital from both parties .
As a consumer and with the CONSUNER PROTECTION ACT LAWS , a person has all the rights to justify the Insurance plan like any other products .
Here are some basic points , on which a person can justify an Insurance company , an Insurance plan for own and restrain any Insurance Company from unfair trade practice in time of taking an Insurance plan .
1) The person needs to be highly calculative about the present financial income , the would be financial income and the probable critical areas .
2) The person needs to be highly calculative about the reasonable amount of coverage and in some cases , the possible time to have a reasonable amount .
3) The person can make a comparative chart of many Insurance companies , their plans , the types of plans , overall benefit , performance report , overall achievement and failure .
4) The person needs to calculative about the " Give and Take " policy . The way a consumer is buying services from Insurance Company , on the same way The Insurance company is doing business . Low premium settlement and expectation for the high return could be a dangerous one for anyone . The premium and the benefit -both should be in a ballanced form .
5) The person needs to be with enough documents , lot of informations , family history and so many other points . The discussion should be for long time . It is not a " Go and Pick one " matter . The insurer may ask numberless questions and the answers should be proper too from the clients . Still the Insurer can take a time to generate an Insurance policy in favour of a person .
Here one person can easily hire an lawyer for own to discuss with the insurers to clear the industry based terminological factors .
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