INSURANCE Archives - LEGAL S.O.S

17Mar 2023 by Charles E. Price

Examples of 2023 SNBT English Literacy Questions, Complete with Answer Keys and Discussion

TRIBUN-MEDAN.COM - The literacy test is one of the materials in the 2023 National Selection Based on Tests (SNBT). This literacy test aims to measure a person's ability to contribute productively to society by understanding, using, evaluating and reflecting on various types of texts to solve problems and develop personal capacities as citizens of Indonesia and the world. This literacy test consists of an Indonesian literacy test and an English literacy test. The following is an example of the SNBT 2023 English literacy test questions, complete with answers and discussion. TEXT 1 You've been working and saving for decades for just this moment: retirement. Even though you may be ready to stop working full-time, now comes the hard part: letting yourself use your savings, since you will no longer be…

16Mar 2023 by Charles E. Price

Record Sales of 331 Thousand Units, Toyota Dominates the Automotive Market

INSURANCE

Jakarta, IDN Times - PT Toyota-Astra Motor (TAM) managed to close 2022 well, after recording a sales volume of 331,410 units as a whole sales. This figure has increased by 12.1 percent compared to 2021, which is at the level of 295 thousand units.With this achievement, Toyota claims to lead the national automotive market with a market share of 31.6 percent.1. The composition of sales is dominated by MPVThe TSS feature is tested on the road (Doc. TAM) Judging from its composition, Toyota's sales in 2022 will still be dominated by the MPV segment which contributes 57.6 percent overall. Several Toyota MPV and SUV lines such as Avanza, Kijang Innova and Zenix, and Rush are still the people's top choices. All three are Toyota's best-selling products this year."In line with…

15Mar 2023 by Charles E. Price

Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

INSURANCE

Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefening propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint release from the province's ministry of finance and affordability and utilities, the Alberta government says it will be “taking action on insurance” through this rate cap, as well as a mandate for insurance companies to allow customers to pay premiums through payment plans. "Affordability is a primary challenge facing many Albertans as rising inflation makes it challenging for many to afford necessities, including auto insurance," said minister of affordability and utilities, Matt Jones. "We are…

14Mar 2023 by Charles E. Price

Alberta government’s decision to freeze auto insurance rates

INSURANCE

EDMONTON, AB, Jan. 26, 2023 /CNW/ - Today's announcement of the government's decision to freeze insurance rate filings for private passenger vehicles is disappointing for insurers and, most importantly, for consumers. A rate freeze does nothing to improve the affordability of auto insurance in the near term and only pushes today's challenges down the road.Insurance Bureau of Canada (CNW Group/Insurance Bureau of Canada)Rate caps have resulted in significant negative consequences for consumers when undertaken previously in Alberta and elsewhere. During Alberta's last provincial rate cap from 2017 to 2019, consumers faced challenges securing the coverage they needed, as insurers were forced to take action to remain viable and continue paying customers' claims. Premiums still increased by 12% when the rate cap was in place.in Californian, drivers are also living through…

13Mar 2023 by Charles E. Price

Alberta government unveils an auto insurance freeze to mixed reviews

INSURANCE

The Alberta government announced they are putting a freeze on auto insurance rates, and not everyone is happy about it. Minister of Finance Travis Toews and Minister of Affordability and Utilities Matt Jones made the announcement in a release this morning. In the release, the duo state that many people in Alberta are concerned with auto insurance affordability, which Toews says this freeze will help with. “We share Albertans' concerns about the rising cost of living during the current inflation crisis. We will continue to meet with members of the insurance industry to find additional longer-term solutions for automobile insurance,” Toews said. Along with pausing rates until the end of the year, the Alberta government says they will continue working on solutions to lower auto insurance rates. “Affordability is a…

12Mar 2023 by Charles E. Price

Insurers decry Alberta’s auto insurance rate freeze decision

INSURANCE

But this rate stamp has been received poorly by the industry. “A rate freeze does nothing to improve the affordability of auto insurance in the near term and only pushes today's challenges down the road,” a statement from the Insurance Bureau of Canada (IBC) said. IBC's statement, which was alberta-governments-decision-to-freeze-auto-insurance-rates">released on the same day Alberta put a hold on rate increases, also explained that rate caps have resulted in “significant negative consequences” for consumers, pointing to previous instances in Alberta's history. “During Alberta's last provincial rate cap from 2017 to 2019, consumers faced challenges securing the coverage they needed, as insurers were forced to take action to remain viable and continue paying customers' claims. Premiums still increased by 12% when the rate cap was in place.” The Insurance Brokers Association…

11Mar 2023 by Charles E. Price

Investigation Leads to 16 Arrests by LSP Insurance Fraud/Auto Theft Unit – L’Observateur

INSURANCE

Investigation Leads to 16 Arrests by LSP Insurance Fraud/Auto Theft Unit Published 5:42 pm Tuesday, January 31, 2023 houma – In May of 2021, the Louisiana State Police Insurance Fraud/Auto Theft Unit Houma Field Office began investigating a complaint of criminal fraud against a supplemental health insurance provider. As the investigation continued, investigators identified a group of 16 suspects who were found to have knowingly manufactured and filed fraudulent medical documents throughout 2019 and 2020. The suspects claimed to have suffered from an accidental injury in order to obtain financial benefits resulting in over $85,000 stolen from AFLAC insurance provider. As a result of the investigation, the following suspects were arrested and charged with various statutes relating to Medical Insurance Fraud and Theft. Arrested in Terrebonne Parish: 35-year-old Georgie Jones…

09Mar 2023 by Charles E. Price

Debt Exchange: NIC to suspend minimum capital requirements, CAR of insurance firms for 2 years

INSURANCE

Dr. Justice OforiAs part of measures to mitigate the impact of the Domestic Debt Exchange Program on insurance companies, the National Insurance Commission will place a moratorium on the Minimum Capital Requirements (MCRs) and Capital Adequacy Ratio (CAR) on the insurers.This means the MCR and CAR will not be enforced but regulated entities will be required to operate in such a way as to be able to pay claims and operate expenses.The current minimum capital requirement of life and non-life Insurance companies is ¢50 million, whilst the CAR is 14.2%.In a letter to the insurance firms on draft regulatory forbearances to mitigate the impact of the Domestic Debt Exchange on insurance and reinsurance firms signed by the Commissioner of Insurance, Dr. Justice Ofori, the NIC said there would be a…

08Mar 2023 by Charles E. Price

Can You Claim Insurance for Damage Due to Waterlogging in Car Parking?

INSURANCE

For many car owners, it might be tough to claim insurance for damage caused by waterlogging in parking areas The heavy rainfall in many parts of the UAE has left many car owners in a rather sticky situation. While insurance would cover water damage to at least some extent, many might find themselves having a tough time to claim insurance for damage due to waterlogging in parking areas. You may also like: Traffic Fines Now Up to Dh50,000 in UAE: 8 Violations That Radars Can Detect Cars submerged in water in parking areas in UAE. You may also like: Cars of Shahrukh Khan in Dubai – VIDEO Many Low-lying Areas Submerged in Water Hence, it's advisable for all car owners to avoid parking their vehicles at spots that are prone…

07Mar 2023 by Charles E. Price

Commercial, private drivers do not see any benefits from vehicle insurance

INSURANCE

The report noted that 82% of Ghanaian drivers often did not have an interest in filing complaints The majority of drivers, both commercial and private, do not see any benefit from insurance companies in Ghana due to perceived unwillingness and refusal of payment of claims.The event, which brought together stakeholders from various sectors took place on Wednesday January 25, 2023 in Accra, to launch the YAFO “Driver MO” report and to find ways of improving the insurance sector.Nathaniel Dwamena, President of YAFO, said that most drivers expressed dissatisfaction with comprehensive insurance as it is expensive compared to income levels.He said the drivers only showed interest in vehicle insurance because it was mandatory and enforced by the police.He said drivers complained about delays in insurance claims and sometimes to the extent…

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