Who do you buy your insurance from? Daily News & Analysis
According the Insurance Regulatory & Development Authority (Irda), over 91 lakh insurance policies — worth Rs 1 lakh crore — lapsed during the 2009. And this figure did not take into account the unit-linked insurance plans (Ulips).
In the same year, 17.3 lakh policies of private insurers worth Rs 47,000 crore lapsed, as against 12.8 lakh policies worth Rs 25,000 crore during 2008.
The lapse ratio (a proportion of policies lapsed during a year vis-a-vispolicies in force at that time) in respect of one leading private insurance company stood at 53% in 2009, implying that over half the policies sold by the insurer were not renewed. The reasons could be many, but most important one which I could figure out is the selection of a misfit insurance advisor, which leads to mis-selling.
Mis-selling happens when an insurance advisor sells a product without evaluating and matching it to the insurance needs and financial strength of the customer.
The lapse ratio statistics made me appreciate how important it is to select a right advisor — I believe it is equivalent to selecting your family physician.
Well government legislation in many ways has forced health insurance companies to do this with us. Of course even having full blown insurance to cover every little medical need you have wouldn't be so impractical if medical costs weren't so inflated.
Boston GlobeThe knives — and knaves — are outThat's where the quote from Senator Moynihan comes in. My thesis in this column is that the obstreperous, boisterous, bullying Radical Right has no qualms about spouting baldfaced lies as it spews its poison. And has to a great extent manipulated and Video: Health Care Reform Falls Out - Bloomberg Health Care - My letter to the White House Reviewing Health Insurance And Health Care Reform -
