An insurance company is not liable for any deficiency of service if a policy holder fails to submit the information about the accident, damage and claim in writing, a consumer court has held. "The oral approach to the insurance company for appointment of the surveyor and to determine the damages to reimburse has no meaning unless the required information of the accident, damage and claim are submitted in writing," the District Consumer Disputes Redressal Forum (Central) has said.

The policy holder, Charanjeet Singh, approached the Forum, seeking insurance claim from New India Assurance Company Limited for his vehicle which suffered damage in an accident. The Forum dismissed the complaint on the ground that no surveyor could be appointed by the company to assess the insurance claim in the absence of claim form and without having any information of the accident.

"Without the information of the accident and damage to the vehicle and in the absence of claim form, the company could not have appointed any surveyor to assess the damages," the Forum, comprising President B B Chaudhary, Members M Siddiqui and S R Agrawal, said. The Forum noted that the complainant failed to produce any medical evidence relating to the accident. "Singh's contention is not supported by any medical documentary evidence, which prevented him to approach the insurance company after he met with an accident. The vague plea has got no merit," the Forum said. Singh met with an accident in 2004. He claimed to have received treatment in GTB hospital. His insurance claim for damaged vehicle was repudiated by the company on the ground that they were not informed about it.

Instances from acquaintances and believe them to be true but the fact is they should go to experts who really know about insurance and can really guide them with good advice and to take better care of their money and future. Some may feel that the advisor is just there to push products, and many probably are, but the primary purpose of having a consultation with an insurance broker is to have an overview of your financial picture and determine what needs may be met, if any or what improvements on any existing coverage can be rendered.

First, life insurance is ideal for people who are married, have children, own assets, need business protection, or have asset planning needs. Term life insurance, can be for durations of 10, 15, 20, or 30 years. It's great for people who are looking for a low, affordable premium. Whole life insurance is a permanent life insurance that insures you until you reach age. The other premiums are more expensive compared to term life insurance, but it does build cash value. Second, health insurance is a necessity these days and can provide you with peace of mind in the event of an unforeseen illnesses or accident as the life is so uncertain these days. New diseases come every year which are difficult to cope up with. Any pre-existing conditions will leave you without health coverage on an individual plan, but you would be eligible for health coverage under a group plan. Health insurance should be a top priority. However, this is not always a possibility since premiums can be very expensive.

On the contrary, health coverage for seniors is much more attainable compared to the rest of the population. Most seniors who turn 60, are eligible for Mediclaim, which is health insurance provided by the insurance companies. They are entitled to hospital expenses. Nonetheless, Medicare only covers 80% of these costs. By and large, obtaining complete health coverage for seniors is very important .Additionally, disability insurance is better suited for people who are self-employed or are the sole earning member of their household. It provides extra protection in the event an accident or illness leaves you unable to work. Above all, alternative investment vehicles for retirement benefits should be considered in the case of low returns.

On the whole, possessing insufficient insurance coverage or retirement assets can leave many with sleepless nights. On the other hand, overpaying for insurance will burn through your pocket book. All and all, striking a balance with your immediate needs and available funds after assessing any vulnerabilities in your financial picture is crucial to the safeguard of your peace of mind and hard earned money. As one goes to a doctor for health purpose one should go to an insurance broker for seeking advice on one's hard earned money.