The Tax Mans Blog » Insurance

The MisSelling of PPI

admin — Fri, 30 Mar 2012 18:58:07 +0000

During the last several years, one of the stories that dominated the financial news was the payment protection insurance (PPI) mis-selling scandal. Millions of UK residents were victims to the tune of millions and millions of pounds.

Lenders used a number of avenues to mis-sell consumers. Some consumers found themselves to be the not-so-proud owners of PPI policies that they don’t even know they had. This occurred when lenders added policies onto consumers’ loans without their knowledge, simply wrapping premiums into the monthly loan payment. Other consumers purchased policies knowingly but certainly not willingly. Unscrupulous lenders used coercive sales tactics, pushing consumers into purchasing PPI coverage by making it a condition of loan approval. Still other consumers were sold PPI policies for which they were not eligible and from which they would never be eligible to collect benefits. The self-employed, retired, or people with certain pre-existing medical conditions are automatically ineligible for PPI coverage.

Finding out that you were mis-sold a PPI policy is understandably very upsetting. It can also make one feel powerless. The good news is that you are not powerless. Consumers who were mis-sold policies are able to file PPI claims against their lenders. If the claims are successful, reimbursement of premiums paid plus interest is possible.

Millions Affected by PPI Claims

admin — Fri, 30 Mar 2012 10:46:22 +0000

Many financial news stories contain information about the 1.5 million UK residents who are filing PPI claims. If you are not now directly affected by PPI claims, you may be wondering what they are and why so many people are filing them. But after doing some quick research, you may start wondering if you, too should be filing a claim.

The basis for the claims is mis sold PPI coverage. Consumers were mis-sold PPI policies by their banks or other credit or lending institutions. The sale of these policies was in some way misleading or mishandled, and put the consumer at a financial disadvantage. If you feel that you are in this situation, you should take action right now.

Mis-sold PPI took a variety of forms, but most involved the purposeful misrepresentation of policy details. Some consumers had PPI coverage – and its costs – added to loans without their knowledge, others were coerced into purchasing policies as a condition of loan approval. It is important to note that PPI coverage is always optional.

PPI claims must be filed against the lender for a consumer to reclaim his PPI costs. A consumer can file his own claims, gathering all necessary documentation and drafting letters and follow up correspondence. This is often time consuming and complicated. It can be advantageous to seek the assistance of an agency that specializes in PPI claims filing.

Who should have high net worth home insurance?

admin — Thu, 15 Dec 2011 06:35:00 +0000

High net worth home insurance is available to individuals with a high dollar value of belongings, properties and valuables. Matching yourself with the right agent to find the right policy is crucial. You took years to obtain everything you own and protecting it is crucial. Your agent needs to ask key specific questions to make sure you matched with the high net worth policy. Some of the items you may think would be typically covered with your regular home owners insurance may not be so it is best to check. Homeowners with mansions or very large houses, townhouses, brownstone or property located in very high end areas (like New York or L.A.) should look into high net worth home insurance.

Home owners with several vehicles or high end vehicles should look into high net worth insurance. Home owners with boats and other water toys should look into high net worth home insurance. Home owners of high end jewelry, artwork and collectibles should look into high net worth insurance. Most standard insurance companies have limits of liability up to $1,000,000. Any value beyond that should be covered high net worth home insurance. Again, you have worked long and hard to obtain everything you own and protecting is the only way to have piece of mind.

Insurance Careers

admin — Thu, 11 Feb 2010 07:08:55 +0000

Always at the very core of any company or agency, is the sales job. These jobs can be found listed in magazines, newspapers and even online. Prior experience with insurance will certainly help you find that next job because you need to understand insurance policies and underwriting guidelines. Even without this experience, you still have shot, just put your best foot forward.
A Bachelor’s degree is typically desired but it is not exactly required. As long as are able to network and negotiate, you have a chance.
A sales training job might be for you if you like to design training information and can train others in a training seminar. This is one way to have a rewarding career, as a teacher of others, teaching what you know. There are also field sales representatives where you can work with others in sharing your experience and wisdom to the new in-coming sales reps.
Daily responsibilities can include selling insurance products to perspective customers or you can work to increase sales. Some employees can be asked to give a speech for management jobs. Pay is bases on salary plus a commission if you are in a management position or in executive sales.

Other Insurance Jobs

admin — Thu, 14 Jan 2010 07:11:28 +0000

Many people are unaware of the creativity that goes on in the insurance industry. Graphic artist jobs can cover everything from brochures to creating the annual report. This type of job can be very rewarding for any graphic designer. It is not all fun and creativity as you can also be asked to do typical work as in making a new policy cover. Adobe design products will be offered by the company to sharpen you skills before attempting this job.
If copy writing is your thing, then an insurance job could find you editing a newsletter or maybe marketing material. There is no end to what is needed to communicate to employees, clients and those all so special customers of the company.
Personal relations is another avenue open that not many know about. Here you could write about natural disasters work connect with media on news or nearby events. This is a very flexible job that has many changes, so if you are that flexible kind of person, go ahead an apply. Many insurance companies are now having websites with every bell and whistle out there. As this increases, more computer friendly people will be needed.

The job of the Insurance Agent

admin — Sat, 28 Nov 2009 07:14:54 +0000

It is a lucrative position to be an insurance agent. This person will help people protect their belongings, their personal business as well as their home. The earning possibilities are endless but how do you know if it is the right job for you?
Although the job description is the same as it has been for years, the career its self has changed some. To be an agent you must like working with the public or else you will not be successful. You will have to deal with less than happy people during stressful situations while showing a positive attitude. Skills in negotiation are very important as is motivation and the understanding of insurance, all while giving advice on coverages.
There are those who take this job as a way to get benefits and free training because it offers security. You can see how it is a very attractive career path. Although a college degree is not mandatory, it can’t hurt. Besides learning about insurance, you will become licensed for the state in which you work and must continue to educate yourself on what is required for the job. Beginning pay is generally $25,000 to $40,000 and salaries will be based on what type of insurance you are selling.