Insurance Information - Insurance Owl
Remuneration, when the insurance comes into action.
Definition: A recompense for a loss; compensation
Remuneration is the payment of a service rendered. This includes any bonuses and salaries. Remuneration is typically in monetary terms but sometimes the compensation is in replacement of the loss.
In the context of insurance
In the context of insurance, remuneration or compensation means been paid out when the act you are insured for happens.
It is often hard to see insurance as a service, but that is exactly what it is.
And you need to confirm beforehand how your insurance company will be remunerating you.
Often you can assume that because you are insured for $xx.xx that you will receive that amount. But that is not always the case. The insurance company might offer a monthly remuneration, or to remunerate only when a certain event occurs.
Insurance remuneration
In some cases the remuneration might not be as you expect it. Some examples would be:
- Auto Insurance, (Accident). The insurance company will only remunerate the ‘scrap’ value of the vehicle.
- Auto Insurance, (Theft). The insurance company will only remunerate you in 3 or 6 months in the hope of the car been recovered.
- Auto Insurance. The insurance company will remunerate what ever is cheaper, (and often less advantageous for you), repair of the vehicle or scrap value or even book value.
- Recreation vehicle insurance. You might have to prove that you used the vehicle within the manufacturer limits. Something that is almost always impossible to achieve.
Remuneration vs Compensation
Remuneration is the payment for a service or to recompense for losses. Insurance can be viewed as a service.
Compensation is the act of compensating, or the act of receiving remuneration.
In the context of insurance both terms are interchangeable. You either get compensated for your losses or the insurance company offers you remuneration for your losses.
Conclusion
When it comes to insurance remuneration you need to make sure that you have all the facts.
- How will the insurance pay you out?
- Are the expectations realistic, (what you need to prove)?
- Is the waiting time before remuneration too long?
Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. (PRWeb Nov 20, 2007)
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Phillip Wasserman and Phillip Roy Financial Services File Malicious Prosecution Lawsuit Against Attorney John Hargrove
2007 - 11 - 21
Phillip Wasserman and Phillip Roy Financial Services, one of the nation's leading sellers of annuities and life insurance, have filed suit against Ft. Lauderdale based attorney John Hargrove and the firm of Gordon, Hargrove and James alleging malicious prosecution and other claims for relief. Phillip Wasserman and Phillip Roy Financial Services allege that Hargrove and his firm engaged in a scheme to defraud the courts by alleging that multi-millionaire retirees are not of sound mind to purchase annuities but yet are of sound mind to contract with them as attorneys. Wasserman and his firm also allege that Hargrove and his firm have filed dozens of similar cases in Florida courts as part of an overall scheme of coercion and have misrepresented their clients' mental health in order to recover attorney's fees. [PRWEB Nov 20, 2007]
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'Pre-Shoppers' Make Their Finance, Insurance and Broadband Purchasing Decisions at Buddy Sites
2007 - 11 - 21
Less than a year after the launch of MoneyBuddy.com.au, Australia’s fastest growing personal finance information and comparison site, Yield Media has expanded its portfolio. The Buddy network of sites has gone live with the addition of a broadband information site, an investment information site and insurance information site. (PRWeb Nov 20, 2007)
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Disclaimer
Please note that this website is for information only. Whilst every care has been taken to provide accurate information the complex nature of insurance, cover and compensation mean that you are responsible for the final decision on what action should be taken.
You need to take special care to ensure that the advice given applies to you country, state or jurisdiction.
