| Insurance is meant to protect you. But
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| | isn't licensed or doesn't even exist)
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| scams out there can make buying insurance
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| | such as auto coverage, or health
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| dangerous. These schemes can cost you
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| | insurance for your business.
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| hundreds or even thousands of dollars,
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| | Fortunately, you can protect yourself.
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| and leave you and your family without
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| | The Coalition Against Insurance Fraud
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| vital insurance protection. Here's what
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| | offers these money-saving tips:
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| to watch out for:
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| | • Call your state insurance
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| Scams
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| | department and make sure both agent and
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| • Steal your premiums-An agent
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| | insurer are licensed.
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| takes your premium check but doesn't buy
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| | • Normally, you should make your
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| you the promised insurance. Instead, the
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| | premium check out to the insurance
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| agent steals your money. You aren't
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| | company, instead of the agent. Call the
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| protected, and may not know this until
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| | insurance company within 60 days to
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| you make a claim.
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| | confirm you're covered.
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| • Sliding-An agent secretly slips
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| | • Read all insurance documents
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| extra features into your policy (such as
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| | thoroughly before you buy. Insist that
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| motor club membership, legal defense
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| | the policy is clearly explained point by
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| coverage, accidental death coverage,
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| | point, in plain English. Also have a
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| guaranteed renewable life, towing
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| | trusted relative or financial expert
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| coverage). Hidden "extras" that may be
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| | review. Demand a point-by-point
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| worthless can add up to $200 or more to
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| | comparison with your current policy. Do
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| your premium.
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| | you need this new policy? Is it better
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| • Churning-You're conned into
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| | than your current one?
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| dropping a perfectly good life insurance
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| | • Go slow if the price of coverage
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| policy and buying an expensive one you
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| | seems too low to be true.
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| don't need. Example: Cashing out your
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| | • Back off if you get vague answers
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| valuable whole life policy to buy a
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| | to your questions, or you're pressured to
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| "better" one. You lose years of built-up
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| | "sign up now because this special deal
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| cash value and have to start all over
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| | expires today."
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| again. Seniors, especially, should watch
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| | • Never sign a blank insurance
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| out.
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| | form, and get copies of all forms.
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| • Fake insurance-You're sold fake
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| | • Be wary of door-to-door
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| insurance (often from a company that
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| | salespeople or e-mail pitches.
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