All Australian Insurance Companies Are Not Equal

All Australian insurance companies are not equal.a blackjack when the dealer's up card is an ace.
Some are very easy to deal with, pay claims4. Protection against a specific loss over a period of
promptly and cheerfully, others are not. I worked intime that is secured by the payment of a regularly
the insurance industry for a few years and I got toscheduled premium.
know who were the best and who were the rogues.5. A contract whereby one undertakes to indemnify
I remember very early in my career dealing with aanother or pay a specified amount upon determinable
claims inquiry. An elderly lady rang up and wanted tocontingencies.
claim on her roof that had been blown off in a storm6. A device for the transfer of the risks of individual
in Sydney during the late 70's. She had been a loyalentities to an insurance company, which agrees, for a
client for over 60 years and never had a claim.consideration, to assume to a specified extent, losses
In fact her insurance policy was that old that detailssuffered by the insured.
were nearly impossible to read. As a junior in the7. Plan in which individuals and organization who are
claims dept, I didn't know what to do and consultedconcerned about potential risks will pay premiums to
with my supervisor on what action to take. Hisan insurance company, who in return, will reimburse
answer? Deny the claim! See what I mean? Thatthem if there is loss. To generate a profit, the insurer
was a company to run a mile from and I left shortlywill invest the premiums it receives. Examples of the
after, shaking my head in disbelief.different types of insurance available are automobile,
Here are my favourite insurance companies in termshome, health and worker's compensation. Whereas in
of customer service and value for money:most cases the insured is paid for their loss, with life
AAMI 132 244insurance a beneficiary is paid when the insured
Allianz 1300 137 664person passes away.
American Home Assurance Co8. A system under which individuals, businesses, and
1800 331 013other organizations or entities, in exchange for
Catholic Church Insurances Ltdpayment of a sum of money (called a premium), are
1300 655 001guaranteed compensation for losses resulting from
CGU Insurance Limitedcertain perils under specified conditions in a contract.
1800 132 9599. A contract that provides compensation for specific
ING General Insurance Pty Limitedlosses in exchange for a periodic payment. An
1800 023 387individual contract is known as an insurance policy,
GIO 131010and the periodic payment is known as an insurance
NRMA 132 132premium.
QBE 1300 791 87410. Coverage by a contract binding a party to
Suncorp Metway Insurance Ltdindemnify another against specified loss in return for
132 524premiums paid.
Insurance11. A contract of indemnity against specified perils.
From Wikipedia, the free encyclopaedia12. A contract in which one party agrees to
Insurance, in law and economics, is a form of riskcompensate another party for any losses or
management primarily used to hedge against the riskdamages caused by risks identified in the contract in
of potential financial loss. Insurance is defined as theexchange for the payment of a lump sum or periodic
equitable transfer of the risk of a potential loss, fromamounts of money to the first party.
one entity to another, in exchange for a premium13. A system whereby individuals and companies who
and duty of care.are concerned about the potential for loss pay
Definitions of insurance from research on the Web:premiums to an insurance company which, in turn, will
1. Promise of reimbursement in the case of loss; paidreimburse those individuals and companies in the
to people or companies so concerned about hazardsevent the loss occurs.
that they have made prepayments to an insurance14. The business of providing financial protection for
companyproperty, life, health, etc against specific occurrences.
2. A contract in which one party agrees to pay forintermediate Level above basic but below advanced.
another party's financial loss resulting from a specifiedinternship Employment a student (especially of
event (for example, a collision, theft, or stormmedicine) takes to gain experience for a qualification.
damage). Lease agreements generally require thatintro week An introductory week for new university
you maintain vehicle collision and comprehensiveor college students which enables them to become
insurance as well as liability insurance for bodily injuryfamiliar with their institution, its facilities, their course
and property damage.and the town or city they will be studying in.
3. In blackjack, a side bet that the dealer has a15. An insurance policy that provides financial
natural. Insurance is offered only when the dealers upassistance to support medical, personal, and social
card is an ace. The insurance bet wins double if theservices that meet the basic daily living needs of the
dealer has a natural, but loses if the dealer does not.chronically ill or disabled over a long period of time.
Or more simply: The player bets that the dealer has