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What is critical illness insurance?
Critical illness insurance is an insurance product where the insurer is contracted to pay money (lump sum or structured) if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy. These are ‘peace of mind’ contracts. The contract or policy will set out several definitions and terms. Contractual definitions and terms are almost always open to interpretation. Most of these denials involve disputes over definitions of when a diagnosis of a critical illness is considered valid, allegations of...
read moreDiscount Rates and Present Day Values.
Discount rates are used to calculate the present day value of a loss of future income or cost of future care that is awarded as a lump sum in personal injury cases. The discount rate assumes that the lump sum will be invested and will earn enough income to create a sufficient stream of compensation for the injured party over the appropriate time frame, with the fund being fully exhausted at the end. This is one methodology of calculating and compensating future financial loss endorsed by the so-called 1978 “Trilogy” of...
read moreProtecting yourself emotionally after an MVA.
Motor vehicle accidents can be traumatic events, often leading to a wide range of emotions. The impact felt can range from minor to severe depending on the nature of the accident, the injuries, and the individual’s personal strength and resilience. An accident will most likely lead to emotional or psychological trauma if it happened unexpectedly, you were unprepared for it, and you felt powerless to prevent it. The emotions felt can range from anger and anxiety to depression if you were not the ticketed party and guilt if you were the...
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