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A honest working citizen with good credit is now faced with bankruptcy when car payments and insurance payments were never behind

A claim for auto theft was recently denied when the insurance company investigation revealed the vehicle was used as a rental car with multiple drivers handling the keys before being purchased by a minister at a Chicago dealership.

Press Release Body: A Chrysler was stolen from a Chicago neighborhood last October and has not been recovered in 120 days. The exclusion in the insurance policy states ‘no coverage is provided for theft is keys are left in or on the vehicle or the ignition wire was not altered’

The only keys issued were turned over to the insurance company. The claim denial relieved the insurance company of all financial obligations and the minister became the party responsible for the $20,000.00 debt owed to the finance company for a vehicle that probably no longer exist.

The vehicle was parked while the minister shopped for items to distribute to needy families.

Although, insurance premiums had been paid three policy terms without lapse. A complaint was filed with various Illinois consumer protection agencies without resolve. A copy of the claim and mail delivery confirmation receipt was presented, but the insurance company continued to deny receiving a claim for the first three months after the theft.

The insurance coverage was acquired through a insurance brokerage agency which may have been promising low rates and excellent coverage to close the sale and receive their broker’s fee.

A honest working citizen with good credit is now faced with bankruptcy when car payments and insurance payments were never behind.

Via EPR Network
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What are the risks that this financial crisis might pose to the insurance industry?

It’s great when you are confident in safety of your money in general, and in your insurance company’s reliability in particular.

Unfortunately, the credit crisis affected virtually every sphere of life, and in times of the financial turmoil, like it is going now, many began worrying about its consequences for insurance and wonder to what extent the insurance industry was affected.

What are the risks that this financial crisis might pose to the insurance industry? What if my insurance provider won’t be able to pay for the claim? Should I switch the insurer, or even quit my insurance cover? All these questions are very urgent for many people today.

First of all, you should know that there is no reason to worry if you are satisfied with your insurance company and the way they work. Have they paid for the claims in time? Were there any problems with their quick and adequate respond to your claim? Make sure that you are aware of your insurer’s latest rates, and if they are ok for you, you can rest assured (whatever it meant).

Additionally, there are independent sites where you can learn practically every insurance company’s rating. The rating shows the company’s stability and reliability from an independent point of view, whether it will be able to meet its obligations in future, i.e. to pay for claims. According to the rating you can always decide if you should “quit” or switch your insurer.

Some more good news for you:

– an insurer’s activity is strictly regulated, and in most cases an insurance company is not involved in those risks which unregulated industries are vulnerable to; besides, the industry is now under tight control because of the banking crisis, which doubles reliability;

– in case an insurer is in bad financial condition, it will get aid from the state insuranceregulators, for the purpose of anticipating its bankruptcy, and the state which the insurer belongs to will take measures to save the company; moreover, it is a strict obligatory rule for insurance companies to pay into guaranty funds; so, a policyholder has nothing to worry about anyway, as he/she is going to get the money even if the insurer is insolvent;

– in some states there is a so called pre-assessment system,

– a kind of a pool for insurers to annually contribute money to, so as to secure future claim- payments.

As you may see, the sphere of insurance is rather protected from the threats of the world-wide financial crisis. Anyway, if you still have doubts, just shop around for a good and reliable insurance company, be careful and stay tuned.

About Insure4USA

Insure4USA has been offering free auto insurance, health insurance, home insurance andlife insurance quotes online since 2008.

Via EPR Network
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First Nations Has Awarded Grants To Six Native Community-Based Economic Development Organizations Through Its Little Eagle Staff Fund

First Nations Development Institute Announces $175,000 in Little Eagle Staff Fund Grant Awards

First Nations Development Institute (First Nations) has awarded grants to six Native community-based economic development organizations through its Little Eagle Staff Fund (LESF). The mission of the Little Eagle Staff Fund is to support Native community-based economic development organizations who offer unique financial services and products that promote economic development.

“It was a very competitive year for proposals,” stated Sarah Dewees, First Nations’ Director of Research and the program officer for the LESF grant program. “We received many excellent proposals because there is both growing demand and substantial need for funding for this type of work.” First Nations initially received 47 letters of intent from those interested in applying for grant funding. From those 47, twelve groups were invited to submit full proposals. Of the twelve, six were selected for funding.

The six organizations to be awarded grant funding under the LESF program are the Wigamig Owners Loan Fund Inc., Sitting Bull Tribal Business Information Center (TBIC), Turtle Mountain Community Development Financial Institution, the Oregon Native American Business & Entrepreneurial Network (ONABEN), Katikitegon Community Development Corporation, and the Ho-Chunk Nation. The grants range in value from $12,000 to $40,000, and the projects include financial education, loan funds, and entrepreneurship development. Three grants will be given to help groups start community development financial institutions (CDFIs), two grants specifically support financial education programs, and one grant will support an entrepreneurship training program.

“We are proud to be able to support these innovate economic development organizations that play such an important role in creating an ‘enabling environment’ for economic development on Indian reservations and in other Native communities,” stated Michael E. Roberts, President of First Nations Development Institute. “We are thankful to our funders who have supported this grant program.” The Little Eagle Staff Fund is currently capitalized by Bank of America, the Johnson Scholarship Foundation, the Washington Mutual Foundation, and a fourth partner, as well as through the generous support of First Nations’ individual donors.

The focus of the LESF projects is to educate individuals about successful financial management techniques with the broader implication that this knowledge will support Native individuals and communities to become self-reliant and economically prosperous.“Our mission is to change our economic landscape one family at a time by providing the essential educational components related to making sound financial decisions,” stated Chrystel Cornelius, Executive Director for the Turtle Mountain CDFI. “We are also creating an outlet to provide capital and lending products that will increase community and individual assets and help build wealth within our community.”

First Nations Development Institute is a national American Indian-led 501(c)(3) non-profit organization that was founded in 1980. Through a three-pronged strategy of educating grassroots practitioners, advocating systemic change, and capitalizing Indian communities, First Nations Development Institute is working to restore Native control and culturally-compatible stewardship of the assets they own – be they land, human potential, cultural heritage, or natural resources – and to establish new assets for ensuring the long-term vitality of Native communities. First Nations was founded with the belief that when armed with appropriate resources, Native peoples hold the capacity and ingenuity to ensure the sustainable economic, spiritual, and cultural well-being of their communities.

Via EPR Network
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