Mis-sold Ppi
I can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.

Definition

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.
A recompense for a loss; compensation

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 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?

Find out more about Insurance remuneration

Insurance Owl gives simple, clear information about insurance. Everything ranging from health insurance to indemnity claims including Auto, Travel, and Life Insurance.

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