What is Insurance?

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to protect against the risk of a unsure or uncertain loss. An entity or company which provides insurance is known as an insurer/insurance company/insurance carrier or underwriter.

The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium.The pre-decided amount that the insurance company pays to the policyholder when the insured event takes place is called sum assured.​Sum insured is the maximum value for a year that your Insurance Company can pay in case you are hospitalized.So,from the above we can understand sum assured & sum insured are almost same things but used in two different places.

What Is Disability Insurance & its Types?

Disability insurance provides risk coverage for the lost income due to failure to work in case of any permanent or temporary disability. This kind of insurance helps in providing a part of your lost income along with the medical expenses, if you happened to meet with an accident that led to disability.

There are many types of organizations that provide different types of disability insurance. Each organization and disability insurance type have specific rules as to what constitutes a disability and how a person might qualify to receive the disability benefit. This basic insurance is a key social justice concept.

Types of Disability Insurance :-

There are two basic types.Those are discuss below-

1. Short term disability insurance policies offer a worker a portion of their salary if they are unable to work for a short period—typically three to six months.

2. Long term disability insurance offers a worker a portion of their salary if they are unable to work for a longer period—typically a period of over six months.Both short term and long term disability policies have a period that a person must be disabled for before that individual is able to start receiving disability benefits.

That period of time is called an elimination period. If a person becomes disabled, they must wait until the elimination period is over before they start receiving benefits. If they are able to work before the elimination period is over, the person will not receive a benefit.

The Social Security Administration also provides disability insurance. Employees who’ve paid the Federal Insurance Contributions Act (FICA) tax for a certain amount of time, are eligible to receive the Social Security disability income insurance if they meet the strict requirements of disability under the OASDI program.

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SIM Swap Fraud & its Protection

By SIM swap, we simply mean changing mobile SIM cards. If this is done without your knowledge, then it is probably done for some fraudulent activity. Under SIM swap fraud, fraudsters get a new SIM card issued against your registered mobile number via the mobile service provider. With the help of this new SIM, they can get One Time Password (OTP). And other alerts required to carry out financial transactions through your bank account.

Modes of Operation:

In SIM Swap Fraud- The fraudster obtains the victim’s bank account details and registered mobile number. This can be done via social engineering tactics such as phishing, vising, smashing, etc.

– After this, he/she visit the mobile operator’s retail outlet posing as the victim with a fake ID proof to get the original SIM blocked.

– Post verification, the operator deactivates the genuine customer’s (victim’s) SIM and issues a new SIM card to the fake customer (fraudster).

– Now, the SIM swap fraudster can obtain OTPs with the new SIM. To conduct fraudulent transactions on the victim’s accounts using the banking details obtained via Phishing / Vishing tactics.

How to protect yourself from fraud?

Beware of SIM Swap Fraud by social engineering tactics (vising, phishing, smashing).Which aim to steal your confidential and personal data. If your mobile number is inactive / out of range, inquire with your mobile operator immediately. To avoid the worst-case scenario, immediately change your bank account password. Register for regular SMS as well as e-mail alerts for your banking transactions. (Even if your SIM is de-activated, you shall continue to receive the alerts in email).

Periodically access your bank account statement. To ensure that the transactions reflecting in the statement have indeed been made by you.

In case of a fraud, contact phone banking immediately to have your account blocked and avoid further fraud.

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