Dead Space Premeditated Malpractice

What is the best practice for such actions? What limits and consequences should be included in the code of ethics to minimize liability? What are the key points that all would-be disaster survivors should be made aware of? This project investigates how best to respond to such events with regard to insurance companies, their liability, and those exposed to the risk.

Intro

The recent tsunami disaster in Indonesia became a topic of great concern on numerous occasions (Mayer et al., 2006). Due to the destruction of lives, economic damage, and distress experienced by the victims in loss of time, money, and other monetary losses, insurance companies have become actively involved in the management of potential future disasters. In addition to extensive academic research into the insurance industry's practices and possible lessons learned from it (Foshee, 2007), important operational improvements were implemented through the UN Standard Industry Code (UN SIC) which formally regulated the requirements of insurance companies. Although these standards have been effective in preventing future disasters like this one, they do not provide complete protection for the users of the insurance industry as they also still allow insurers to deviate from their legal obligations. At the same time, lawsuits claiming to arise from these strict policies are filed at each of the institutions that held insurance policies for the victims of the tsunami. Despite the fact that these claims survive every conceivable attack aimed at their validity, the insuring parties after having lost money are left without the opportunity to escape paying any more fees as these policies provide no indemnity guarantees but only potential reimbursement. The risks inherent in the current state of affairs can be further increased since there are no clear authorities verifying the requests for compensation or reducing costs, especially for consumers who lack financial resources.