How One Is Covered With Insurance Nz

New Zealand is an island country located in the Pacific Ocean

. It is ranked among one of the world's most desirable countries to live in. It is among the highest with its quality of life, lack of corruption and many other factors. There is a strong protection of personal freedom for all of its inhabitants. Insurance NZ is varied and has many interesting features.

One of the most admired and discussed insurance in this country is the Accident Compensation Corporation (ACC) policy. This is a no-fault personal injury policy, which covers not only the citizens but visitors to the country as well. This applies regardless as to how one is injured or whose fault it was.

Coverage not only covers all payment toward the injury but also provides home assistance and weekly financial assistance if unable to work. This policy works to prevent injury, get injured people treatment and to assist in getting them back to health. A person, resident or visitor, is not allowed to sue for personal injury in New Zealand except for exemplary damages.

The money for this service is obtained by levies on personal earnings, business payroll, gasoline, vehicle licenses and government funding. The money collected is split into different accounts, which address specific kinds of injuries.

Claims for non-working people fall into a Non-Earners' Account and is paid for by general government taxation. This covers injuries to people such as retired people, students, beneficiaries and students. This category does not cover motor vehicle accidents.

Injuries involving accidents with motor vehicles are in an account of that name. It is funded by a levy on gasoline and motor vehicle licensing. The Treatment Injury Account covers injures involving treatment received including x-rays or other needs. Money for these claims is drawn from the Earner Account for employed people and the Non-Earner Account for unemployed.

Residual Claims Account funds are collected by levies on employers, employees, and self-employed people. This account refers back to injuries that are still being cared for. Work injuries go back to July 1,1999 and non-work injuries back to July 1, 1992.

The demands on these funds have recently exceeded the amount available and, as a result, it has been necessary to raise the amounts levied for this purpose. However, when one weighs the amount of the levy against the cost of the number of regular insurance policies one would have to have to receive this coverage it is a bargain.

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by: William Wilson

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