Auto
Insurance
-
- My
teenage child is about to get a learner's permit. When do they
need to be added to my policy?
Drivers are added
to the personal auto policy when their license is issued, not
when they get their learner's permit.
- My
teenage child will have his own car. Should I insure it in the
child's name on a separate policy or add it to my existing policy?
As a general
rule, it is less expensive to insure a child on the parent’s
policy rather than on a separate policy in the child’s
name. Remember that the title and the name on the policy need
to agree.
- The
body shop is repairing my vehicle after an insured loss. Will
my insurance company pay for used or new parts?
If the repair
of the damaged part impairs the operational safety of the vehicle,
then the insurance company will pay to replace it with a new
part. But, for non-safety parts, unless your claim occurs during
the first year after your car was manufactured, you are not
entitled to new ones. This means that a three-year old door
will not get replaced by a brand new one.
Homeowners
Insurance
- What
is Homeowner's Insurance?
There are
two types of Homeowners Insurance, Named-Peril Insurance and
All-Risk Insurance. The first one pays only for the causes
of loss specified in the policy. All-Risk Insurance covers
losses except those specifically excluded in the policy.
- How
do I get the lowest rates?
Insurers
frequently award lower rates to homeowners who guard against
theft, accidents and other losses by using such devices as
alarm systems. Some companies provide discounts to premium
multiple-policy holders (home and auto or life).
- My
neighbor's tree blew onto my fence. Shouldn’t he be
responsible for repairing the damage?
Your
neighbor is only responsible for the damage if there was something
about the tree that should have alerted your neighbor to the
fact that it represented a dangerous condition. If an "act
of God" causes an otherwise healthy tree belonging to
your neighbor to damage your property, you will need to look
to your own policy (and your own deductible) for coverage.
Flood
Insurance
- Do I
have to live in a designated flood zone in order to purchase
flood insurance?
No.
Most properties are eligible for flood coverage. It is not a
requirement that you live in a flood zone in order to purchase
flood insurance.
- Will flood insurance
cover me if my basement "floods" after a heavy
rain.
Unless
your basement floods as a result of general flooding in the
area, there is no coverage under a flood policy for seepage
of water into a basement.
|
Life
Insurance
- What types of
life insurance are available?
There are
two types of life insurance that are available, term insurance
and permanent insurance. Term insurance provides protection
for a specific term of one or more years. It is called term
since it's only for a specific time period. Death benefits
are paid only if you die within the term of years for which
the policy is written. You can renew term insurance but your
premium will be higher each time since you get older. Permanent
insurance exists as long as you live. The premium costs are
averaged over your life time, so it doesn't ever increase.
However, the premium is higher than that of term insurance.
- Do I
have to take a physical exam in order to get life insurance?
Some life
insurance companies offer non-medical life insurance which
is when you only have to answer questions in an application.
However, based on your answers on this application, you might
be required to take a physical examination if you have seriously
impaired health or an existence of a terminal illness. If you
refuse to take an examination, the company has the right not
to see you a policy.
- What
can I do if an insurance company rejects my life insurance application?
Each company
has its own underwriting standards. Underwriters decide which
applicants for insurance are accepted and which are rejected.
If a company refuses to insure you, make sure to shop around;
keeping in mind that companies do not need to provide life
insurance for you.
- What
is life insurance designed for?
Life insurance
is designed to help you deal with the financial impact of some
of life's unexpected events. It ensures that when you die,
your family will have the financial resources it needs to meet
its expenses.
- Why
do people purchase life insurance?
Many people
purchase life insurance to accumulate funds for future needs
such as retirement, college or simply for future emergencies.
Commercial
Insurance
- What
is commercial insurance?
Your business
represents a major investment of time, money and resources.
To protect this investment, there are many coverages to choose
from. In addition, most states require a business to provide
coverage for your employees in case of on-the-job injuries.
|
