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.
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 parents
policy rather than on a separate policy in the childs
name. Remember that the title and the name on the policy need
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.
is Homeowner's Insurance?
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.
do I get the lowest rates?
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).
neighbor's tree blew onto my fence. Shouldnt he be responsible
for repairing the damage?
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.
- Do I
have to live in a designated flood zone in order to purchase
Most properties are eligible for flood coverage. It is not a
requirement that you live in a flood zone in order to purchase
- Will flood insurance
cover me if my basement "floods" after a heavy rain.
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.
- What types of
life insurance are available?
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?
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.
can I do if an insurance company rejects my life insurance application?
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
is life insurance designed for?
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
do people purchase life insurance?
purchase life insurance to accumulate funds for future needs
such as retirement, college or simply for future emergencies.
is commercial insurance?
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.