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How can you find out if life insurance has been taken out in your name without your knowledge.?
How can you find out if life insurance has been taken out in your name with or without your knowledge.?
What does Net of Commission mean. can anyone help to define please?
In insurance, it is the policy premium without the producer or broker's commission. So, if your premium is $100,000 and commission is 7%, Gross Written Premium is $107,000. Your premium net of commission is $100,000.
Can your spouses employer or spouse remove you from a family insurance policy without your knowledge?
yes they can
What is difference between a fee and commission?
A commission is compensation received by a broker or insurance agent paid by the insurance company and is a percentage of the insurance premium, or a percentage of a portion of the insurance premium. A fee, on the other hand, is a fixed dollar amount (not a set percent of the premium) and can be paid either by the party buying the insurance or by the insurance carrier. Often, clients with large premiums, or complex risks negotiate with their broker to provide services, including the placement of insurance for a flat fee. The insurance is than placed "net of" or without commission. Many people feel that this is a more transparent method of broker compensation and eliminates broker bias to higher premiums or carriers which pay a higher commission. In certain circumstances, both a fee and a commission are charged. This usually occurs when the broker is providing services which are not property compensated by the commission in the policy. When a fee is charged in addition to a commission, it should be disclosed who the fee is being paid to, and for what service.
Can a son take a life insurance for his mother without her knowledge?
No, Not legally. you must get her signature on the application.
Is it legal to take life insurance out on someone without their knowledge?
It is not possible to take out insurance on a person with their knowledge. The insured must answer all underwriting questions and sign the application as well. The only case where this would not be true is if the insurance is being taken out on your minor child.
Can your spouse get insurance for you without your knowledge?
not legally. You would have to sign the application, answer the medical questions, and often have a physical.
Can your insurance carrier raise your deductible without your knowledge?
No, they must inform you of changes to the insurance contract. However, if they sent notice, they will usually have file information on when and where sent.
Can another party purchase a contract from a Life Insurance Company on you without your knowledge?
Likely not, as they would have to show a reason for insurance on you. Otherwise, you could buy insurance on all your neighbors, and just collect as they pass on. The party would have to show a financial need to collect money upon your death (spouse, business partner, and the like).
Insurance agent sells a policy over the phone and collects commission is this illegal?
Perfectly legal. However, I don't see how anyone can buy something as important as an insurance policy without reading it and see what it covers.
Can you apply for LIFE insurance for your uncle without his knowledge?
Although you can buy a life insurance policy on your uncle if you have a legitimate insurable interest, the insured is normally required to complete an application.
Can you take an insurance policy out on a spouse without the spouse's knowledge?
No you may not. The insured must sign the application and in most cases be subject to a paramed exam based on the amount of insurance requested. The one exception to this rule is an individual may purchase some life insurance thru work (if available) up to a certain limit for their family members without their signatures or knowledge. People buy life insurance for 3 reasons. Love, character or a divorce decree. If your spouse is a person of character and if he/she loves you, they will sign on the dotted line. 4lifeguild
