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What are the difference between the marine Insurance policy and insurance certificate?
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
As a beneficiary do you own the policy after insured dies?
No. You do not own the policy. You will only receive the policy proceeds after the insured person dies.
What is a Additional named insured?
Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as additional insureds. In many instances, adding an additional insured to an existing policy is less expensive than purchasing a separate policy for that insured. In property and liability insurance: another person, firm, or other entity enjoying the same protection as the named insured.
What is the difference between the insured and the owner in a life insurance policy?
The insured is the person whose life is being insured, while the owner is the person who owns the policy and has control over it. The owner can make changes to the policy and decide how the benefits are used, even if they are not the insured person.
What does Additionally Insured on a Vehicle Insurance Policy mean?
The person who took out the policy is the main or policyholder. Any persons added to the policy are considered additionally insured.
Should the insured sign the policy delivery form along with the policy owner if the insured and the policy owner are not the same person?
No, the policy is delivered to the owner and only the owner has to sign, acknowledging receipt of the policy.
What is the difference between insured and insurer?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
What is The different between insurer and insured?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Is life insurance an asset of the insured?
Yes, if the insured is also the policy owner.
If i am insured and drive a vehicle belonging to someone that is not insured am i covered through my policy?
No. * i say Depends on your policy. Call your insurance person.
Can an insured person also be the beneficiary on an insurance policy?
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
Can you be auto insured under your uncles policy?
It depends on which company your uncle is insured with, but typically with a standard insurance company you have to live in the household to be a listed driver on the policy. This is regardless of your relationship to the primary insured. If you are not listed on the policy as I driver you are still insured to drive his vehicles as long as you have permissive use.
