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Does an insurance agent decide what the maximum amount of insurance is you can apply for or can you choose which amounts they have for policies?
Wiki User
∙ 8y ago
The Insurance Agent really has no authority to make that decesion. They can guide and suggest for you. The decesion is made by the company underwriters. If you want more than is suggested - it would be advisable to provide justification for the higher amount with your application. for more info see www.SteveShorr.com/life.htm
Wiki User
∙ 8y ago
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How many life insurance policies iS one person allowed to have?
There isn't a limit to how many policies one person may have. I have seen people have more than 10 policies. There are limits however on how much life insurance you can get. The limit is not as much in the number of policies as the total amount of coverage. Most maximum amounts are based on income replacement.
How annuities work?
Annuities have been described as reverse life insurance policies. You pay a large amount to your insurance company to start it and will receive small cash amounts over time. It's the opposite of insurance.
What is deduction under section 80d towards medical insurance premium?
We all know about Medical Insurance but many of us dont really have such insurance policies. To motivate people to get insured, the government has provisions under section 80D to help you reduce your tax liability if you have such policies. The premium amount, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs. 15,000. In case of a senior citizen, the maximum amount extends up to Rs. 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs. 15,000.
What do building limits mean in insurance?
This is a term used with respect to property insurance, such as homeowners policies. It refers to the maximum amount that the insurer will pay for the repair or rebuilding of the structure. The corollary is "contents limits" which refers to the maximum that the insurer will pay for the contents of the house or other structure. Sometimes, the contents limits have sub-limits such that only a stated amount will be paid for a stated category of items, such as electronics.
What is meant by Estimated maximum losswithin general insurance policies?
In all general insurance policies it is the maximum amount of indemnity the insurers will be called upon to pay towards the loss triggered by a single event which of course shall have been covered by the policy of insurance. For example: Engineering works factory is insured for Indian Rupees 10,000,000/- and the insured expects maximum loss arising out of a single event of fire occurrence which is of course an insured risk would be Indian Rupees 1,000,000/- before fire is extinguished in a duly diligent way. This amount of Indian Rupees 1,000,000/- is called Estimated Maximum Loss and which plays an important role in getting the proper reinsurance terms from the reinsurer.
Can a life insurance policy be cashed out without taking a loss?
It is possible for a life insurance policy to be cashed but there will always be a loss for doing so if one is cashing in for the full amount. For some policies it is possible to withdraw accumulated interest from the policy with limited amounts allowed.
What are average life insurance payout amounts?
"The average amount of life insurance coverage on insured husbands is $235,600 "
What does it mean to debit policies in the insurance industry?
to deduct money from the payable amount of the policy
What is the maximum amount of cash that can be received from cash advance loans?
Several cash advance loan companies allow for a maximum amount of $1000 to be borrowed. Some companies have lower maximum amounts, based on a person's income.
Do homeowner insurance policies typically include flood coverage?
There is no requirement, but your mortgage company may require a certain amount of coverage that both policies will have to match.
What are the life insurance term policies in Ireland?
Some of the policies of term life insurance in Ireland include fixed rates for a certain amount of time and a lump sum provided to the family of the insured after death.
What exactly is insurance indemnity?
Indemnity insurance is compensation for the beneficiaries of the policies for their actual economic losses. This is typically up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover.
