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What else can I help you with?
Do I need to file taxes on insurance payment for home repair?
The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).
What is a loss payee?
Loss payee is a party to whom an insurance loss payment or insurance sattlement may be directly paid.
What is Bank of America's loss payee clause?
The loss payee clause is part of the contract that states that of payment is made under the policy in relation to the insured risk, payment will be made to a third party. The payment will not go to the insured beneficiary of the policy.
What is loss rate on credit exposures?
if a borrower has default in payment ...so it a loss to bank...n the percentage of loss is the rate on its credit exposure
What is the term for protection that guarantees payment to you in the event of financial loss?
Insurance is the term for protection that guarantees payment to you in the event of financial loss. It involves transferring the risk of financial loss from an individual or entity to an insurance company in exchange for a premium.
Did former slaveholders collect payment for the loss of their slaves?
No, the 14th amendment abolished that.
If you sell your fire damaged home prior to the payment of the insurance claim are you still entitled to the insurance money?
Or nothing at all. You owned the house at the time of the fire. It was YOUR property that was damaged, and you owned fire insurance to cover yourself against a loss from fire. When you sold your fire-damaged home, you took a hit on the sale price: you didn't get as much as you would have had the house been perfect. You are entitled to whatever the claim adjuster estimated the cost of the repair would be.
What is fire loss assessment?
Fire loss assessment is the process of evaluating and determining the extent of damage and monetary loss caused by a fire. This assessment involves inspecting the property, examining the damage, and estimating the costs associated with repairs or replacement of damaged items. It is crucial for insurance claims and restoration efforts.
What is a formal request made to an insurance company for payment of a loss is called?
Customarily, it is referred to as a "claim".
Give three examples of direct costs associated with fire losses Give three examples associated with indirect fire losses?
An example of direct loss would be Loss of life,loss of structure, and loss or vehicle. An example of indirect loss would be unemployment, reduced property value, reduced tax base.
If I get an insurance payout from a fire do I claim it as income?
If it to pay for things you lost in the fire, no...you are just beinfg restored to the same place. If it is paying you for loss of income or such, that would be. Most importantly, if you already have taken a tax loss (casualty loss) for anything being paid now, that woould then be taxable, because you took the loss - that you actually didn't have, because you now recovered from Insurance. (And of course, in your next return you cannot take a casualty loss for the fire for those items that you got paid for...again no loss....but if you had more loss than recovery...that should qualify for casualty loss).
What is the purpose of fire insurance?
To indemnify (reimburse) you for the financial loss caused by an accidental fire, or a deliberate fire started by someone else (arson).
