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What is the difference between insurance and gambling?
The goal of insurance is to put you in the same financial position you were in before the loss. The goal of gambling, is to come out ahead In insurance you either suffer the loss or maintain the status quo, one can never earn profit in insurance But in gambling there is a possibility of both loss as well as profit.
Can a wife insure a dwelling if her name is not on the deed?
There is something called "insurable interest". That means you would suffer from the loss if anything happened. Business partners can take out life insurance on each other because the loss of one would effect the other. The best thing would be to check with an insurance agent on this particular circumstance.
What are the differences between insurance and assurance?
Insurance indemnifies you if you suffer an insurable loss meaning that your asset is replaced or you are compensated to replace your asset with the basic objective of putting you back to the same financial position that you were in before you incurred the loss/damage. For example you buy insurance for your car, house, computer, etc. Assurance on the other hand aims to provide financial compensation when you suffer a loss that cannot be indemnified, that is, loss of life. For example if your spouse dies they cannot be replaced so you just get monetary compensation for your loss, which unlike in insurance, you cannot use to replace them as you would your lost laptop for instance.
If my car is considered a total loss by my insurance company can I sell the parts?
In the event of a insured total loss, the insurance compnay, not you, has the rights to the parts. This is called salvage rights.
Is Corporate Owned Life Insurance ethical?
Life insurance is ethical provided that the person or entity that would receive the benefit, would suffer a real financial loss as a result of the death of the insured. If someone is a very important employee the company may take out insurance on said person, if the company would suffer financially as a result of their death.
Will you have to pay your excess if your car is a total loss?
Yes. Its called the gap. Get Gap insurance.
Job loss or death Is there any insurance that covers a family?
Yes, It's called a Life Insurance Policy for death, Job loss is covered in the U.S under Workers Unemployment compensation.
The bank lender can solicit that the home insurance policy must be greater?
Absolutely, they must feel secure in the fact that should the dwelling suffer a total loss, they will recoup their money.
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".
What is a loss payee?
Loss payee is a party to whom an insurance loss payment or insurance sattlement may be directly paid.
What battle did the colonists suffer the heaviest loss in the Revolution?
at what battle did the American suffer their greatest defeat?
What is Any interest in life or property that would result in financial loss?
An insurable interest is any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. For example, you cannot buy insurance on someone else's house. Unless you own the house, you would not suffer a financial loss if it burned down. However, if you depend on your spouse's income to live, then you have an insurable interest in your spouse and can buy insurance on his or her life.
