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Should the person who has ownership rights in an insurance policy and the insured be relatives?
Wiki User
∙ 12y ago
The question does not really involve "should". The direct answer is "no".
Using life insurance as an example, the owner of the policy is often the person who pays the premium. The insurance contract gives the owner various rights, such as to initially designate the beneficiary, change the beneficiary, pledge the policy as security for a loan, and other acts.
The insured is the person whose life is, well, insured. Stated otherwise, this means that when the insured dies, the insurance company generally pays the death benefit to the beneficiary.
Wiki User
∙ 12y ago
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What is the difference between a company that is fully insured and one that is self insured?
A company that is fully insured goes to an insurance company and buys insurance. A company that is self insured does not buy insurance and plans to pay any claims out of the companies "pockets". For instance, if you own a home but choose not to buy home insurance, you are self insured if you should have a fire.
How do you tell if an insurance policy is endorsed if you are the additional insured on a certificate of insurance?
If you are insured then you should see your name on the certificate itself or on the referenced endorsement page.
How do you know if a car was insured in the year 2008?
Call the insurance company that the owner uses and ask them if it was insured. If you aren't sure what insurance company was used, DMV records should say whether the vehicle was insured or not.
8 Which is the document in Insurance which can be called the Documentary Evidence of Contract between the Insurance Company and the Insured?
That should be your declarations page. It is a binding contract between the insured (you) and the company.
Should a cosigner be named as additional insured on auto insurance policy?
Yes
Are you insured to drive other cars which are not insured?
You should double check with your insurance company to see how your policy is written, but usually your insurance would kick in as secondary coverage and you would be covered.
Is it possible to find the VIN to a vehicle you no longer own?
An old insurance policy or the insurance company you had it insured with should have it on file.
How long should you keep insurance documentation?
At least as long as you have the item(s) insured.
If beneficary dies before the insured does surviving spouse have rights?
If the beneficiary of a life insurance policy predeceases the insured, the insured should make arrangements to name a new beneficiary. If they do not, the policy proceeds will become part of their estate if they die without naming a new beneficiary. You should consult with the insurance company.
If your friend gets a speeding ticket in your car and is NOT insured but you are and they didn't give the officer your insurance info what will happen?
In the US insurance has nothing to do with speeding. If your state has mandatory insurance, the fact that your car is insured is good enough but the officer may want to see proof of insurance. Here it is the vehicle that is insured, not the driver. In UK you should not let anyone drive your car on the public road without checking they are insured. You can be fined if you let them drive without insurance.
What are the essential feature of insurable risk?
A risk cannot be insured until it meets certain conditions.It means that the risk should not be created by the insured himself. That is,If the goods insured have been set of fire by the insured,the insurance company will not be responsible
Should all legal owners be listed as the insured on a homeowners insurance policy?
Yes they should be listed to protect their interest.
