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What happens if your insurance company has allowed more for your roof than the estimate who gets the balance of the money allotted in the claim?
Wiki User
∙ 12y ago
The amount initially reserved for a claim is called the reserved amount. This is the amount the insurance company estimates through observation may eventually be necessary to repair the damage. The final amount paid could be less or more than the amount initially reserved for a claim.
It is not uncommon for the insurer to reserve a certain amount and then wind up paying much more before all repairs are completed. The insurance company knows that once repairs begin, other damages could be revealed that were not readily apparent upon initial inspection. The bill could rise as the repairs progress. This is why it's usually best to let your insurer deal with the roofing company directly.
If the company has sent you a check as final settlement, meaning that is all they are going to pay and they have closed your claim and you mange to get the work done cheaper than the settlement, then you are allowed to keep the balance.
If the insurance company is dealing directly with the roofing company they will pay the amount of the final repair bill, not the estimate.
Wiki User
∙ 12y ago
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Do you have to insure your home for more than the mortgage balance?
To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.
Do you put cash value of life insurance on the balance sheet?
No.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
What are the benefits of having life mortgage insurance?
The primary benefit of having mortgage life insurance is to eliminate the risk of passing one's debt onto their heirs. The point of having mortgage life insurance is that if one dies with an unpaid balance on one's mortgage then the insurance covers the remaining balance and whoever inherits the estate will owe nothing on the house.
Does insurance pay house off after house destroyed by fire?
It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.
If primary insurance pays more than what the secondary allowed?
The balance gets adjusted.
Prepaid insurance is reported on the balance sheet as a?
Prepaid insurance is reported on the balance sheet as a
Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
Does paying insurance expense affect balance sheet?
Payment of insurance expense affects the balance sheet as it reduces the cash or bank balance which is part of balance sheet as well.
Can an insurance company make you pay the remaining balance on a policy if you cancel without notice and find other coverage?
In some states this allowed but not all. It's best to check with your states department of insurance about local regulations.
What are the details of Florida GAP insurance?
Since your insurance might not cover the balance you still have on your financed car, GAP insurance protects the balance of your loan in the event of an accident.
What are you allowed to do when you balance an equation?
Change superscripts
Do you have to insure your home for more than the mortgage balance?
To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.
What does the allowed amount in an insurance contract mean?
The allowed amount is the amount that the insurer will pay for particular service. In the context of health insurance, for example, it is the amount that the insurer will pay for each covered procedure. The allowed amount is usually the amount the insurance provider deems the services received to be worth. This amount can also be set by provider contracts with the insurer. These are contracts where, for instance, an insurance company agrees to pay 80% of the standard rate of the provider. In most managed care arrangements, the provider agrees to accept that amount in full payment and not to bill the insured for the balance.
Does prepaid insurance carry a credit or debit balance?
Prepaid insurance is amount paid in advance that's why it is an asset of business and like all other assets accounts it also has debit balance as normal balance.
What is the normal balance of a prepaid insurance account?
Debit.
What is meant by 'accepting assignment of benefits'?
you agree to accept what is allowed by the insurance co You are asking if the insurance company will remit payment directly to the physician's office. Some physician's offices will file your insurance directly and some will not. Those offices that file for you will have the payment sent to them first (assuming that you do not get rejected). After they get paid, you, the patient, will get billed the remaining balance.
