Companies don't just go out of business they are bought out by, assumed by or absorbed by another co and the policies are honored by that company. Likewise payments are made to the new co. If a LTCi or any insurance co should go out of business flat out, the policies would be honored by your states solvency fund.
The answer below is generally correct but does not fully explain what happens. An insurer can be assumed by or merged with another. In either event, there is strict regulatory scrutiny given to the transaction to ensure that the policyholders do not get shortchanged. State insurance regulators are concerned that the assuming company has the financial wherewithal to pay claims and otherwise service the new policyholders. Typically, regulators of all states in which the insurers operate get involved, but those of the domiciliary states of the merging/assuming states take the lead.In contrast, if an insurer becomes financially insolvent (defined as the financial inability to pay claims as they accrue), the state regulatory may place it into liquidation, which is essentially the same as bankruptcy for any other business entity. If that happens, policyholders/claimants are notified and are allowed a fixed amount of time within which to make claims against the insurer. Claims may be paid through a guaranty fund administered by the state. Funds for the guaranty fund come from contributions that the insurer made during the time that it operated (to provide for this eventuality). If the insurance regulatory authority believes that the insurer can, despite financial problems, be rehabilitated, it may put the company into "rehabilitation." If that happens, either the state regulatory authority operates the company or it hires an outside management team to operate the company. During this period, an assessment will be made as to whether the company can continue to operate on its own (that is, that it has been rehabilitated). If not, it can be placed into liquidation as described above.
Business insurance is a necessity when traveling for business related matters. Most insurance policies do cover accidental death during business travel. It is wish to read your insurance policy very carefully to see what your insurance provider covers.
Depends on the provider
It depends on the policy provider but my Allstate Insurance covers licensed drivers who drive my vehicle with my permission. Mine also covers me when I drive an uninsured car.
When you insure a vehicle that you use for business purposes, make sure that you insure it under an authentic commercial auto insurance policy. A personal auto insurance policy will not cover many business uses of an automobile, and if you make a commercial auto insurance related claim that is not covered on your personal policy it will be denied. Therefore, when you buy or lease a car for business use, contact a commercial auto insurance broker if your general business insurance broker or provider cannot assist you with your commercial auto insurance needs.
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
A property is not a contract or a business. A liability insurance policy is a kind of contract but not a business. the answer is b...
Now a days there are many Insurance provider companies offering range of medical Insurance policies, like; individual health Insurance policy, family health Insurance policy, group health plans and others. HDFC ERGO is one of the leading health Insurance policy provider, you can check HDFC ERGO's health policies.
Life insurance companies never go out of business. They are merged, purchased, or absorbed by another insurance company who then owned their assets and liaiblities. Any loan you have on a life insurance policy is going to be less than the cash value of the insurance policy so the value is going to exceed the amount you owe. You will want to find the new insurance company who now is responsible for your policy.
Business contents insurance works in the same way as your home contents insurance but the items in your business premises are covered instead of those in your home. The exact details of what is covered varies from provider to provider and depends on what level of cover you choose.
Business insurance prices can vary depending on the policy limits. We would be happy to work with you to see what your needs are and if we have a policy that works for you.
The will has no relationship to the insurance policy. The Policy is a contract between the insurance company and the insured and does not become a part of the estate.
The rules of life assurance policy insurance vary from provider to provider. The exact rules will be specific to the plan and coverage that you purchase. In general, these policies are payable upon death or diagnosis of a terminal illness.