0
What is the claim amount for wind damage of 835. the insured has a 500 deductible?
Wiki User
∙ 14y ago
$335.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
what is an deductible?
A deductible is the amount that the insured has agreed to pay before the insurer is obliged to pay anything on a covered claim. It can be considered to be an amount for which the insured has agreed to "self-insure". In general, there is a correlation between deductibles and premium, in that a higher deductible will correlate with a lower premium.
What is an insurance deductible?
A deductible is the amount that the insured has agreed to pay before the insurer is obliged to pay anything on a covered claim. It can be considered to be an amount for which the insured has agreed to "self-insure". In general, there is a correlation between deductibles and premium, in that a higher deductible will correlate with a lower premium.
When is auto deductible waived on a collision claim?
When you file a claim against your own company you must pay the deductible. Your company may pay you back the deductible only in cases where they go after someone else who was responsible for the damage and your company manages to collect for that damage. Some (not all) companies may also waive the deductible if the insured made no claim in the past 1 or 2 years, for example.
What is excess and deductible?
Insurers provide a deductible in a motor insurance so that from every claim this amount is deducted irrespective of the claim quantum. In some policies this is a compulsory deductible depending on the type of car. In some cases a deductible is imposed because of adverse claim experience. In some case the insured is given an option of providing for a deductible. These deductibles are also known as excess - compulsory excess, imposed excess or voluntary excess.
Can insurance companies find estimates before claim is filed?
It is not likely that an insurance company would be looking for an estimate of damage for an accident if no claim or loss notice has been filed. This is because without a claim or loss notice, then the insurer will generally not be aware that a loss has occurred. It is however common for an insured to get estimates for property damage prior to filing a claim. Minor property damage may often be at or below the insureds deductible and therefore the insured may decide not to file a minor claim based on the obtained estimates.
What term describes the amount you pay on each insurance claim you have?
deductible
What is meant by the term deductible?
The term deductible, when discussing insurance issues, applies to the amount of money you must pay out of pocket before your insurance coverage will pay for a claim. For example, if you have a $500 deductible on your homeowner's insurance policy and you have $1,000 worth of hail damage, you must pay your $500 deductible towards the damage and your insurance policy will kick in to pay the remaining $500 for repairs.
Should a deductible be paid for husbands parked car that was hit by wifes car as she was backing up?
Any time there's a claim which will be paid by the Insurance co, a deductible is paid by the insured.
Automatic Reinstatement of Sum Insured Clause at additional pro-rata premium?
Type your answer here... In the event of a claim, the sum insured is reduced by the claim amount. The sum insured is therefore reinstated to its original value by the payment of a pororata premium commensurate with the amount of claim restored.
What is deductible buy down insurance?
A standard insurance policy provides for deductibles (or excess) clause, i.e., a claim is settled by the insurer only in excess of the limits specified under this clause. The insured can buy supplemental insurance to cover a part or full of this "deductible" amount. This supplemental insurance is called deductible buy down insurance.
Why there is compulsory deductible in insurance policies?
One to avoid smaller claims preferred by the insured - two treated as a copayment since the insured who prefers the claim should share a meagre portion of the liability.
What does a deductible mean if you are in a car accident?
A deductible, or insurance deductible, is an amount of money the first of which the insurance company will not pay towards the cost of the loss suffered. For example, a $500 deductible means that the insurance company will not pay the first $500 of a loss. Deductibles are made for the purposes of keeping the costs of insurance down by making the insured pay a certain amount of money and not make a claim towards minor losses. If the accident is the other person's fault, either their insurance company will pay that deductible or you can sue them in court.
