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What is the dollar amount of expenses that must be paid out of pocket before an insurer will pay any expenses for loss or liability?
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What is the amount that an insured person must pay before reimbursement for medical expenses begins?
Your health insurance policy will specify DEDUCTIBLE amounts on the Declarations page (usually the first page) of the insurance policy. This is the amount that you must initially pay before the insurer is on the risk for any payment. Additionally, there are copayments, also specified in the policy, for which you will be responsible. These recognize that the insurer is only responsible for a portion of covered expenses incurred. An example is that the insurer would pay 80% of the covered expanse, and the copayment would therefore be 20%, which would be the insured's responsibility.
Can you sue your insurance co for an accident where you were at fault but you were injured in that same accident and need medical attention will your co pay under your liability or is it on you?
Let's break down the question: 1. If the other party did not have liability insurance, but you had unsured motorist coverage, in theory you could make a claim against your own insurer. 2. The factors that your insurer would consider in evaluating the uninsured motorist claim include fault for the collision and the nature and severity of your injuries. These are the same factors that the other party's insurer would consider if he/she had liability coverage. 3. Most, if not all states require the registrant of a motor vehicle to have, at a minimum, :no fault coverage". This pays for a portion of your medical expenses and a potion of your lost wages if you are involved in a collision. Fault for the collision is irrelevant, hence the name. 4. There is no "co-pay" under auto liability coverage. The closest thing to it is that in some commercial liability policies, there may be a self-insured retention. This is the amount that the insured has to pay toward the other part's damages before the liability coverage is triggered.
What the difference between prepaid and accrued expense?
A prepaid expense is an expense you pay before you have incurred an obligation to pay it. Paying three months rent in advance is an example. Prepaid expenses are viewed as an asset on the balance sheet which is reduced as the expense is incurred. For example, every month in which rent falls due would be a reduction of your prepaid rent asset and a recognition of an expense equal to the amount of the reduction. Accrued expenses, on the other hand, are essentially the opposite. For example, assume you didn't prepay your rent. As the rent expense is incurred, a liability is created. After you actually make your payment, the liability is reduced by the amount of your payment.
Difference between outstanding expenses and prepaid expenses?
Outstanding expenses are the expenses which have fallen due at the end of the accounting period but which has not been paid. Its a liability for the company and will be shown under the Current liabilities and provisions. Prepaid expenses are the expenses which paid during the year before its due. The money is paid out but its not due at the end of the period. Its an asset and will be shown under current Assets in the Balance sheet.
Is there a deductible on liability auto insurance?
Not with respect to personal auto insurance. However, when commercial auto insurance is involved, especially fleet coverage, there sometimes is. It is not called a deductible, but a "self-insured retention". The insured selects an amount that it is willing to pay toward the indemnity of a third party before the insurer's obligation to pay is triggered.
What figure do you take for gross sales?
Gross sales is the amount of money received for all sales before expenses have been deducted. After the gross sales have been calculated, you may then deduct the expenses, leaving the net sales amount.
Should the insurance co inspect before they give you the policy?
An Insurer will generally have a specified amount of time in which to inspect an insured property. It can be done after the policy is issued.
Driver become subject to liability insurance law when accident damages amount to?
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.
What is aggregate income?
The total amount that households and businesses receive before taxes and other expenses are deducted is called aggregate income.
What is the Concept of a Retention Limit?
The maximum amount of insurance an insurer can retain before ceding business to a reinsurer. The maximum amount may depend on the insured's age, health, coverage in force, as well as the insurance company's financial condition. An insurer cannot retain a risk exceeding 10% of its surplus to policyholders. However, it may write insurance on a risk exceeding this amount if it enters into a reinsurance agreement or treaty with another insurer who agrees to insure the portion of the risk exceeding the retention limit. In the event of a total loss, the insurer would pay the portion of the claim up to its limit and the reinsurer would pay the rest.
Is income tax calculated before or after expenses?
Your income tax liability will be determined on your net profit. Go to the IRS gov web site and at the top choose BUSINESSES Click on the below Related Link
What are the college expenses before enrolling?
some expenses include applicaton fees and traveling expenses.
