Whether a son purchase the insurance policy for his father or not?
A son can not generally take life insurance policy on his father's life because of lack of insurable interest in the life of father. Life insurance works on the principle of insurable interest. A father generally has insurable interest in the life of his child due to emotional reasons. That is why life insurance companies design the products for the children which take care of their education and other expenses once they grow up.
Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is purchased. For example, the uncertainty of one's home burning exists independent of the purchase of insurance; the purchase of insurance should not affect the probability of loss Common misunderstanding about insurance. In gambling a Risk is created that did not exist prior to placing…
Your homeowners insurance policy may or may not cover a ripped pool liner. It all depends on the policy form you choose when you purchase the homeowners insurance policy, the policy language and any endorsements. You should check with your agent or insurance company to determine whether it is a covered peril or not.
Does an owners liability insurance cover damages to contents of renters property if the homeowner is negligent?
No, a homeowners insurance policy does not provide coverage for the property of a tenant. That's what "Renters Insurance" is for. If the renter chose not to purchase a renter insurance policy, Then the renter was negligent to the extent that the renter chose not to purchase a renter insurance policy, perhaps with the mistaken belief that the owners policy would cover them.
Typically,the person who purchased it owns it. That person may be different from the person insured or the beneficiary. The owner can usually make decisions concerning the policy. An example with respect to a policy issued by a stock company, whether to have the company send a dividend check or to use the dividend to purchase additional insurance.
No, When you rent your home out to someone your Homeowners Insurance Policy is automatically null and void whether or not you have notified your insurer. If you have become a landlord you need to purchase landlords insurance for your property. This is done by obtaining a Dwelling Policy with a rental dwelling endorsement. Just contact your insurance agent and he can help you place the right coverage for your tenant occupied property.
Technically, it all depends on whether your insurance covers the kind of damage sustained by your car. If your insurance policy covers flood damage, then you can easily claim from the Insurance company. If you read your policy carefully, it will reflect whether or not the movable property is insured and whether or not flood damage is covered. But most likely, even though the property IS covered, you will only be able to claim an…
What happens when father purchase life insurance policy through funeral home dies and then funeral home discovers the policy has been cashed in and now sueing son for costs?
If you ordered the services then you will probably be responsible for the costs. Obviously the father had cashed in the policy and it's not the responsibility of the funeral home to make sure the policy is there. Funerals are mostly paid by people out of their policy and not by specific life policies.
Which type of insurance coverage allows the insured to purchase more insurance after specified period of time?
You can certainly apply for an insurance policy; whether the insurance company will choose to accept your application is up to them. A family member in prison is not supporting anyone, so there is no issue of replacing lost income, however, there could still be a legitimate need for an insurance policy to help pay funeral costs. I am not sure how elaborate a funeral you may be planning, but a $5000 funeral policy sounds…
Can insurance companies come after you for losses they paid to their policy holder because you hit them and were not insured?
Absolutely yes. You are ultimately liable for any damage you might have caused whether you had insurance or not. The only difference is that if you had insurance your insurance company will pay up to the policy limit for damages you might be liable for. So you can get sued for damages whether you had insurance or not.
If you purchase homeowner insurance and as a non-smoker but then start smoking would this hurt your claim if it was caused by careless cigarette use?
Is it possible to purchase an SR-22 from an auto insurance company without having their insurance on your vehicle?
Ihave just found an old insurance policy belonging to my mother who died 37 years ago how do i know if its been cashed or not?
If a friend sells you their car can they keep their insurance on the car and if so can the new driver still be covered if not on the policy if the two parties verbally agree?
NO. Auto Insurance is not transferable. An auto insurance policy becomes null and void at the moment the car is sold irrespective of whether the title has been changed or not. the seller has no authority to extend his policy coverage to the new owner. The policy contract prohibits this kind of activity. You can not assume or acquire the Liability policy of another. If you are not a named insured on the policy then…