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What else can I help you with?
Can a insurance company over charge for monthly premiums?
Yes, an insurance company can overcharge for monthly premiums if the rates are not justified by the risk assessment or if they violate regulatory guidelines. Premiums should be based on factors like the insured's risk profile and market conditions. If a consumer believes they are being overcharged, they can file a complaint with their state's insurance regulator for investigation. It's important for consumers to compare rates and understand their policy terms to ensure they are being charged fairly.
What does insurance companies do with the monthly payments they receive from customers?
Those payments are referred to as "premiums". The premiums are paid in return for the insurance company's promise to pay the face amount of the insurance upon the death of the person insured. The premiums charged by an insurance company are required to be "actuarially sound". This means that the premiums collected for all policies of a particular type and covering similar kinds of risks (for example, people with no health problems), together with income earned on the premiums, has to be enough to pay expected losses. Insurance companies are permitted by the laws of the states in which they do business to invest a part of premiums collected in conservative investments. The earnings on those investments adds to the "surplus" of the insurance company and helps to keep it financially sound. In turn, the number of policies that the company can issue (its "risk exposure") is a finction of its surplus and certain other factors specified by the insurance laws of the states in which it operates. A certain amount of the premiums are also applied to the ongoing business expenses to operate the company.
Can a non custodial parent be charged for having a youthful driver in the household even if they visit infrequently and do not drive the car?
Charged with what? An increase in insurance premiums or trying to use that as a modification to income for child support purposes? Something different?
Can car batteries be charged?
Yes, all automobile batteries can be charged.
Strategies to Lower Your Car Insurance Premiums?
In a struggling economy, many families are looking for new ways to lower monthly expenses. One expense that many people wish they could lower is the premiums they pay for their car insurance. Fortunately, there are indeed ways to bring those premiums down. Simply use one of the strategies listed below. One strategy that generally works is shopping around first before settling on a policy to purchase. It is in fact true that the premiums charged by car insurance companies vary wildly from provider to provider. Part of the reason for this is because each company calculates premiums differently. Certain insurers may offer discounts that others don't. Different insurers are also likely to weigh risk factors differently. If you are unhappy with your current coverage, you may be able to find a cheaper deal if you shop around. Another strategy used by many drivers is even simpler. They completed a driver's education program. Completing such a course can result in a person being awarded points that can lower the premiums an insurance company charges. Completing such a course is also relatively easy. Many such courses can be completed in a single day. Another way to lower premiums is by adding extra safety features to your vehicle. One of the biggest risk factors weighed by car insurance companies is whether or not a car will be stolen. Installing anti-theft devices into a vehicle can certainly bring down a person's car insurance premiums. However, you need to make sure you use this fact when negotiating on the premiums you will be charged to make sure it is weighed properly by the insurance company. Your credit rating can also have a big impact on the premiums charged for your car insurance. In fact, when this calculation is made, a person's credit score is weighed rather heavily. If you have a rather poor credit score, you should try to build that score back up. Not only will it make you more likely to receive a loan, it will also bring down your car insurance premiums. Lastly, a person that wants cheaper premiums can choose to let a single company handle all of their insurance policies. Many people have to juggle many different insurance policies. This can include life insurance, homeowners insurance, boat insurance, and so on. However, what many people do not know is that insurers will often give discounts for purchasing multiple plans from them.
Do insurance premiums go up with an SR-22 filing?
over charged for 8 years on an sr-22 by progressive insurance and trying to get my money back have had extemely rude deprecatory emails was charged 50.00 per year filing fees plus i need to know if sr-22 filers pay a higher premium and how much
What is the penalty for insuring your car in another state?
You probably won't get caught until you have an accident. Then you will discover that all the premiums you paid have just been a gift to the insurance company and you HAVE NO COVERAGE. In addition you could be charged with fraud.
The process of selecting risks for insurance and determining how much to charge to insure these risks and which coverage to provide?
The process of selecting risks for insurance, known as underwriting, involves assessing the likelihood and potential impact of various risks to determine their insurability. Insurers evaluate factors such as the applicant's history, demographics, and the nature of the risk to decide on coverage options and premiums. This assessment helps balance the insurer’s financial stability with the need to provide appropriate coverage to policyholders. Ultimately, the goal is to ensure that the premiums charged reflect the level of risk associated with each insured individual or entity.
If a friend drives your car and is charged with DUI and gets in an accident does your collision coverage cover the damages?
depends on your and his insurance, generally insurance follows the driver not the car. so your insurance shouldn't care, their insurance should pay for everything. If they don't have insurance, then your uninsured motorist might cover it. It depends entirely on your company, but if your company pays then your premiums will go up. The person they hit should have insurance that may cover it. I see no reason why your insurance should be involved.
How do you make an insurance claim when someone hits you if you dont have insurance and they do?
You don't need to have insurance to collect on an insurance policy. Just call their claims department and they will get it started.The only issue is that in some states, such as New York, insurance is mandatory in order to register an automobile and be able to drive it. If you are in such a state, and you file a claim for an accident in which you did not have insurance, you could well be charged for driving without insurance and you would probably lose your license.
What is significant regarding premiums and benefits of private commercial insurance companies?
In any insurance scenario, a premium is the periodic payment made to the insurer by the insured. Essentially, it is the price paid to the insurer in return for which the insurer agrees to assume a certain bundle of risks of loss that the insured wishes to transfer. That "bundle" is set forth in the terms of the written insurance policy. Insurance premiums, and insurance generally, is regulated by the States in which the insurer transacts business. One the primary factors with which the regulator is concerned is that the premium charged is sufficient to offset the risk. It cannot, however, be either excessive or unfairly discriminatory. This means that insurance rates, from which premiums derive, must be the same for all insureds of the same risk class. Those risk classes vary greatly in commercial insurance due to the many and varied kinds of risks that can be insured.
What is difference between a fee and commission?
A commission is compensation received by a broker or insurance agent paid by the insurance company and is a percentage of the insurance premium, or a percentage of a portion of the insurance premium. A fee, on the other hand, is a fixed dollar amount (not a set percent of the premium) and can be paid either by the party buying the insurance or by the insurance carrier. Often, clients with large premiums, or complex risks negotiate with their broker to provide services, including the placement of insurance for a flat fee. The insurance is than placed "net of" or without commission. Many people feel that this is a more transparent method of broker compensation and eliminates broker bias to higher premiums or carriers which pay a higher commission. In certain circumstances, both a fee and a commission are charged. This usually occurs when the broker is providing services which are not property compensated by the commission in the policy. When a fee is charged in addition to a commission, it should be disclosed who the fee is being paid to, and for what service.
