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Is it illegal to take a life insurance policy out on someone who is not in their right mind?
It is not at all proper to take a life insurance policy on some one without right mind. In fact the onus will lie entirely on the proposer signing the proposal form. If it is proved by court of law during maturity or any eventuality that the insured person is insane, the Insurance Company has full discretion to reject the claim outright.It is advisable to declare the mental problem of person concerned in the proposal form, and leave it to the Insurance Co. whether to accept at higher premium or refuse the proposal.
What else can I help you with?
I have a question about auto insurance Would the policy holder get their money back be reimbursed if they added 1 person to their insurance policy and then took them off right away?
No, the person will not be reimbursed for taking someone off their insurance immediately.
Legally does the life insurance carrier have to notify someone who is named as an executor of a life insurance policy if they are different than the beneficiary or spouse?
Although there is no legal requirement in some states, an insurance company will answer questions from the executor of an estate, owner of the policy, or whoever had power of attorney over the policy at the time of the insured's death. The beneficiary has no right to any information on a policy until a claim is to be paid to them.
Guaranteed replacement cost in a homeowner's insurance policy means that the insurance company?
right, Guarantees it.
How much medical payment home insurance coverage is right?
The right amount would be Zero,It doesn't make much sense to pay extra for medical coverage on a home insurance policy when that's already covered under your medical insurance policy.Ever heard of Double-coverge? It's illegal to get paid for the same loss twice anyway.Adding Medical coverage on a home insurance policy is generally what we refer to as "Beefing up" a policy. There is almost a zero chance that it would ever be used due to double coverage limitations, but it can entice some less savvy people to purchase the policy.
What type of insurance would cover expenses for someone injured on your property?
Public Liability Insurance is the ideal insurance that will cover someone injured on your property.This type of policy covers the insured's liability to members of the public. Such liabilities may arise as a result of the insured's business operation. The business being operated by the insured in his/her premises may at times lead to death, injury or accident to third parties, or damage to third party's property. Insured means policy holder.A bit more:Your homeowner's insurance policy will also include liability insurance if you have the right type of policy. Check with your homeowner's insurance company to see if you have that type of coverage.
Can bankruptcy court get the proceeds of a life insurance policy?
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
How do you choose the right insurance policy Is there anyone you can talk too?
Absolutely. Your insurance agent probably sells life insurance, and if they don't, they know someone who does. Every agent I know (and I work in insurance) would be happy to sit down and talk to you about life insurance. If you don't feel knowledgable enough to sit down and talk to someone yet, there are lots of online learning resources that can help you. StateFarm.com, for example, has a large learning section that helps you learn about policies, as well as a policy advisor that will help you pick our the right type for you and your family. Hope that helps!
What if somebody forged tour name on an insurance policy?
Except with small policies, insurance companies do a physical exam on any proposed insured. They don't want to issue a policy on someone with a serious illness. Check with the insurance company whether a policy was issued. Tell them you suspect one was issued with a forged signature, they have a fraud department that will get right on it. If you didn't have a physical exam, it is possible that someone was examined using your name. That means it could be any insurance company, there are literally thousands. You can use a service called Mibsolutions.com to check if insurance applications have been submitted in your name.
Will in insurance company cancel policy if you sue them?
No, the Insurance Company has no right to cancel policy even if you sue them, unless you have failed in timely renewal or did any contractual violation like concealment of facts, that can jeopardize the basic objective of an insurance policy.
How do you find out about a juvenile modifed whole lif insurance policy?
The owner of the policy is the only person who has a right to get information on a child's life insurance policy. The owner is also the only one who can make changes or withdraw money from the policy.
Does homeowners insurance cover if it is being rented?
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.
Is it illegal not to have home owners insurance on your house?
It's not illegal in that it does not violate the law. However, the contract documents that you signed in order to get your mortgage likely require you to maintain such insurance and to have it as a "loss payee" on the policy. If you do not maintain homeowner's insurance as required, the lender has the right to obtain "forced-placed" coverage to protect its interest in the property. It is limited in scope, far more costly than traditional homeowners insurance, and will be billed to your mortgage balance.no one will come and arrest you but if you have a mortgage and your insurance
