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What else can I help you with?
How can insurance claims be paid?
Insurance claims can be paid by the insurance company after the policyholder submits a claim for a covered loss or damage, and the claim is reviewed and approved by the insurer. The payment is typically made either through a direct deposit, check, or electronic transfer to the policyholder's bank account.
Compare insurance and mutual fund?
The fundamental difference is that insurance involves the process of an entity (the insurer) assuming the risk of loss of another person or entity. In other words, in return for the payment of money (the premium) the insurer agrees to pay that which you may be legally liable for. Insurance comes in various varieties, for example, property insurance or health and life insurance. Each covers different kinds of risks, as outlines in the insurance policy, which is a written contract between the insurer and the insured (the person or entity insured). There is a great deal more to the concept of insurance (for example, life insurance covers the risk of death), but for the sake of brevity, these are the basics. Both the terms of the policy (what is covered and under what circumstances) and the premium are regulated by the insurance regulatory authority of the state in which the insurer transacts business. In contrast, a mutual find is an investment vehicle. One invests money in the mutual fund, which in turn, invests in stocks and bonds or other income-producing assets. The goal of the investment is to produce income or to increase the value of the investment for the investor.
Where can you get home insurance when you've had your policy cancelled due to a missed payment?
Home Insurance after a CancellationYou can obtain a new policy from any insurer of your choice. Just make some calls or look online.If the policy has been cancelled for less than 30 days you will likely be assessed no points against you at all by the new insurer. You very likely can even call back the insurer who cancelled your policy and have it reinstated or reissued.Once your Home Insurance has lapsed for 30 days many insurers will consider you ineligible for coverage through their program.
Do you need a down payment for car insurance?
No, you do not need a down payment for car insurance.
What are similarities and differences between insurance and risk management?
"Risk management" might be considered to be the umbrella topic. Managing risk can be accomplished by risk avoidance, taking measures to reduce or ameliorate risk, or risk transfer. Insurance is the fundamental form of risk transfer because the financial impact of an untoward event (the risk) is transferred to a third party (the insurer) in return for the payment of a premium.
What if you don't have the deductible for your car insurance. What can be done?
The insurer can issue payment minus your deductible.
What does conditionally renewable mean with insurance?
Conditionally renewable policy grants the insurer a limited right to refuse to renew a health insurance coverage at the end of a premium payment period.
What is the role of insurance agent in insurance company?
An insurance agent is responsible for the sales of the company's insurance products/services. An agent is generally considered to be the agent of the insurer, whereas a broker is generally considered to be a representative of the insured. That is, the agent is more closely bound to the insurer that it represents, whereas a broker usually represents many insurers and shops for an insured. That said, there is becoming less of a distinction between the two. An agent also often gets involved in assisting the insurer with submitting covered claims to the insurer for payment. An agent has a fiduciary duty to the insured (a duty of trust and to act in good faith). An agent is licensed and regulated by the insurance regulatory authority of the state(s) in which he/she transacts business.
Do you have to tell your insurance company if someone hits you?
Yes, if you seek to have your car repaired under the collision coverage, or seek other compensation from your own insurer. The insurance policy will require that notice be furnished within a "reasonable" time or "as soon as practicable". These are malleable terms and depend upon the totality of circumstances. In return for payment under your own insurance policy, the insurer acquires subrogation rights. This means that the insurer inherits your right to pursue the at-fault party/its insurer to recover that which it paid to you.
What does it mean the insurance company makes a full payment minus a patient deductible?
When one buys an insurance policy, one of the choices that is made is the amount of the deductible. A deductible is the amount of money that the insured elects to pay toward a covered loss. Stated otherwise, the insured is "self-insuring" for the amount of the deductible, such that the insurer's obligation to pay is not triggered until the deductible is met. One it is, the insurer pays the amount of the remaining covered loss. The insurer's actual payment may also be subject to certain exclusions (things not covered) or limitations (payment is made only to a stated amount, even if actual charges exceed that amount). In the realm of health insurance, co-payments are also common. A co-payment is the percentage of the covered charge for which the insured remains responsible. An example would be that the insurer is responsible for the payment of 80% of the charge, and the insured is responsible for the remaining 20% in addition to the deductible. In general, premiums are lower for health insurance that carries a higher deductible and co-payment, because the insurer bears proportionately less risk for a covered occurrence.
Can a life insurance policy be cashed in after a suicide?
No life insurer makes payment against suicidal death. Hence, the question of cashing in after a suicide does not arise at all.
Where can I find information on critical illness insurance?
Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
What are you doing when you buy insurance?
In the simplest terms, the purchase of insurance is the transfer of risk of monetary loss from the individual or other entity buying it, to the insurer. The insurer charges a sum of money, called the premium, for acceptance of the risk of loss. The agreement is typically formalized in a written contract between the parties. It sets forth the scope of the risk(s) that the insurer agrees to assume, the conditions precedent and subsequent that must be met in order for it to be obligated to perform, the premium that the insured is to pay and the frequency of payment, the sum(s) that the insurer is obligated to pay, and other salient factors.
How often do you pay your car insurance?
When applying for auto insurance, the applicant is usually given options as to the frequency of payment of premiums. It can be monthly, quarterly, semiannually, or annually. Frequently, somewhat of a discount is offered for the longer payment durations, as the insurer incurs lower internal costs, such as for billing.
Who regulates medical billing in Florida?
Medical billing is not currently a regulated occupation or business in and of itself. However, you can take a longer view. To the extent that most medical bills are sent to an insurer for payment, the manner in which the insurer handles the bill and either pays or denies payment, could come in the perview of the Department of Insurance. Again, though, medical billing is not, per se, regulated by the Department of Insurance.
Key Elements of Insurance?
Policyholder: The person or entity that purchases insurance. Premium: The regular payment made to the insurer for coverage. Coverage: The specific risks or events that the insurance policy protects against. Claim: A request made by the policyholder to receive compensation after a covered event. Deductible: The amount the policyholder must pay out of pocket before the insurer covers the remaining cost.
Can your beneficiary collect life insurance benefits after your suicide in Virginia?
Generally no life insurer entertains payment against suicidal death.Hope, this will clear any ambiguity in this regard.
