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What is Claim Settlement Ratio and why is it important?
What is Claim Settlement Ratio?Claim Settlement Ratio refers to the % of claims settled by an Insurance Company against the number of claims submitted.For Ex: If 100 people submit claims and the company pays 80 of them, the Claim Settlement Ratio is 80%Why is Claim Settlement Ratio Important?It is important because, the higher the claim settlement ratio of the insurance company from which you take the policy, the better are the chances of your family getting paid in case of any mishap
What is an annuity settlement?
An annuity settlement is a payment to an individual for a settlement, typically from an insurance claim. It's basically any type of settlement for legal suit or other such cases.
Can a divorced spouse claim ex-husband's property after his death if there was a property settlement during the divorce?
It depends on the specific terms of the property settlement and any subsequent agreements or court orders. Generally, if the settlement specified that the divorced spouse relinquishes any claim to the ex-husband's property after his death, they would not be able to claim it. However, if the settlement did not address this issue or if there were changes made to the agreement afterwards, it is possible that the divorced spouse could still claim the property.
Is there a limited time period in which to file a life insurance claim?
No, you may file a claim at any time after the death of the insured. The claim should be paid plus interest minus any charges, loans or premiums owed to the company. This assumes the policy was active at the time of death. The agent or your agent can help you file the claim. 4lifeguild
Can the extended family of a deceased person claim a portion of any settlement?
Not unless they were a party to the law suit.
What part of workman's comp settlement do you have to claim on taxes?
You do not have to claim any of your worker comp benefits as taxable income see IRS publication 17 page 51.
What colony did john smith find?
He didn't find any colonies. His main claim to fame is saving the Jamestown settlement.
Are postmortem life insurance dividends taxable?
No, Death claim proceeds are tax free including Dividend. If there is any interest paid on death claim proceed due to delay in death claim settlement, then paid interest can be taxable.
When a couple divorces before a workmens compensation settlement is paid is the spouse entitled to any of that claim due to marital property?
It is possible if the claim was filed before the divorce and the couple lived in a community property state, the ex-spouse has claim to a portion of the settlement. In other states it would depend upon the terms that were stated in the dissolution petition.
If someone has a power of attorney does the POA also get a share of their settlement claim?
No. A power of attorney does not carry with it an automatic right to compensation in any form.
What does pre settlement advance means?
A pre settlement advance is made when a legal claim is pending. Claims for things like personal injury can leave the claimant with high costs for medical bills or other expenses that they cannot currently afford to pay. In these cases, a pre settlement advance is made - money is paid to the claimant so that they can pay their expenses. This does not affect the claim, although any money paid in a pre settlement advance will count towards the settlement. For example, if a claimant is awarded $5k for their personal injury claim but has already received $1k in a pre settlement advance they will receive the difference - $4k - after the case has concluded.
If you inquired your insurance company about a potential claim could that cause premiums to increase?
No, absolutely NOT. Actually it may! Lets say you called your agent and asked if you should file a claim for a side mirror you accidently broke off. The repair is $200 and well under your $500 deductible. The agent advises you correctly that if you filed a claim you would not get any benefit because it does not exceed your deductible. Here in CA he may be required by law to file an 'Agent Filed Claim'. If the agent is captive (meaning he/she works for one company like Allstate, State Farm, AAA etc as opposed to an independent agent) his fudiciary responsibility is to the insurance company. Failure to do so can actually cost him his license. In this case even though you never filed a claim or received any benefit you will have a claim on the books which could increase your premiums.
