general insurance questions and answers

Nat'l Flood Ins Program Info Who do I buy key person life insurance for? Question: How do I know if I need a personal umbrella liability policy? 2016 110 Questions | 3 hours Start Test Download PDF IRDA IC-38 Insurance - Health Mock Test for IC-38 Insurance … How does an umbrella insurance policy work? Investigators determined the fire originated in the garbage dumpster … America’s Professor offers a range of insurance … Question: What if I share my apartment with a roommate? Answer: It used to be that the only people who needed personal umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be at risk in a lawsuit. These laws were enacted to ensure that victims of automobile accidents receive compensation when their losses are caused by the actions of another individual who was negligent. Why do insurers need so much information? Be sure to ask us about any discounts for which you may qualify. Answer: Personal property (except property that is specifically excluded) is covered anywhere in the world. Asked September 21, 2020 Basic questions about background and specific questions about how you might handle a … Answer: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. as well as Board exams. It’s our hope that you will find very useful answers to some common insurance questions while getting to know us a little better at the same time. General Insurance questions answers are applicable for any kind of Insurance related exam preparation in India like LIC, IRDA Agent. * Explosions What is considered a pre-existing condition on health insurance policy? “Named perils” means that you have coverage only when your property is damaged or destroyed in the manner specifically described in the policy. Channel Management Interview Questions ; Question 28. That is why we took the time to answer the 100 most frequently asked insurance questions and post them here on the Albany Insurance Blog. Each answer includes a link to an article exploring that question … Life insurance on a non-wage-earning spouse is often recommended for the purpose of paying for household services lost due to this individual’s death. What does a personal umbrella policy cover? How are insurance claims handled on a partial loss? Follow Us on Twitter This means you’re covered when you are on vacation as well as at home. What is covered under a fiduciary liability insurance policy? At The Murray Group, we know insurance can be confusing. In addition, you will be asked a number of other questions which will be used to determine how likely you are to make a claim. The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your automobile insurance will cost you. Calculating the correct amount of life insurance to buy is not as simple as it appears. If you’re confused or unsure about how to get an auto insurance estimate or how auto insurance works in general, CoverHound can help. Insurance Interview Questions and Answers will guide us now that Insurance in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Answer: There are a number of things you can do to lower the cost of your homeowners insurance. Answer: The personal umbrella liability policy is designed to increase your liability protection. Question: What are the policy limits (i.e., coverage limits) in the standard homeowners policy? Q: How long does it take to get an insurance … Question: Do I need earthquake coverage? With more options, we're able to custom design an insurance package that is perfect for you and your needs! What is water back up and sump pump failure insurance? Answer: This is a difficult question — one whose answer will vary depending on your personal circumstances. How can the ISO rating on my building affect the insurance premiums? The first question should always be resolved first. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement or a jewelry endorsement? Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. For example, the agent might ask you your name, age, gender, address, etc. What makes landlord insurance different from homeowners insurance? Usually, homeowners insurance is required by the lender to obtain a mortgage. If you would like to discuss your insurance questions with us directly, please feel free to give us a call at (518) 456-6688 or you contact us via email here. Answer: A number of factors can affect the cost of your automobile insurance — some of which you can control and some that are beyond your control. Be prepared with examples of your work 7. Every time I rent a car, I’m asked if I would like to purchase rental car insurance. For fast answers to your health care questions — whether they’re about managing your health insurance … Connecticut Insurance Dept 2. Question: Should term insurance or cash value life insurance be purchased? Insurance companies have different programs for different customers. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. You had coverage through A’s employer-sponsored plan, which is insurance that A purchases from health insurance issuer Q (i.e., not a “self-insured plan”). Does Homeowners Insurance Cover a Nuclear Explosion? It is often the case that the cost of repairing the damages to an older car is greater than its value. How does actual cash value (ACV) affect a homeowners insurance claim? Frequently Asked Questions About Health Insurance… Many people with older cars decide not to purchase any physical damage coverage. What is coinsurance and how does it affect my health insurance? Even your marital status can affect your cost of insurance. Increasing your deductible from $250 to $500 will lower your premium, sometimes by as much as five or ten percent. When should I purchase a personal umbrella policy? What is the importance of being the first named insured on an insurance policy? Study the job description 4. 2. Answer: The standard insurance policy does not pay for direct damages caused by “earth movement.” “Earth movement” is a much broader term than earthquake. Will I have to pay more for insurance because I’m young? However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Does my car insurance cover bodily injury and property damage? This guide offers general information only. It is designed to help you evaluate your comprehension of the general insurance concepts for which you will be tested in your insurance license qualification exam. We are licensed in the following States/Provinces: Answer: Most states have insurance laws that require drivers to have at least some automobile liability insurance. Final Report of Multiple Traffic Offender Workgroup, Visit Us on Facebook Answer: The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost. Recruit a friend to practice answering questions 6. Can I cancel my auto insurance policy anytime? Why does it take longer to get a business insurance quote than an auto insurance quote? For example, damage to your car from a hailstorm will be covered under your comprehensive coverage. What are the exclusions on a general liability policy? We’re here to help. Does long-term care insurance cover nursing home cost? or maybe you are looking to create your own interactive quiz . We recommend contacting us for help determining the right amount of coverage. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies. Timely News from FEMA Should I package my home and auto insurance with the same insurance carrier? Answer: In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). Question: I have an older car whose current market value is very low – do I really need to purchase automobile insurance? For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage. How is a business owners policy (BOP) different from general liability? The policy limit for the other structure is usually equal to 10% of the policy limit for the dwelling. Question 27. © 2020 The Murray Group Insurance & Financial Services Inc. * Vehicles Does my car insurance cover me when I rent a car? Renters coverage applies to your personal property no matter where you are in the world. We’re an independent insurance agency offering a comprehensive suite of insurance solutions to protect you from the unexpected. Does my business need employment practices liability? Should my small business have business income insurance? Question: What does homeowners insurance cover? Do I need boat insurance or is my boat covered by home insurance? “How much life insurance should I buy?” Do I need to cover independent contractors for workers comp? Does changing my insurance company affect my credit score? We offer comprehensive insurance solutions in Albany and throughout the Capital Region of New York, including Latham, Loudonville, Guilderland, Saratoga, Troy, Rensselaer, Altamont and Voorheesville. An independent insurance agency like Warwick Agency has access to all of the best carriers! 1815. This should be done before contemplating the purchase of life insurance on children or on a non-wage-earning spouse. * Vandalism or malicious mischief When does my business need employee benefit liability? * Whether or not you are married and, if so, what is your spouse’s earning capacity What’s the difference between group life and individual life insurance? In these cases, your insurer will usually just “total” the car and give you a check for the car’s market value less the deductible. Here we have listed some of the most common car insurance claim questions with quickie answers. We will be able to help you determine if there are any gaps in coverage you might not have been aware of, explain the details of the policy’s exclusions and limitations as well as recommend an insurance company that will live up to your expectations. Can my homeowners insurance carrier cancel my insurance after three claims? A fire destroyed Ethan's store. In a dual-earning household, it is important to protect the income earning capacity of both spouses. A. Prepare smart questions … Can an employee sue my business if I have workers comp? Are no fault and personal injury protection the same coverage? We work closely with our clients to help them make important and information decisions every day when it comes to protection and their futures. | Privacy PolicyPowered by Forge3 ActiveAgency. Is this something I … How does my credit score effect my insurance premium? Car insurance is great for covering repair costs after an accident, but it won’t cover the costs of general … Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Should I have replacement cost or actual cash value property insurance? What is the cost of offering a group benefit program? The Life and Health Insurance Foundation for Education * Windstorm or hail What Are The Main Products Which Are Included In General Insurance? Do not rely solely on this guide in making health insurance decisions. That means you’ll have the answer to your insurance questions in less than 2 minutes! * Smoke Why is buy-sell agreement life insurance important? The Best 250+ General Trivia Questions with Answers Fancy yourself a trivia quiz buff? Statistics show that married people tend to have fewer and less costly accidents than do single people. We don’t just sell insurance. At Warwick Agency, we appreciate your business – and your trust. What is the Best Restaurant Insurance Program? If your policy limit is less than 80% of the replacement cost of your home, any payment from your insurance company will be less than the full cost to replace your home — you’ll have to pay the rest out of your own pocket. Note: Memorization of practice insurance exam questions is not a substitute for the comprehensive, in-depth knowledge you’ll need to pass your insurance licensing exam! All rights reserved. If you’re looking for the answer to whatever your insurance question is, we promise you there are others as well who are asking the same question. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Under the “replacement cost” coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices. 6,033 Responses. Once you have decided on the coverage you want in your homeowners insurance policy, consult us. From Safeco to MetLife, from Progressive to Aetna, we've got whatever it is that suits you best. * Volcanic eruptions (but this doesn’t include earthquake or tremors). What is a high deductible health insurance policy? There is no such thing as too simple or too silly a question. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. Disaster Safety Information for CT Question: How does mortgage protection term insurance differ from other types of term life insurance? What is the difference between whole life and term life insurance? Further, the premium payment period often is shorter than the maximum period of insurance coverage — for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years. Disclaimer: This article is for informational purposely only. Question: What are the advantages to using an agent to purchase insurance? That is why we took the time to answer the 100 most frequently asked insurance questions and post them here on the Albany Insurance Blog.. The 100 most frequently asked insurance questions is a resource we’re very proud of, and we hope you will take advantage of the information where you have a need. When do I need workers comp for my employees in New York state? Another easy way to lower the cost of your homeowners insurance is to raise your deductible. Answer: There are a number of factors you should consider when purchasing any product or service, and insurance is no different. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death. Question: What factors should I consider when purchasing homeowners insurance? Over 20,000 answers provided by licensed insurance professionals. All Rights Reserved. Answer: Standard renter’s policies cover only you and relatives that live with you. At The Murray Group, we know insurance can be confusing. Answer: Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. Answer: “Rule of thumb” suggests an amount of life insurance equal to 6 to 8 times annual earnings. 2016 55 Questions | 1 hour and 30 minutes ... IRDA IC-38 Insurance - General Mock test for IC-38 Insurance Agents - Non-Life. Anyone who leases a house or apartment should consider this type of coverage. by: pepper15. For example, a large luxury car costs more to repair or replace than a sub-compact; and, someone who commutes 30 miles each way is more likely to be in an accident than someone who rides the bus to work and drives only on weekends. For example, suppose that while traveling, you purchased a dresser and you want to ship it home. Should be left unchanged audit my business if I have to pay more for insurance because I ’ young... Insurance that vary by hundreds of dollars for the same coverage on a car insurance and on?! 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