| Questions | Answers |
|---|---|
| Thank you very much. The tree was (is) alive, and the branch came down in a storm. I don't have the receipt for the tarp because I already owned it and we just used it to cover the hole. | Well, I mean, I'd go ahead and call the insurance company and let them know. You don't want to have too much time between the loss and the claim. They might say that more damage occurred, so if you haven't called the insurance company, I'd go ahead and do that. They'll send out an adjuster, who should call you before coming out, and you can meet him face-to-face, yeah, which should take a couple days. You can get the estimates in that time. I work for a company that has agents in town, so I always advocate that it's best to go with a company that does have agents, because you can establish a personal relationship with them. Long-time customers do get preferential treatment by the local agents (same as big-premium customers, too), but not "preferential" like, we'll bend the rules for you, but we might go a little further to solve your problem and take personal responsibility to make sure it goes through the right channels quickly. |
| I need two more estimates, then, and to call my insurance company. Several people have said it's best to work with an agent, face-to-face, not by the 1-800 number. | |
| Cool. Calling them this week. Thanks again! | My pleasure. :) |
| Why doesn't the insurance industry change building codes in tornado alley and hurricane prone areas to require monolithic reconstruction? Monolithic domes are nearly indestructible. Why not make them a requirement for rebuilds in those areas? Especially when,federal dollars are being used? | > Why doesn't the insurance industry change building codes. |
| Wat. | |
| How come the Affordable Care Act caused my premiums to go up? Im a healthy male in my early twenties. | Too many variables for me to comment on. It's a new law and I don't make the decisions on the premiums, let alone health insurance premiums. |
| So, are insurance companies what everyone makes them out to be; people who don't care about their customers but enough to make money? | As a business, you want to continue to make your customers happy. They bring their business to you because they like what you do for them and you provide the service they want for a good price. Some insurance companies provide better customer service than others. I represent a company that has agents in every city in America, so the benefit of my company is that you can establish personal relationships with the people you give your money to. Sure, there are some companies that I call "barebones operations", or "1-800 insurance" that isn't going to provide you with customer care, but that's what you chose. |
| If you want your insurance company to care about you, if that's something that is important to you, then go with a company that has a local agent and can give you personal service. You'll often find that those companies are just as cheap, if not cheaper than the "1-800 insurance" companies. | |
| I hope this answered your question. | |
| Why can't I get "collector" or "stated value" insurance on a newer vehicle? Specifically, Progressive told me they will give me a "stated value" policy, but if I wrecked my vehicle they wouldn't pay. The vehicle is heavily mechanically modified. | You need to get it appraised, since cars depreciate pretty quickly. If you take a car that's normally worth 4k according to Nada, and put 2k into fixing it, that doesn't increase its value to 6k. |
| Modified vehicles are different. You can say it's worth so much, but how does progressive know that? You need to provide an appraisal to show how much to insure the vehicle for. | |
| What percent of people actually save money by having insurance? Edit: Percent. | Do you mean "percent"? I'd say 100% of the people that get into moderate-to-severe accidents. Americans are litigious. We like to sue people. So, if you don't have insurance and you hit someone with your car, they're going to come after you somehow. It's easier to pay $100/mo than it is to come up with $50,000 on the spot. |
| Edit: I was just clarifying because Imonyourside's answer was one of those 'candy-coated' marketing answers that put a positive spin on everything. | I didn't candy-coat it. It's the truth, and that "easier to pay" bit was my own making. It's not a marketing answer. |
| FYI Insurance companies are in business to make money. That's why there's so many of them. There's a huge mark-up in insurance. | Mark-up? No. Formula to price your insurance premium based on how risky of a driver you are? Yes. |
| Scenario: teen girl who had her license a very short time runs a red light and t-bones my friend, totalling her car. Witnesses stick around, verify to police that the teen girl was at fault, the police cite her. The teen, however, lies to her parents and says my friend ran the light. Her parents pitch a fit with the insurance company,and now the teen's insurance company is not cooperating, and lawyers are getting involved. It's a huge mess. My question: how can a company take the girl's word over the police and witnesses? Can someone just say "it wasn't my fault" even if they're cited by the police as being in the wrong - and convince their insurance company to not pay? It seems really weird. | Wait until the claim gets settled before flipping your shit. Your friend will win this case, simply based on the fact that this teen girl was cited as being at-fault and your friend was not. The insurance company probably recognizes that their insured was at fault, but they're probably investigating in order to find some kind of comparative negligence (trying to see if your friend was at fault for any reason), so as not to have to pay the full amount. I wouldn't say they "weren't cooperating", but they're probably doing their own investigation and just not moving fast enough to make your friend's family happy. Everyone wants everything taken care of now, and the world just doesn't work that way. |
| Hopefully your friend filed a claim with her insurance company and went to the doctor. Sadly, since she's gotten a lawyer, the insurance company can no longer speak directly to your friend's family; they must now go through the lawyer, who is probably working on settlement-based pay, which will take anywhere from 30-40% of the settlement. Do you really think the lawyer is making this case his #1 case? That lawyer probably has a couple cases against that insurance company already, so the company might agree with that lawyer to go ahead and settle multiple cases at once in order to be done with it. | |
| Seriously been considering a used car that has a rebuilt title. Is there any way to get it cleared? And how much does it affect insurance rates? | Rebuilt title? I'd imagine that was a question for the DMV. |
| Insurance rates would be affected based on the yeamake/model of the vehicle and MSRP. | |
| If you could give any advice to people looking for insurance, what would it be, and why? | Shop around, but don't rely only on price to make your decision. Some companies will cut rates to get your business and then underwrite you afterwards, raising your rates at renewal (GEICO does this). |
| Customer service is important. Having an agent in town nearby is a huge benefit, because it allows you to establish a relationship, and if you have problems, you know exactly who you are talking to. | |
| Multi-line discount if you can. Renters insurance, homeowners, etc. If you find an insurance company that doesn't offer homeowners insurance, find another company. Ideally you want to be with a company a long time because the longer you go with them, without accidents/tickets, the lower your rate should be. When you buy a house, you get an even further discount. | |
| If one has a term life insurance policy - say 10 or 15 years - and after 8 or 12 years decides not to pay the premium resulting in the cancelation of the policy, will that create any problems for the policy holder in the future? Is there a better way to cancel out? | I don't really recommend that you cancel a life insurance policy, since your rate will never be better. Try to find a way to fit it in your budget, because if you need to re-write a policy years down the road, you are older and probably in not as good health. Cancelling the policy is not going to stop them from being insurable, but it will make the rate go up when you want to get it again. |
| Thank you, that's good to know about the dust. The house is 59 years old and the tiles are brittle so that explains their condition. It's a good house but needs big bucks poured into it, time to sell to an investor. | There ya go! Good investment, I'd say. |
| Just to clear a lot of misconceptions, would you mind elaborating on insurance frauds and how rampant they are? thanks for the ama. dont envy you. | Honestly, I think the biggest fraud is when people realize that some companies can give them insurance cards and pay later in the month, and then they just never pay. Too many people drive around these roads without insurance, but have ID cards that if they get stopped by the police, they can show they have insurance, which is BS. |
| The most frauds happen during natural disasters, people claiming they lost stuff they didn't, so fraud primarily happens with homeowner's or renter's insurance. The thing is, the deductible is high enough that they reconsider it. Like, getting a TV stolen isn't enough to make a claim on your renter's insurance that has a $1000 deductible, unless that TV was $4k. | |
| All-in-all, I wouldn't say fraud is rampant. It happens, but only a small percentage of pay-outs are due to fraud. | |
| Being from Louisiana you should know that the police departments use an online insurance database and if it shows you have no coverage in effect then they do not rely on the information on your insurance card. | That takes time to do. It was actually up for debate earlier this year whether every traffic stop would require the police to check the database. Not to mention that not all insurance companies report to that database. |
| What companies should I consider requesting a quote for home insurance? Who gives the least grief when something happens? | Safeco has a great deductible if they're in your area. Nationwide and State Farm are probably the best when it comes to claims, but SF already insures practically everyone, so premiums can be higher. Allstate and GEICO suck when it comes to homeowners insurance. |
| I am a 17 year old looking to buy my first car in new york, if my mom puts the car under her insurance and we register it in her name, do we have to tell the insurance company that I will be driving the car? | Yes. You need to provide the insurance company with as much information as possible, because you don't want there to be any complications should the need to make a claim arise. Buying a new car is better than simply adding a 17 year old to the insurance, since you can get a multi-car discount. Tho you should not be driving a new vehicle. Whichever vehicle is older, thats the one you tell the insurance company you are driving. Also, look into good student discounts, young-driver discount programs, defensive driving courses, and if you aren't driving much other than to and from school, look into an "annual mileage" discount. |
| What song do you hear that instantly reminds you of your job? | Link to www.youtube.com |
| This might be asking too much, but I'd be grateful for any information you can throw my way! | Really sorry to hear about your injury. |
| Can you explain the process for me from here? Do I just keep paying my copays, etc and then after treatment is finished they'll pay me back or do they get billed directly? Also, I just finished graduate school and had started my job two weeks before the accident and can't take PTO yet, do insurance companies usually compensate for lost wages? | Liability does cover for loss of wages, and medical expenses, yes. However, if the other guy's insurance isn't enough, you will have to get a lawyer. Do you Remember seeing what kind of coverage he had? |
| Thank you! Hopefully the physical therapy will get things back to normal. My insurance company (State Farm) has made that option clear, but the other person's insurance has been decently responsive so I didn't see the advantage to going that route. Is it generally better to do it that way? | Going to your insurance company, and subrogating, you can get paid and fixed up now. You can Let state farm handle the therapy bills, fixing your car (gotta pay the deductible), and loss of wages. They can collect that from the other insurance company once investigation is complete, which can take a long time. However, this is your choice. |
| Got a DUI in May and my insurance provider is cancelling my insurance, I since have moved to a separate state where I transferred my license before it was suspended in the first state (the states use different systems that do not communicate with each other) | Worst case scenario: you call up an insurance company to get a quote, if they underwrite you before they quote you, they'll see that you had a DUI and decide not to insure you. Best case: they will insure you. |
| Would I still qualify for insurance up here? | In Louisiana, if you get a DUI, that sticks on your record for 5 years. You have to get a special SR-22 insurance which is RIDICULOUSLY expensive. |
| What would I need to do to get insured again? | Sounds like you've got a very interesting situation. I'm going to ask my agent about that, because I'm genuinely curious. Only one way to find out: start calling places for quotes. |
| Does anyone really need all that coverage assuming miniscule equity? I've seen recommendations to stick with state minimum liability unless your equity is more. | You're right to some extent. If you have no assets, don't make much money, then state minimum is fine. If you own your home, I don't like to see anything less than 50/100. |
| don't consider the billions of dollars per year that insurance companies pay out. How much 'don't' they pay? | You mean profits? Interestingly enough, you can Google that information. If you mean denials, why would anyone have access to that information? |
| What is the staple of the Insurance Representative's diet? (What did you eat today?) | I try to eat healthy. Last job gave me lunch, but it's so easy now to just walk down the street for pizza or Greek food. |
| Is there a single thing that insurance companies do that is done with the knowledge that it will cost them money? is everything profit driven? | I don't know. It would really just be speculation. I don't work for corporate. |
| I'm from Switzerland and I'm a student. 2 years ago the CEO of a rather big insurence company gave a lecture about insurance in general and his experience in this business. Then he told us a story about a trip to the USA where he went to a insurance conference. By coincident he met the CEO of Progressive which then invited him to come see him one day so that he can show him how Progressive operates. The Swiss CEO was so amazed by the business model of Progressive that he went as far as saying that they are 2 years ahead of every other car insurance in term of customized insurence rates. Apparently they put devices in all the cars which then calculate the probability of an accident in terms of which routes the car owner takes the most. So, for example, a big building site along once commute would raise the probability of an accident. So my question is, can you confirm that Progressive is one of the most competitive insurance and that they are ahead of everyone in this branch? | Nope. Can't confirm that. |
| But are they competitive? or are they just like every other insurance company? | Sure, progressive is competitive. Most major insurance companies are doing the snapshot thing. But, everyone's rates are going to be different. Insurance companies are a zero-sum business. There is going to be one company that is the cheapest for everyone, it's just an effort to find it. |
| If something happens to your car that is totally not your fault (windshield broken, somebody struck your car with a shopping cart and ran away) does it really not go against you if you turn this in to the insurance, or is it better to not report it and pay it out of pocket? | Windshield damage is comprehensive damage, which is not a rateable claim. Some insurance companies will cover windshield damage, no problem, others require you to have a comprehensive deductible. Either way, it doesn't go against your insurance. |
| If someone struck your car with a shopping cart, then I'd recommend paying it yourself, since it is collision damage and most likely does not meet your deductible. Now, if you were the victim of a hit and run, then you should have filed a police report and filed a claim with your insurance company since the damage is most likely higher than your deductible. | |
| Any damage to your car, get an estimate first, before making a claim. Some companies, if you make any kind of claim, goes against your record. | |
| Why can I not get liability or equipment insurance as a musician except for a select few carriers? Literally everybody I contact doesn't cover "that industry" | It really depends on what kind of musician you are. Because if you are being paid to perform somewhere and an instrument gets stolen while on a gig, it's actually the liability of the business owner, under loss of others property. If your instruments are kept at home and you do studio sessions out of your garage, they would be insured under your in-house business insurance policy, or homeowners property loss. |
| I am looking for general liability insurance which I need for recording in National Parks as well as putting on my own events. As for equipment insurance, there is insurance for construction companies, film production houses or other business to cover their equipment, why not musicians? | There are too many variables when it comes to random locations. Construction companies and film production companies generally know exactly where they're going to be, and can get special insurance for on-location jobs, which comes with a hefty premium. |
| You're comparing apples to oranges here. Liability for recording in a park, or putting on a show in a venue is not the same as construction. How do you establish negligence? Are the park Rangers negligible? Is the venue owner negligible? When an insurance company cannot establish the true possibility of risk, they decide not to take the risk altogether. | |
| I am a recent college graduate, and I keep getting emails from these large insurance company about joining their "sales team." I have never really desired to be a salesman or to get into sales, but I am the kind of person who always has their options over, and I have thought about it. Any advice that you can give to me if I decide to make the plunge and make a career as an insurance salesman/representative? Thanks. | You need to be extroverted, have some kind of compassion for others, not get stressed easily, not get discouraged easily, and conscientious. People will tell you no, a lot. And you're not up an about often, so be okay with sedentary work. |
| A friend of the family needs hip replacement surgery. He has a good job and should have very decent insurance to pay for this procedure in the US (I assume the medical professionals have said this has to be done). However he is talking about going to Europe the get the surgery, because it will be a lot cheaper. Why wouldn't the insurance pay for doing it in the states? | I would imagine his insurance would pay for it to be done in the states, but I don't deal with claim approval or denial. |
| Yes I was passive about it. My limited understanding is that other states don't have this exorbitant fine. | Louisiana has a fine if you let your insurance lapse, yep. |
| How can an insurance company tell potential employees that they will have guaranteed bonuses but then tell you after you spent the hundreds of dollars to get licensed that the bonuses are only if you make a certain amount? | Well, if the agency hires employees on a Sales+commission basis, then you could call commissions "bonuses", and then the agency might have a required minimum sales before commissions could be earned. That's really up to the independent agent. |
| How is that kind of misinformation legal? | I'm not a lawyer, so I don't know. But that's not the insurance company's fault, that's the independently-owned agency I'd imagine. |
| Why do cars and motorcycles get treated differently as far as injury coverage. If you get into a car accident, and its your fault, your insurance still covers your injuries. OTOH, if you get into a motorcycle accident, and it was your fault, your injuries are not covered. | Your insurance only covers your injuries if you're at fault if you have the proper coverage: Medical Payments. Motorcycles are such a high risk for injury, that they don't even offer MP coverage. The comprehensive and collision are much lower, but Motorcycles don't have the safety features that cars do to prevent bodily injury. |
| Even if you're gambling for something to be covered, odds are your insurance company will find a way to weasel out of paying you for the perceived protection they sell you. | Insurance is an aleatory contract. You pay a minimum fee in order to protect yourself should something happen that would cause you to come out of pocket for a large lump sum. You could pay one month's premium and cause $30,000 in damage and call it a "great deal" or you could pay 10 years-worth of premiums and never have to use it and think it's a "crock of shit". Insurance isn't the gamble, insurance is the safety net should your gamble fail. People who have bad experiences with insurance companies, thinking that they're weaseling their way out of paying, tend to make the most noise about it, but they don't consider the billions of dollars per year that insurance companies pay out. If there is a legitimate claim that the coverage purchased unequivocally covers the circumstance and the insurance company is denying coverage, then a lawsuit should be in order, and you should switch insurance companies. |
Which of the following best describes the aleatory nature of an insurance contract? Exchange of unequal values A medical insurance plan in which the health care provider is paid a regular fixed amount for providing care to the insured and does not receive additional amounts of compensation dependent upon the procedure performed is called Which of the following best describes the aleatory nature of an insurance contract? A) Only one of the parties being legally bound by the contract B) Ambiguities are interpreted in favor of the insured C) Policies are submitted to the insurer on a take-it-or-leave-it basis D) Exchange of unequal values . Exchange of unequal values. The term illustration in a life insurance policy refers to A ... response would probably be: Doe has entered into a unilateral, aleatory contract, the consideration on his side being the payment of an insurance premium, the considera- tion on the other side being a promise to indemnify for a three year period in the event the mink coat disappears-subject to numerous conditions, as, for example, that Doe make proof of loss within sixty days, cooperate with ... Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Conversely, insureds sometimes pay relatively small premiums for a short period and then receive coverage for a substantial loss. All insurance contracts are aleatory by their very nature. This is because, while the insured is required to pay premiums to keep the contract in force, the insurer may not be required to perform... Aleatory. If one party to a contract might receive considerably more in value than he or she gives up under the terms of the agreement, the contract is said to be aleatory. Insurance contracts are of this type because, depending upon chance or any number of uncertain outcomes, the insured (or his or her beneficiaries) may receive substantially more in claim proceeds than was paid to the ... A contract is an agreement enforceable by law. It is the means by which one or more parties bind themselves to certain promises. With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. In exchange, the policyowner pays premiums. Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific event takes place. Insuranceopedia explains Aleatory Contract Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. In insurance, an aleatory contract refers to an insurance arrangement in which the payouts to the insured are unbalanced. Until the insurance policy results in a payout, the insured pays premiums... NATURE OF INSURANCE CONTRACT : A contract of insurance is an agreement whereby one party, called the insurer, undertakes, in return for an agreed consideration, called the premium, to pay the other party, namely the insured, a sum of money or its equivalent in kind, upon the occurrence of a specified event resulting in a loss to him. The policy is a document which is an evidence of the contract of insurance.
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An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract is an insurance... CLICK THE FOLLOWING LINK TO DOWNLOAD MY MOBILE APPLICATIONhttp://bit.ly/SudhirSachdevaClassesAppClick the following link to buy our Full course Lectureshttps...
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