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Steps in the Insurance Claims Settlement Process

Automobile insurance concepts are similar throughout the world.

If you’re involved in an accident, one of the first things to decide is whether you want to file a claim. Unless it’s a very minor or insignificant accident, the best course of action is to file a claim. Be careful, though – if you’ve made several claims the insurance company may decide to drop you after settling the claim.

Cecilia…

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#Cause of action #Claims adjuster #Steps in the Insurance Claims Settlement Process

Property and Liability Insurance Companies

Cruise ships are extensively insured.

Choosing the right agent is a vital step when you buy insurance of any kind. You should ask questions about the company, including its financial soundness, its claims settlement practices, and the geographic extent of its operations. You may not think about it but this is important if you’re involved in an accident 1,000 miles from home on vacation.

You…

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#Property and Liability Insurance Companies

How to Buy Property Insurance and Settle Claims

Some property is too expensive to parade in public.

If you’re buying property and liability insurance the first step is to develop an inventory of exposures to loss and arrange them from highest to lowest priority. Losses that lend themselves to insurance protection are those that seldom occur but would be devastating. For example, damage to your home and contents.

Or, liability from a negligence…

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#Certified Insurance Counselor #Certified Insurance Counselor (CIC)#Chartered Property Casualty Underwriter #Liability insurance

Other Types of Property and Liability Insurance

Imagine flood insurance in Venice, Italy. I don’t think so!

Homeowner’s and automobile insurance policies give your family basic protection. But other types of insurance like property and liability coverage are appropriate for certain people. This is usually supplemental property insurance coverage like earthquake insurance, flood insurance, and other forms of transportation insurance. And it’s…

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#Flood insurance #Property insurance #Umbrella insurance

Understand Financial Responsibility Laws

Venice has developed an amazing set of waterways that acts as roads and highways.

Annual losses from automobile accidents in the United States run into billions of dollars! So most states have financial responsibility laws where motorists have to buy a specified minimum amount of automobile liability insurance. Or, you have to provide other proof of similar financial responsibility.

Understanding…

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#Financial Responsibility Laws #Liability insurance #Traffic collision #Vehicle insurance

How to Drive Down the Cost of Car Insurance

In Venice people drive boats to work!

The cost of car insurance depends on a lot of different stuff like your age, where you live, the car you drive, your driving record, your coverage, and the amount of your deductible. So, car insurance premiums — even for the same coverage amounts — are all over the place in price. If you’re fortunate enough to live in a low-premium state, like Maine, Iowa,…

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#Factors Affecting Auto Insurance Premiums

Part D: Coverage for Physical Damage to a Vehicle

Proper insurance protects your most precious memories.

This part of the PAP provides coverage for damage to your auto. The two basic types of coverage are collision and comprehensive (or “other than collision”).

Collision Insurance

Collision insurance is automobile insurance that pays for collision damage regardless of who’s at fault. The amount you’ll get paid is the actual cash value of the…

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#Part D Coverage for Physical Damage to a Vehicle

Part C: Uninsured Motorist Coverage

Uninsured motorists are a moral hazard to society.

Uninsured motorist coverage protects “innocent” victims of accidents who are negligently injured by uninsured, under-insured, or hit-and-run motorists. Nearly all states today require uninsured motorists insurance to be included in your liability insurance policy. You can still reject this coverage in most of these states.

Beware of Uninsured…

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#Part C: Uninsured Motorist Coverage

Part B: Medical Payments Coverage

Don’t forget to get insurance that covers illness or accidents overseas.

Medical payments coverage insures you for reasonable and necessary medical expenses incurred within 3 years of an automobile accident. But not more than the policy limits. It pays you even if you have other health or accident insurance. And, in most states the insurer reimburses you for medical payments even if you prove…

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#Part B: Medical payments coverage

Understand Your Automobile Insurance

Your automobile is a huge threat to your financial security! Damage or negligence can cost you everything! As you know, insurance protects individuals against the biggest share of possible losses. Automobile insurance is really a group of several types of insurance packaged together, and, you can adjust your coverage to exactly suit your needs.

The Six Types of Auto Insurance Coverage

The persona…

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#Liability insurance #Part A: Liability coverage #Part B: Medical payments coverage #Part C: Uninsured motorists coverage #Part D: Coverage for damage to your vehicle #Property damage #Traffic collision #Vehicle insurance

Know Your Homeowner Policy Limits

Automobiles can be added under an umbrella policy.

In Section I of your homeowner’s policy you’ll find the amount of coverage on the dwelling unit (coverage A) that gives the amounts on accompanying structures (coverage B), unscheduled personal property (coverage C), and temporary living expenses (coverage D). Generally, the limits under coverage B, C, and D are 10% to 50%, and 10% to 20%,…

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#coverage A #coverage B #coverage C #coverage D #Umbrella insurance

Understand the Limitations on Payment in your Homeowners Policy

Replacement cost of a Rolls Royce is very high.

Insurance polices operate under the principle of indemnity, actual cash value, and subrogation. There are also other insurance clauses that restrict the amount that can be paid out to you under a property and liability insurance contract. This is controlled through replacement-cost provisions, policy limits, and deductibles that dictate the exact…

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#Actual cash value #Insurance #Insurance policy #Replacement value

What Type, Who, and Where Is It Covered?

Losses that could otherwise have been insured rob your family of precious memories.

I’ve explained to you what types of property homeowner’s policies cover what. These policies also define the types of losses each of these policies cover and the persons and locations covered. Let me explain…

The Three Types of Losses Covered

There are three types of property-related losses that can happen to your…

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#Section I Coverage #Section II Coverage

Understand the Personal Property Floater!

This rare Puerto Rico Colonial Pattern Coin 1890 10 Centimos Patron NGC PF 62 is covered by a PPF.

Policies limit the type and amount of coverage you get. And your homeowner’s policy may not adequately protect your expensive personal property. But you can add a personal property floater (PPF) as an endorsement to your homeowner’s policy. You can also take out a separate floater policy.

Let me…

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#Personal Property Floater

What Sets Your Cost of Home Insurance

Don’t overpay for insurance.

When you are buying a home, pay really close attention to what impacts your premiums for home and property insurance…

Your home’s structure

The construction materials used in your home affect the cost of insuring it. A home built from brick costs less to insure than the same house made of wood. But, exactly the reverse is true when it comes to earthquake insurance —…

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#Cost of Home Insurance

Pay Close Attention to the Perils Covered!

Pay close attention to section II.

Some property and liability insurance agreements are called comprehensive policies.

These all cover perils except those that you specifically exclude. For instance, it doesn’t make much sense to insure for drowning on a home in the desert town of Elko, Nevada.

Named Peril Policies

Then there’s what are called “named peril policies” where you specify the perils…

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Homeowners Insurance Protects Your Biggest Need — Your Home!

A competent and honest independent insurance agent is worth his or her weight in gold for your family finances.

There are really only four different kinds of homeowners insurance …HO-1, HO-2, HO-3, and HO-8. There are two other kinds that are vital for you to understand, referred to as HO-4 and HO-6, which come into play when you rent renters or own a condominium.

Even the financially strongest…

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#Home insurance #Legal liability #Replacement value

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