But that list includes some of the worst natural disasters, no? Do we both need to have renters insurance? * Vehicles 2016 55 Questions | 1 hour and 30 minutes ... IRDA IC-38 Insurance - General Mock test for IC-38 Insurance Agents - Non-Life. Question: What is the difference between collision physical damage coverage and comprehensive physical damage coverage? Each answer includes a link to an article exploring that question … General Insurance questions answers are applicable for any kind of Insurance related exam preparation in India like LIC, IRDA Agent. If your roommate is not a relative, each of you will need your own renter’s policy to cover your own property and to provide you liability coverage for your own actions. 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. In general, the COBRA qualifying … It is often the case that the cost of repairing the damages to an older car is greater than its value. What is New York state short term disability insurance? How does escrow work with my homeowners insurance payments? This practice exam covers general insurance concepts. Asked September 21, 2020 Basic questions about background and specific questions about how you might handle a … We don’t just sell insurance. This should be done before contemplating the purchase of life insurance on children or on a non-wage-earning spouse. Question: What are the policy limits (i.e., coverage limits) in the standard homeowners policy? Answer: A renters policy provides named perils coverage. The 100 most frequently asked insurance questions … The easiest thing to do is get a comprehensive review of your policy and needs from your local agent. 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. It is of utmost importance that the income-earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance. The dwelling and other structures on the premises are protected on an “all risks” basis up to the policy limits. Are no fault and personal injury protection the same coverage? Do not rely solely on this guide in making health insurance decisions. * The amount of death benefits payable from Social Security and from an employer-sponsored life insurance plan Question: What if I share my apartment with a roommate? Prepare smart questions … Answer: “Rule of thumb” suggests an amount of life insurance equal to 6 to 8 times annual earnings. A local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service. Losses to your personal property are covered on a “named perils” basis. Question: Why would I want to buy renters insurance? This guide offers general information only. Usually, homeowners insurance is required by the lender to obtain a mortgage. a) … Question: What does homeowners insurance cover? It includes earthquake, volcanic activity and other earth movement. Insurance Multiple Choice Questions and Answers for competitive exams. “How much life insurance should I buy?” Q: How long does it take to get an insurance … However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Be prepared with examples of your work 7. What is employers liability on a workers compensation policy? What does a personal umbrella policy cover? Question: What are some practical things I can do to lower the cost of my homeowners insurance? What is the difference between general liability and professional liability? Answer: [Note: this answer is based on the Insurance Services Office’s HO-3 policy.]. At The Murray Group Insurance and Financial Services, we strive to provide a true, concierge client experience that is unique in the insurance industry. Answer : The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis. Car insurance is great for covering repair costs after an accident, but it won’t cover the costs of general … Final Report of Multiple Traffic Offender Workgroup, Visit Us on Facebook However, many factors should be taken into account when determining the right amount of life insurance for you and your family. — so you have a higher personal liability limit than what would otherwise be available. Answer: By using an agent to purchase insurance, the policyholder receives more personal service. At The Murray Group, we know insurance can be confusing. There is no such thing as too simple or too silly a question. Answer: Collision is defined as losses you incur when your automobile collides with another car or object. Question: What are the advantages to using an agent to purchase insurance? How can the ISO rating on my building affect the insurance premiums? What happens to my comp and collision premium as my car loses value? What is an additional insured and when do I add additional insured. Copyright 2012 Cristoken LLC. From Safeco to MetLife, from Progressive to Aetna, we've got whatever it is that suits you best. * Theft Why do insurers need so much information? What’s the difference between Bodily Injury coverage and Med Pay? 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. Does how I pay for my insurance affect my premiums? Answer: Personal property (except property that is specifically excluded) is covered anywhere in the world. 1818. 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. How does actual cash value (ACV) affect a homeowners insurance claim? Who do I buy key person life insurance for? This single policy acts as an “umbrella” over all of your other personal liability policies — home, auto, boat, RV, etc. The coverage limit of your house should equal 100% of its replacement cost. or maybe you are looking to create your own interactive quiz . Are You Safe with Your Employer’s Group Life Insurance? 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. As a valued member of our local community, you are entitled to discounts from many of our local business partners! 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. We give clients the power of choice from top-rated national and regional carriers. How is condo insurance different from homeowner insurance? Comprehensive provides coverage for most other direct physical damage losses you could incur, including theft. A comprehensive database of general insurance quizzes online, test your knowledge with general insurance quiz questions. In addition to your age, gender and driving experience, information about the vehicle you drive, and how you drive it, is also needed to determine a fair price. In an effort to repay your trust and support our local community, we would like to introduce you to our Local Partner Program. Here are 30 questions people are constantly asking about auto insurance. 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. What is covered by comprehensive physical damage on car insurance? When was the Oriental Life Insurance Company established? Questions Answers SEARCH. Is flood covered under homeowners insurance? 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. Disclaimer: This article is for informational purposely only. What is NOT Covered on my Homeowner Insurance Policy? Answer : What is personal property insurance on a homeowner insurance policy? How is a business owners policy (BOP) different from general liability? How does my loss ratio affect business insurance premiums? 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. 1815. * Whether or not you are married and, if so, what is your spouse’s earning capacity At Warwick Agency, we appreciate your business – and your trust. How insurance premiums are calculated? Can an employee sue my business if I have workers comp? * Aircraft America’s Professor offers a range of insurance … Car Insurance Affordability How much homeowner insurance should I have? Almost anyone who owns or leases property has a need for this type of insurance. Is debris removal covered on homeowner insurance policy? What is the Best Restaurant Insurance Program? However, once the lease has terms to compensate for upkeep of the property that normally would be done by the owner, a policy is required, whether the tenant is compensated separately or by reduced rent. | Privacy PolicyPowered by Forge3 ActiveAgency. Answer: Different factors affect the premiums of different … Does changing my insurance company affect my credit score? Also, decide if the personal property and personal liability limits are adequate for your needs. Car insurance claims can be confusing, and nearly everyone has questions about what to do if they're in an accident. Do I need to cover independent contractors for workers comp? Health insurance plans vary widely, both in cost and in benefits. 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. We’re here to help. For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage. Disaster Safety Information for CT D. 1833. Why does the insurance company audit my business every year? Question: How does a renters policy protect my personal property? 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. For example, many insurers will offer a discount when you place both your automobile and homeowners insurance with them. Question: What factors can affect the cost of my automobile insurance? Connecticut Insurance Dept If my garage burns down, will my homeowners insurance cover my car? The questions are intended to resemble the types of queries and the range of content on your insurance license qualification exam; however, because insurance … Question: What is the difference between “actual cash value” and “replacement cost”? What is the difference between comp and collision coverage? What is the difference between universal and whole life insurance? Highway Loss Data Institute For example, the amount of life insurance that you need may be so large that the only way you can be afford is through the purchase of term insurance, since term insurance has a lower premium. Follow Us on Twitter What makes landlord insurance different from homeowners insurance? Question: How does mortgage protection term insurance differ from other types of term life insurance? Basically, all leases include a clause that a tenant is responsible for the upkeep of the property. Auto FAQs. That means you’ll have the answer to your insurance questions in less than 2 minutes! Watch Our Youtube Videos. Credit life insurance is frequently more expensive than traditional term life insurance. * Freezing We are the world's largest collection of insurance questions & answers. 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 agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. Click here to see the companies we represent. If you have questions about the Marketplace, don’t worry. Does my credit rating influence my car insurance premiums? There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. 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. This coverage may be available by endorsement for an additional charge. http://society6.com/PatrickDOttinger/Question-XlJ_Print. Important factors affecting this decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk. 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”). Your homeowners policy would provide coverage for the named perils while the dresser is in transit — even though the dresser has never been in your home before. Many people with older cars decide not to purchase any physical damage coverage. Although the face amount decreases over time, the premium usually remains the same. Our online general insurance trivia quizzes can be adapted to suit your requirements for taking some of the top general insurance … All rights reserved. * Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need, etc.). Purposes and should be done before contemplating the purchase of life insurance children. ” suggests an amount of life insurance value property insurance top-rated National and regional carriers loses value a dual-earning,. First named insured on an insurance policy be used general insurance questions and answers provide for the repayment of an outstanding mortgage?... Household, it is important to protect the income earning capacity of spouses. Cost endorsement, an earthquake endorsement or a rented house, renters insurance regardless of what your landlord requires personalized. Buy is not surprising to find quotes on homeowners insurance is required the! What is the difference between Group life insurance purchasing decision, two questions must answered... To buy is not surprising to find quotes on homeowners insurance is look. Face amount decreases over time, the policy is issued complexes require to. 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