The promise that something will be paid in case of loss. Used to cover important items and reduce personal risk. This tag covers how to get it, how to keep it, what kind, and why you should have it.

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32
votes
8answers
7k views

Insurance company sent me huge check instead of pharmacy. Now what?

I received a $20,000 check from my insurance company that was supposed to go to my specialty pharmacy. It's made out to me. Since it was obviously a mistake, I called the pharmacy, and they said to ...
0
votes
0answers
13 views

What is the most honest explanation of aquisition fee in unit link?

When people combine insurance and investment, they are buying products called unit link. Usually, 100% of premi is gone for acquisition fee. Different insurance agent do it differently. The worse of ...
0
votes
1answer
27 views

Auto liability insurance and underinsured policy

I live in MA. Recently I was in an accident where the over driver was at-fault 100% and is not contesting this. I was moderately injured and had several dr appoints and tests for broken ribs and being ...
2
votes
1answer
80 views

Condo hazard insurance — who takes the next step? Everyone else is refusing

I live in California. The bank (in Atlanta) who has our home loan needs to see proof of our condo master hazard insurance policy or they will buy us a policy. The agent who sold the policy told me ...
0
votes
1answer
20 views

Insurance broker - Online vs. physical location?

I have had my home & auto insurance with USAA for a couple of years now, and have never filed a claim. I have heard people recommend finding a broker with physical presence, to deal with ...
2
votes
1answer
108 views

How do I minimize my risk when loaning someone my car?

My wife and I recently had a third child, so we bought a minivan to replace her compact car. Since the car is over 10 years old with almost 150K miles, we know it won't bring us much money, so there ...
6
votes
2answers
92 views

Deposited a 1m Life Ins. benefit check to WF. Do you foresee any issue dividing it up in 1/4?

Deposited a 1m Life Ins. benefit check to Wells Fargo. Do you foresee any issue dividing it up in 1/4 by opening three other accounts and either writing a check or wire to move? Concerned with any ...
4
votes
3answers
255 views

Why can you not have more than one car or homeowners insurance policy?

It is not only possible, but often encouraged to have more than one life insurance policy (for example, the first term policy you have, plus a new one as your financial needs have changed, plus one at ...
2
votes
1answer
56 views

What is the difference between Uninsured Peril and Excluded Peril

I was reading up on past Charted Institute Insurance (CII) Exam papers and I came across the following question 1) Insured Perils 2) Uninsured Perils 3) Excluded Perils In my opinion, ...
3
votes
2answers
42 views

Can you get umbrella insurance from a different company from where you get your basic home/auto insurance?

I presently have auto and house insurance with a single company (call it company X). They have a local agent and the cost and responsiveness is quite nice, so I'd rather not leave them. However, the ...
2
votes
1answer
154 views

Is robinhood backed up by an insurance company

Robinhood is a mobile broker that charges $0 commission, but because it's unclear how their business model makes money, I have read a lot of skeptical threads about it.... My question is that is this ...
3
votes
2answers
69 views

Do I need Personal Injury Protection if we have great health insurance?

We don't have any maxes on our insurance and our deductibles are not too bad so it seems like carrying personal injury protection on our car insurance is a waste. I want to lower it to the min 20/40k ...
0
votes
1answer
30 views

Child Insurance Policy-if proposer is missing

I have taken an insurance policy for my son, which is having premium waiver rider in case of my death or disability...Just wants to know what will happen..if I along with my husband gets missing..
4
votes
2answers
311 views

What happens if a person with life insurance goes missing and is found many years later?

Suppose a person has life insurance and goes missing while the policy is valid. His body is not found, noone saw anything which would be an evidence of the person death. Suppose going missing is not ...
1
vote
1answer
36 views

Contribution Principle for Insurance

I was reading up on Contribution Principle of Insurance when I came across the following example used to explain the concept In the homeowner example, if the owner bought two $250,000 policies on ...
-1
votes
1answer
153 views

Do you need to have insurance on an unused car?

I'm buying a car and garaging it until I can fix it. Do I need to have insurance on it to be able to register it (so I won't get fined for not registering it) or can I just register it like that since ...
7
votes
1answer
153 views

At what damage amount should I pursue a homeowner's insurance claim?

We have a recently built house (2008). This past year, a roof leak materialized. I am out of pocket $3250 for several contractor visits that tore out interior drywall, recaulked flashing and siding, ...
0
votes
2answers
70 views

minimize personal property coverage on homeowners insurance

This month, my homeowners insurance is due for renewal. I noticed that the personal property coverage is beyond $100k, which exceeds my needs by at least two orders of magnitude. Honestly, my personal ...
2
votes
1answer
88 views

Insurance coverage for a difficult to find vehicle

How will a claim and potential lawsuit go for a vehicle which is only booked on Nada at $17k high retail, but would cost $25k - $35k or more to find a replacement in average condition/poor condition? ...
1
vote
0answers
38 views

Actual Cash Value (ACV) of a remodeled mobile home

I have an investment mobile home manufactured in 1972. Last month a contractor was removing trees and landed a big one on my mobile home, cutting it in half and totaling it. My question is regarding ...
0
votes
0answers
40 views

Need a higher car insurance premium as a dependant?

I'm looking to purchase a new car; my current car is 15 years old and has a lot of miles on it. I started a new job that is much further away from home and I need something more reliable. Anyway, I ...
0
votes
1answer
52 views

Query about Personal Accident cover

I work in a MNC in India. I have a query about Personal Accident cover. I read in a ET article as 'cheap and essential'. When I asked around about this with few individuals, they advised to buy ...
1
vote
2answers
226 views

Should I Purchase Health Insurance Through My S-Corp

I currently have an S-Corp, of which I am the only employee. As of this year, I started purchasing my own health insurance through healthcare.gov. In previous years, my wife and I were insured ...
2
votes
3answers
73 views

Which types of insurances do I need to buy?

I work in a MNC in India and can save up to Rs.10000 per month. My parents and sister are dependent on me. I like to use this 'extra' money to buy insurance for any contingencies. So far, I have ...
0
votes
1answer
71 views

Is it safe to have pension plans with an insurance company with a strong brand but not-that-good credit rating?

I am looking for a pension plan and as part of my investigation, I am checking the credit ratings of the company(eg Moodys). What I am seeing is that the company is having a Baa2 rating. Though the ...
-1
votes
1answer
42 views

long-term disability question what plan to pick?

At my work I am offered two plans. 1st one is for $55.08 per year pre taxed 60 percent and the 2nd $480.68 per year post tax 65 percent. I am 52. What's the best option?
2
votes
1answer
114 views

How do insurance companies calculate cost of replacement, specifically for a bike?

I had my bike stolen from my apartment. My renter's insurance covers "cost of replacement" for my bike. However, my bike was 8 years old and the model is no longer made. Bike costs in general have ...
97
votes
24answers
16k views

Why buy insurance?

I don't understand why people buy insurances when they know that odds are is not their favor. Is it not better bet to stay uninsured, and save money? I am not talking about house insurance. About ...
5
votes
3answers
2k views

“$100 Copay before deductible/40% Coinsurance after deductible”

I'm shopping for health insurance. (U.S., federal exchange, I'll be losing COBRA which is a qualifying life event.) One of the plans describes its emergency room costs as: $100 Copay before ...
9
votes
4answers
452 views

What's the reason I can't have insurance with more than one company?

Excuse my pure ignorance on this matter, I barely understand the basics of any insurance. When I first moved to the UK years ago I have been told that I can't have life, health, car, contents ...
3
votes
2answers
113 views

How to get individual long-term disability insurance when you already have a group LTD plan with your employer?

I am a tech worker. My employer offers group LTD that covers 60% of my salary? I went out in the market to get an individual policy but my agent cannot find a company who will underwrite a policy with ...
2
votes
0answers
105 views

Change in health care deductible with newborn

My wife has health coverage (different from mine) through her employer. Her deductible is $1300. In May my daughter was born. Until then my wife incurred a lot of expenses and met the deductible. ...
4
votes
1answer
120 views

Claiming loss of income due to water damage in residence

I have been recently required to vacate my residence due to flooding. The ceilings, floors and fittings need to be removed from the bathroom, kitchen and hallway, rendering the property uninhabitable ...
2
votes
1answer
212 views

How to dump whole life insurance?

I'm 5 years into my whole life policy with NWM and realizing that its just not a good investment. I've put in about 25k and now have 17k in cash value. I would like to take out that 17k and invest it ...
5
votes
3answers
286 views

How does visibility of a house from the road or neighbors effect home owners insurance costs?

When applying for home insurance I was asked: Is the house visible from the road? Is the house visible from neighbors' houses? How are the answers to these questions likely to change the ...
1
vote
1answer
64 views

Do we have to pay insurance while on short term disability?

My wife is about to go on short term disability for 3 weeks for maternity leave. Her work is telling her that we need to keep enough money in our account to cover her insurance premiums while she is ...
2
votes
1answer
113 views

Should I car share or buy a car?

I recently got a job that pays 25k€ a year (I get 1.5k€/month after taxes I live in a heavily taxed country). My company will pay me my master's and engineering degree that I begin in september at ...
0
votes
1answer
57 views

Should I report driving tickets on my international driving permit to insurance companies

I have an international driving permit I got from India for driving into United States. I have 2 tickets on it in US. Now that I have got my own driving permit in US, should I report to insurance ...
1
vote
1answer
74 views

flex spending when transitioning from full time to perdiem

I am moving from a full time position with health benefits and $2500 in flex spending to a perdiem position. I gave my notice to decrease from full time to perdiem without benefits as of 7/6/15. How ...
1
vote
1answer
158 views

Is my car overinsured if my net worth is high enough?

My net worth is approx. 200k (distributed in checking for emergency, bonds indices for bigger emergency, and stocks for retirement) and I make between 15k-35k per year (it varies). I've been ...
3
votes
4answers
1k views

Do I need to insure a large check when sending via mail?

My girlfriend has a bank account that is on hold because of a stolen debit card number. She recently signed a contract for 90k but has the first check in my name for 60k. She is stuck in London for a ...
8
votes
3answers
795 views

Does liability auto insurance protect any of your assets?

I'm confused about the Liability auto insurance. Some online resources appear to say that you must have as much liability insurance as the total value of all your assets, whereas others just say to ...
1
vote
0answers
177 views

FHA loan just commenced : Any way to get any of the up-front mortgage insurance back?

Background : I ended up in a nasty situation where my FHA lender had over 7 weeks to prepare, and through indolence, was going to miss closing. Lender became very unresponsive - multiple multi-day ...
0
votes
1answer
119 views

Supplemental Insurance for Martial Arts Students

I would like to know if there are supplemental insurance policies for people who study martial arts (living in the United States). Specifically, I would like to find a policy that covers injuries that ...
1
vote
1answer
111 views

Can I use FSA funds to pay for expenses outside of insurance start period?

I started a new job on February 2, 2015. But my plan year starts on October 1, 2014 and goes until September 30, 2015. I had a doctors visit that I will have to pay completely for because I was not ...
4
votes
2answers
1k views

How can you find out what life insurance a deceased person had?

So it seems like the way life insurance is supposed to work for a deceased person is that the beneficiary is supposed to somehow inform the insurance company of the insureds death (presumably by ...
2
votes
2answers
72 views

Downside to large deposit instead of insurance policy?

On VRBO (and perhaps others) there is an option to either pay $79 for an insurance policy covering $3000 in damage to the property or place a deposit for the same amount: Assuming that... The ...
12
votes
1answer
271 views

How does a tuition insurance payment affect 529 withdrawals?

Qualified college tuition and expenses were paid from a 529 plan in 2014. The school sent a 1098-T and the 529 plan sent a 1099-Q and everything was fine on my 2014 taxes. In 2015 my child has left ...
6
votes
2answers
3k views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
0
votes
0answers
47 views

Depositing an insurance check made out to a foreign ltd into a personal US account

I own a boat which is registered in the BVI's in an Ltd. name. There is no business and thus no bank account for it. I am a U.S. citizen with a regular U.S. bank account. I incurred boat damage and am ...