Questions tagged [insurance]

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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5
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1answer
228 views

Is the risk premium with insurance higher or lower than investments?

Insurance of any kind is always going to have a lower expected value than self-insuring. If there's a 10% chance of a loss of ₹100 occurring, insurance companies will charge more than ₹10, to cover ...
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4answers
295 views

How to negotiate cheaper car insurance?

I'm a new driver and I've been paying about £70 per month on my insurance which makes sense given my position. I obtained a new quote from the same insurance company and the price was £50 per month. ...
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7answers
10k views

If I let a friend drive my car for a day should I tell my insurance company?

If you have a friend visiting from out of state and you let them drive your car to a museum or something, as a one-off thing, I think it's a little impractical to let your insurance provider know that ...
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0answers
71 views

What does the acquisition fee in a unit-linked insurance plan pay for?

In my experience, 100% of the premium for a Unit-Linked Insurance Plan goes to something called an acquisition fee. Different insurance sellers appear to explain it differently: The least ...
3
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2answers
182 views

Tips for insurance coverage for one-man-teams

I'm a solo software developer and would like to find some reasonable health insurance for myself. My wife has a job which allows me an opportunity to participate in her insurance group, but it is a ...
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2answers
245 views

Renters Liability in Case of Liability Claims for Property Damage or Fire

I am subleasing a room in a house in San Francisco. The landlord does not turn on the central heater ever, so I am running my space heater occasionally. In case of the unlikely event of a fire being ...
3
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2answers
358 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 ...
0
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1answer
378 views

Does WageWorks / FSA verify your claim submissions with your health provider?

I underwent a medically necessary treatment with my healthcare provider as soon as my insurance went into effect for the current period, and paid via an FSA card. Shortly after, I was required to ...
2
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2answers
1k views

Am I formally insured during the COBRA election period if I ultimately choose not to elect coverage?

I have recently quit my job to freelance and I am now in a position where my old health insurance ends on 8/31, but my new health insurance can only begin as soon as 10/01. However, until 10/31, I can ...
8
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3answers
540 views

Does the cost of long-term care insurance depend on your health?

I'm 50, living in California, planning to retire early at 60, and am trying to do projections of to make sure my wife and I have enough money so that I can do this. I think I have most of the ...
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5answers
2k views

What's the difference between Term and Whole Life insurance?

How would one decide which is most appropriate? Are there tax or benefits differences that one offers over the other?
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5answers
2k views

Is it better to pay an insurance deductible, or get an upgrade?

My wife's phone broke recently, and we called in to our phone's insurance program to ask for help. The program is offering to replace the phone, at a $149 dollar deductible! The payoff balance ...
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1answer
63 views

Evaluating an endowment policy for its fairness against other tax saving options in India such as PPF, EPF and even FDs

I am talking about specific endowment policy: Jeevan Anand. Firstly, there was old Jevaan Anand (Plan 149). And now there is new Jeevan Anand (plan 815). I had old Jeevan Anand policy. It is endowment ...
-1
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1answer
62 views

Can a stable value fund contain equities?

Can a stable value fund legally contain equities? I understand that the insurance premiums would be very high, and because most stable value funds are provided by insurance companies it would be ...
9
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3answers
91k views

What is the difference between pre-tax and post-tax paycheck deductions?

I am getting insurance for about 4 months, the length of my contract with a company. I am given the option of having the cost deducted from my paycheck pre-tax or post-tax. What is the difference? ...
4
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1answer
255 views

Do I need to have a formal rental contract to get renters insurance?

My girlfriend is going to college for the next 4 years and her parents just bought her a condo to stay in while she is at school. I will be staying in it with her, and there is a room for her parents ...
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0answers
41 views

Insurance for car rental [duplicate]

I'm trying to find the best way to have a good insurance coverage when renting a car without a credit card or car insurance. Here is my situation: I've arrived 6 months ago in the US, and am ...
3
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1answer
2k 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, ...
4
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2answers
717 views

Getting Earthquake Insurance on a new Mortgage

I live in the bay area, CA where there are many earthquakes. I was recently reading: http://blog.petetheplanner.com/financially-what-happens-when-your-house-burns-down/ which stated that your home ...
4
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1answer
739 views

How to recover value from a term life insurance policy?

This happened in Canada. A person has a life insurance policy that matures in 2024 (in 9 years) and he has been paying monthly premium since 1996 (for 19 years). He lost his job and is not able to ...
1
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1answer
151 views

Auto insurance medical expense payments

My auto insurance offers an option for 'Medical Expense Payments' which says it: Pays medical expenses such as surgery, x-rays, ambulance, and physicians, regardless of who was at fault. I ...
3
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3answers
361 views

Does it make sense to look for medical plans outside “Obamacare”?

Does it make sense to look for medical plans outside of the ACA Exchanges (such as the https://calheers.ca.gov/ in California), or are those as good as it gets? If it's illegal for the insurer to ...
1
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1answer
67 views

Term insurance or Pension plan?

5 years back when I was single and needed an investment to reduce tax liability, I bought a life insurance policy. The cover is 10,00000 INR but it has a money back option which pays 100000 INR, every ...
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1answer
2k 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 ...
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1answer
86 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
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1answer
177 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 ...
3
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1answer
212 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 ...
26
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8answers
8k views

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in ...
6
votes
2answers
108 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 ...
9
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4answers
249 views

How to take a home inventory?

An answer to the question Spring cleaning for your finances? Is there any activity that should be done annually, with respect to your money? mentioned home inventory: The Inventory is also very ...
7
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1answer
205 views

Buying a home, it appraised higher than the purchase price, does this affect mortgage insurance?

I'm kind of curious, does the fact that my home appraised higher affect mortgage insurance payment at all? It appraised for about 2% higher than I'm paying for it, and it'd be nice to remove a year of ...
0
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1answer
2k views

What is Loss Assessment Coverage?

I am buying a condo and looking for condo unitowners insurance (HO6 policy). What is Loss Assessment coverage? Can I use it to pay any special assessments imposed by HOA e.g., when they have to do ...
2
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1answer
207 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 ...
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1answer
359 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 ...
9
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1answer
520 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, ...
6
votes
6answers
2k views

I am thinking about cancelling my car insurance. Will there be any hidden costs down the road?

I own my car outright and just moved to a large city. Public transportation and access to a roommate's car makes transportation easy. I am thinking about storing my car at my parents house and ...
0
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2answers
569 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 ...
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0answers
114 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 ...
11
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4answers
2k 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 ...
2
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2answers
1k 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 ...
1
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1answer
82 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 ...
2
votes
3answers
139 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 a ...
8
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2answers
4k 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 ...
3
votes
3answers
311 views

How to protect a Stock you still want to own from a downturn?

I have a few stocks on my portfolio that I still like and I still believe I should own. They still meet all my buy signals, so I will still buy them today. However, the stock market is not doing ...
2
votes
1answer
1k 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 ...
123
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23answers
22k 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 ...
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1answer
53 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?
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5answers
35k views

What to do with expired cards (credit, debit, insurance cards, …)

I wonder if it is safe to throw away expired cards (credit cards, debit cards, health insurance cards) with name and card/account/ID number as trash. Even if other people have them, will they be able ...
15
votes
8answers
579 views

Buying insurance (extended warranty or guarantee) on everyday goods / appliances?

I have a practice of never buying insurance except when the law demands, such as car insurance, or when the loss would be too great to bear, such as house insurance, and this policy has saved me a lot ...
3
votes
1answer
525 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 ...

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