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Can a contractor force their subcontractor to raise their car insurance premium?
Wiki User
∙ 12y ago
I think you mean can a general contracto force their subcontractor to raise their car insurance coverage limits. Some people choose to buy insurance with very low limits which do not provide a lot of protection. If you work for someone like a general contractor they can require you have a certain level of insurance. The reason they might do this is because they may have insurance that starts at a certain dollar limit. For example
You buy insurance which covers damage cause if you car hits someone up to $25,000. The contractor may have insurance that starts at $50,000. This means that you would need insurance that covers up to $50,000 and the the contractors insurance would start paying after $50,000.
Premium is the money you pay to purchase a policy. If you increase your coverage limits from say $25,000 to $50,000 it will of course increase your premium cost.
Wiki User
∙ 12y ago
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What does the term 'premium volume' mean?
The term premium volume is a measure of in-force business in a health insurance company. In-force business refers to the aggregate total of insurance policies which are being paid that a health insurance firm has on its record.
What is the term for periodic payment to keep insurance policy in force?
premium
Can a homeowners insurance company force you to use their contractor for repairs?
No, an insurance company cannot force you to use their own contractor unless they invoke their option to repair pursuant to the policy. Take a look at your policy and ask the company if they are invoking their option to repair. If not, you are free to use your own contractor.
The amount of money paid to keep an insurance policy is force is the?
basic premium
Do you need to have credit to get motorcycle insurance?
No you do not need credit for motorcycle insurance, but you do need to pay the premium on an insurance policy and have it issued and in force under state law.
What is paid up contract in Insurance?
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
What is a waiver of premium for life insurance plolicies?
Waiver of premium on a life insurance policy or disability insurance policy means that in case of a disability, the insurance company will waive the premiums and keep the policy in force. This is a layer of added protection in case you can't afford to pay the policy due to loss of income in case of an illness or accident. All disability insurance policies include the waiver of premium at no cost, keeping the policy in force while you are disabled and receiving disability benefits. Life insurance policies have the waiver of premium as a rider which usually cost additional premium to add. Consult a life and disability specialist to help you choose the best plans available to you.
When is a life insurance policy in force?
A life insurance policy is said to be "In Force" or "Active" if the policy holder makes all his/her premium payments on time. Insurance company's offer a grace period (Of around 30 days) from the due date of the premium and in that grace period too, the policy is considered to be Active. However, the moment the grace period is crossed, the policy becomes Lapsed/inactive.
Can health insurance force you to pay for the grace period?
All insurance policies have a due date on which the periodic policy premium is payable. However, most also have a grace period, which is a stated number of days (often, 10) beyond the due date, during which the premium may be paid and will be accepted by the insurer without penalty. If the premium is not paid by the time that the grace period expires, the policy will in most cases expire or be cancelled for nonpayment of premium. An exception to this result may be when, in the case of whole life insurance, there is an accumulation of cash value. In that case, the unpaid premium may be paid from the accumulated cash value so as to keep the policy in force for a further period of time.
What best describes term life?
Term insurance is best described as a type of life insurance that provides only death benefits without the accumulation of cash value.Cash value can be compared to a savings account within the policy. An additional amount of premium is paid in addition to what is enough to compensate the insurer for taking the risk of the insured's death during the time the policy is in force. A premium is the periodic amount of money paid as the price of the insurance.In contrast, term insurance has a lower premium than an equal amount of whole life insurance because there is no savings element. The person paying the premium is only paying for the death protection.Because term insurance does not gather cash value the policy will terminate if a premium is not paid when due. This contrasts with whole life insurance where the accumulated cash value may be enough to keep the policy in force for a time even if further premiums are not paid.
Do you have to accept subcontractor agreements that are already in force when buying an existing business?
It all depends on what was specified in the sales contract.
If you cancel the insurance will you get your money back?
The answer depends upon how long the policy has been in force. There may be a right to a refind of premium paid, called an "unearned premium". However, it exists for only a finite period of time and depends upon the terms of the policy.
