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They will only pay up to the limit on the policy.

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Q: Does an insurer have to pay you the value of the wreck recovery if a car is a total loss and under insured?
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Must a tenant pay the insurance company of the landlord for negligence in Ohio?

The answer dependent upon a few factors. If the tenant is an additional insured (sometimes called an additional named insured) on the policy, the insurer's right of subrogation (recovery from the at-fault party) usually does not apply. This is because upon the facts stated, the tenant is also an insured under the policy, so the insurer would in effect be subrogating against its own insured. If the tenant is not an additional insured or an additional named insured, the analysis would depend upon the terms of the lease. Some leases allow this kind of recovery, and others hold the tenant harmless.

What does excess clause mean?

sometimes an insurer will offer the insured a lower premium if the insured agrees not to seek compensation for amount under lets say 200 euro.

What is accumulation limit on a group Personal accident policy mean?

Known accumulation limit refers to a maximum exposure the Insurer will be liable to pay the insured in case of an event that is covered under a GPA policy. This cushions the insurer or the re insurer for instance in case of an accident leading to accident to many subjects insured.

Rights and duties of insurer and insured?

They vary per policy and per company. They will be listed on the policy itself under the section entitled "conditions".

What happens if the at fault driver does not tell his insurance company about an accident?

Insurance policies uniformly have provisions that require an insured to notify the insurer of an incident that could result in a claim. The requirement is usually phrased in terms of the notice being required "as soon as practicable". This eliminates the need for immediate notification, but does suggest that the notice be given as quickly as can be done under all of the circumstances. The failure of the insured to timely notify the insurer could result in the insurer denying coverage for the claim. That is, the insurer may take the position that it has been prejudiced by the late notice (or lack of notice), and that it will not defend the insured or pay damages for which the insured may be legally liable. The basis for the claim of prejudice generally is that the insurer was not given the chance, because of the late or lack of notice, to investigate the claim, develop a defense, and/or compromise with the person claiming damages. If the insurer does this, and the insured challenges the legitimacy of the denial of coverage, it will usually be the insurer's burden to prove that there really was prejudice. Sometimes that occurs in the context of a lawsuit brought by the insured against the insurer where the insured is seeking coverage. Sometimes it occurs in the context of a lawsuit brought by the insurer against the insured (often called a "declaratory judgment action") where the insurer asks the court to determine whether or not it is liable under the policy. In other cases, when the amount of money sought by the adversary is fairly small, the insurer will not push the issue and will overlook the late notice or lack of notice. In those cases, the insurer will in effect determine that it is not worth the time, effort or expense to try to avoid coverage based upon a late or no notice defense. Instead, the claim will be handled as any other.

Can you extend liability ins to vacation home in fl?

If both properties are insured under the same policy, Yes. If each property is insured separately under a different policy then you will need to contact the insurer of the pertinent property to address liability coverage issues.

Does insurance pay if you die while committing a felony?

The Insurer is at liberty to reject the claim of an insured involved in act of felony, if proved under the Court of Law. Even if the payment has been made to the insured, if the Court orders for forfeiture of claim amount already paid, the insurer is bound to take measures to get back the money from the insured and set aside the money as per directives of the Honorable Court of Law.

Is there an insurance company that will not pay out if i claim?

An insurance contract is an agreement between the insurer and the insured. By its terms, in return for the payment of a premium by the insured, the insurer agrees to pay on behalf of the insured, certain damages for which the injured may be legally liable. The insurer may have other obligations, too, such as to provide a defense (hire a lawyer and pay related expenses) on behalf of the insured. It is important to understand that both the insurer's and the insured's obligations are specified in the policy. Therefore, if there is an occurrence that falls outside of the undertakings of the contract, the policy will not provide coverage. An example of this is that an auto insurance policy does not provide coverage for damage to furniture caused by a house fire. Likewise, if the insured has not paid premiums as agreed and the policy lapsed before a covered occurrence happened, the insurer may properly deny coverage because the policy was not in force at the time of the occurrence. There are other circumstances under which an insurer may be within its rights not to pay. Just what those circumstances are depend upon the kind of insurance involved and the facts of the dispute.

What does an insurance company do with salvaged personal property?

If an insurer pays for the total loss of personal property, including a car, it usually becomes the owner of the property as part of the resolution of the claim. The property is then sold so that the insurer may recoup some of its loss. There are some entities, such as scrap metal companies that deal in that kind of property. Under some circumstances, the insured wishes to keep the property. That can usually be negotiated, but the payment to the insured on the claim may be adjusted accordingly.

What if someones insurance refuses to pay for the damage his insured caused?

Listen to the explanation. It can be because the insured did not have the specific coverage to pay for your damage. For example, if the other party had collision coverage only on his/her auto policy, it would not pay for your damages because it covers only damage to his/her car. Liability coverage would be needed to pay for your damages. Another reason might be that the other party, especially if insured under a commercial policy, might have a large self-insured retention. This is similar in nature to a deductible, but applies to the liability coverage. The insurer is not obliged to pay until damages exceed the amount of the retention. Yet another reason is that even if the other party did once have liability coverage, it may have been canceled because the personh did not make the required premium payments. The insured is generally required to timely report the collision to his/her insurer so that the insurer can investigate. If there has been no report, or if the insured otherwise fails to cooperate with his/her insurer, coverage may be denied. Finally, the insurer, after investigation, may conclude that its insured did not cause the damage. If so, you will have to decide whether to sue the other party for damages. If the occurrence was one to which the insurance applies, the insurer will generally defend its insured in the suit and pay those damages which the insured is found to be legally liable.

What are the insurance duties?

This is too broad a question to be answered succinctly, because an insurer has many duties. They depend, in part, upon the kind of insurance involved, and the legal requirements of the state in which the policy was issued. For example, under a liability policy, an insurer generally has the duty to investigate a claim made against the insured in order to determine whether it comes within the coverage of the policy. If it does not, it has the obligation to promptly notify the insured so that other arrangements for protection may be made (such as hiring ones own lawyer). If there is coverage, the insurer generally has the obligation to defend the insured by hiring a lawyer at its own expense, and paying any amounts for which the insured is found legally liable (up to the policy limits). Similarly, the insurer has an obligation to settle a claim within policy limits, and to thereby protect the insured from personal liability for any excess damages if it is possible to so settle the claim.

How are the terms risk and exposure used interchangeably?

The terms have a similar meaning and import in the area of insurance. Both terms relate to the occurrence of an adverse event, resulting in financial damage, to the person or entity who purchases insurance. "Risk" is often more linguistically connected to the insured's side of the transaction. That is, the insured seeks to shift its risk of loss to the insurer, in return for paying a premium. In turn, the insurer assesses the "exposure" of the insured to a calamity that may trigger payment under the policy. Based upon that assessment, the insurer determines whether it wishes to insure the risk, upon what terms, and for what premium.