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Liability coverage is to pay for the other party's damage in an accident that is your fault. It is divided into two parts, bodily injury and property damage. You have a choice of selecting what amount of coverage you wish to purchase.
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How General Insurance Can Protect You?
"General insurance" is the umbrella term used by the insurance industry to describe all policies other than life insurance policies. This includes various types of insurance for individuals as well business policies. The two most common types of general insurance for individuals are automobile insurance and homeowners insurance, both of which can include property and casualty coverage. The two most common types of general insurance available for businesses are commercial auto liability and commercial general liability. Other commercial general insurance products include premise liability, professional liability, product liability and operations liability. An increasingly popular commercial product is business interruption insurance that provides the business owner with income should a disaster fall that is covered by other parts of his or her policy.
What is forced placed Insurance?
Forced Placed insurance is the coverage obtained by your Lienholder when you fail to comply with the insurance required by your agreed finance note. Forced Placed coverage will not provide you with liability insurance that meets your states Financial Responsibility requirements, it only insures the lienholders interest. The terms of your finance contract will describe the required coverage. Failure to comply with the terms of your finance contract results in the lienholder obtaining it to protect their interest in the financed property.
Purchase General Liability Insurance?
form_title=Purchase General Liability Insurance form_header=Protect yourself and your business from accidents with general liability insurance. Describe the business and/or property needing insurance:=_ Have you had this product in the past?= () Yes () No How soon do you need this product?=_
What is the difference between Errors and Omissions Insurance and Professional Liability?
They are one and the same thing. The term "Malpractice Insurance" to describe a professional liability insurance policy is most often used in the medical professions and sometimes legal professions.
What is the term used to describe the periodic amount of money the insurer pays to a health plan for insurance coverage?
Capitation.
What is the difference between full coverage auto insurance and comprehensive and collision insurance?
This is a good question. Full coverage was a term that used to be used in insurance to describe a policy that had liability, comprehensive, collision and any other endorsements that the client wanted such as rental coverage and whatever else. Due to it being the day of suing over everything we don't use the term any more because too many attorneys have convinced people that full coverage had to mean every possible coverage that there is and then some even though the person knew what they bought. No individual responsibility for reading the policy or at least the declarations summary page, just sue. So now we don't say full coverage any more, we name each coverage separately.
Do I Need Insurance When Leasing a Vehicle ?
If you lease a vehicle, you still need auto insurance. Leasing a vehicle can make perfect sense for many consumers, but most banks will require that you purchase full-coverage car insurance to cover any damages or liabilities that you might cause during the course of operating the leased vehicle.Insurance for a Leased VehicleFull coverage insurance is a term that is used to describe insurance that is above the minimum amounts that are required by your state. A full coverage insurance policy will cover the market value of the leased car if you experience a loss while you are driving, and this type of insurance will pay regardless of who causes the accident. Full coverage insurance includes comprehensive insurance coverage and collision insurance coverage as well as coverage to protect you from uninsured and underinsured motorists on the road. A full coverage policy is more expensive than a liability-only policy, since a liability-only policy will only cover damages to other drivers or to property; it does not cover any damage to your vehicle.Limits Required by Leasing BankYou should also check with the leasing bank to determine the limits that your full coverage policy will need to cover. More than likely, your leasing bank will require that you carry a higher limit than your state requires. An increased limit will protect you in the event that you are involved in a serious auto accident.Gap InsuranceIn addition to regular auto insurance, you may be required to purchase "gap" insurance when you lease a new car. While most leases will require that you carry full coverage insurance, including comprehensive and collision coverage, on a leased vehicle, many will also require the purchase of gap insurance. As the name implies, gap insurance is insurance that will pay for any gaps between what your insurance pays and what is owed on the lease if you experience a loss. Gap insurance is important because vehicles depreciate in value, and if you have a loss early on in your lease, you may find yourself owing more on your leased vehicle than the insurance company is willing to pay. Sometimes this gap insurance is bundled into the cost of your lease and you don't have to actually choose an insurer or add anything onto your insurance policy. When compared to the coverage that it provides, it is generally inexpensive and adds just a few dollars each month onto your lease payment.
What is Broad form coverage?
A term used to describe comprehensive extended insurance coverage that often covers losses resulting from breakage of glass, falling objects, weight of snow, ice or sleet and water damage.
How do you describe cloud coverage?
Cloud coverage can be described in percent and decimal.
What is property and casualty?
Property of course is just that insurance for a particular property, the definition of casualty is ''Insurance coverage for loss orliability arising from a sudden, unexpected event such as an accident" so the term property and casualty insurance is losely used to describe, policys that contain coverage for a specific property and liablity protection. Most people would say, auto, home, boat, motorcycle insurance would be among these.
Does full coverage insurance cover unlicensed driver?
Not necessarily. Full coverage does not describe who is covered, but what is covered. In fact, full coverage is not an industry standard term. Most people that use that term, mean that they are carrying comprehensive and collision coverage. Those are the coverages that repair your vehicle after an accident. Every insurer is different in terms of who must be listed on your policy to be covered. Please check with you agent to be certain how your policy works. Source: Insurance Agent 8 years.
What services does Morris Auto provide?
Morris Auto provides car insurance as well as repairs for your automobile. They repair any vehicle that has faced collision and describe to you how to avoid such problems again.
