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Part of it is used to pay the wages of the people who work for the insurance company, part of it goes as earnings to the people who own the company, and some goes out to cover damages that insurance holders claim compensation for.
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Why does the insurance company get paid back the money Isn't that why we pay our premiums?
You pay premiums because insurance companies are a business and they are there to make a profit. Also, the premiums you pay go into a pool of money so the insurance company can pay out claims when necessary.
Do you pay car insurance per month?
Most insurance companies will allow clients to pay their insurance premiums monthly, quarterly, semi-annually, or annually.
What rights do an employee have if their company deducted insurance premiums from their pay but failed to pay the insurance premiums to the insurance company and the insurance was canceled?
Seek an Attorney.
Where can you get insurance for automobile racing?
Most insurance companies won't, but Lloyds of London will cover anything, you just need to be able to pay the premiums.
What has caused or allowed life insurance premiums to drop?
There are a number of different reasons premiums for life insurance may drop over time. The premium for a life insurance policy is the amount you pay in return for the life insurance coverage on your life. The insurance company promises to pay out a death benefit to your beneficiary of you die, in return for your premiums you pay on your life insurance policy. Premiums are based on several factors, including your age, health, occupation, hobbies, lifestyle, if you smoke, driving record, credit history, height-to-weight ratio, etc. In addition, the type and amount of life insurance will have an affect on how much you pay for life insurance. What can lower life insurance premiums? Life insurance companies may lower their premiums over time if they have fewer claims, more people cancel their life insurance plans before dying, or people live for a longer period of time
By how many ways I can pay my Insurance Premiums?
You can pay your insurance premiums in many ways. Usually, you can pay it with a company plan (if you work), through cash, or credit card.
Who can fund gmac insurances?
Whoever chooses to buy GMAC insurance pays the premiums, and GMAC insurance would use the premiums to in turn make sure they had the funds to pay out for the people who made insurance claims.
Do congressmen pay for health insurance?
They pay premiums for their health insurance, as do other Federal Employees.
How do insurance companies pay doctors?
how to insurance companies pay doctors
How many cars can one driver insure in New York?
As long as you pay the insurance premiums, there is no limit to the number of cars one driver can insure. The insurance companies will be happy to do business with you.
What does insurance companies do with the monthly payments they receive from customers?
Those payments are referred to as "premiums". The premiums are paid in return for the insurance company's promise to pay the face amount of the insurance upon the death of the person insured. The premiums charged by an insurance company are required to be "actuarially sound". This means that the premiums collected for all policies of a particular type and covering similar kinds of risks (for example, people with no health problems), together with income earned on the premiums, has to be enough to pay expected losses. Insurance companies are permitted by the laws of the states in which they do business to invest a part of premiums collected in conservative investments. The earnings on those investments adds to the "surplus" of the insurance company and helps to keep it financially sound. In turn, the number of policies that the company can issue (its "risk exposure") is a finction of its surplus and certain other factors specified by the insurance laws of the states in which it operates. A certain amount of the premiums are also applied to the ongoing business expenses to operate the company.
Do members receive free health insurance after retirement?
Not in all cases. Upon retirement most companies require the employee to pay the full cost of health insurance premiums. Health insurance is never free.
