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What does it mean when your auto insurance company wants to put your policy under indemnity?
Wiki User
∙ 10y ago
I don't believe it was explained to you correctly. You probably received a notice of cancellation from your insurance company and someone in the office told you they were going to put you in their indemnity company. Many direct writer insurance companies have a second company that they either have a completely different name or it may have a similar name to the main company. Allstate for instance has Allstate Insurance Company and Allstate Indemnity Insurance for people who have had too many claims or tickets and no longer fit the preferred companies guidelines.
Wiki User
∙ 10y ago
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Meaning of traditional plan in insurance?
Indemnity insurance is sometimes referred to as "traditional" insurance. An indemnity policy is one that pays any health provider that provides services within the scope of coverage; there is no "network" or "panel" of providers that you have to obtain services from to get paid under your policy. FYI--Indemnity or "traditional" insurance is the most costly in both premiums and your "out of pocket" payments. Why? Because there is no network of providers with whom prices have been negotiated. This is one of the reasons that indemnity is a shrinking portion of the dental benefits market.
My wife got into an accident in her car and insurance policy under both of us can the insurance company come after me for additional money if my insurance company does not cover all damage?
If the automobile policy contract is in both names (husband and wife) then the insurance company will look to both of you for compensation of any losses that are not covered under your own policy.
What insurance do you need to to teach privately?
general insurance and life insurance 'Professional Indemnity' under General Insurance.
Can an individual have two insurance policies on the same car?
Double CoverageYes, It is not uncommon to have more than one auto insurance policy on the same vehicle. There are legitimate reasons why more than one policy might exist for the same vehicle. Under the principle of Indemnity and the color of Law. Should a loss occur, the applicable policy with the broadest scope of coverage would automatically be treated as the primary insurance policy. Coverage from the secondary policy would only invoke should the policy limits of the primary be exhausted.Bare in mind that to seek double indemnity would constitute a felony insurance fraud.Happy Motoring
Who cancels an old auto insurance policy when you change to a new policy under a different company?
The policyholder should contact the insurance company and cancel the policy - you might get a partial refund if the premiums are paid up-to-date!
Can you have more than one auto insurance policy in your name with different companies?
Yes you can, So long as you don't try to seek compensation for a loss under more than one policy. That would constitute double indemnity and subject you to Felony insurance fraud charges.
What is the difference between the warranties?
The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended. The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended.
What is the difference between health insurance policy and Critical illness policy?
A Health Insurance policy is a reimbursement of the medical expenses. Well Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.
Does professional indemnity cover any type of insurance?
No, professional indemnity doesn't cover just any type of insurance. It's insurance that covers your professional life. So, everybody gets car insurance but it wouldn't be included under professional indemnity unless your car was a work asset, like for a traveling salesman.
How does liability policy follow the principle of indemnity?
The liability coverage on your insurance policy provides compensation for a another party to whom you may be liable for loss or damages. The intent under the principle of indemnity is to make whole, or to restore the claimant / injured party through compensation as realistically as possible to the previous condition before the loss occurred.
Can you collect from a company's insurance bond for damages on personal property?
If you qualify for coverage under the policy.
Can your child be a beneficiary under your life insurance policy if you do not have legal custody of her and can a life insurance company require that you be their legal guardian?
Yes
