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Who gets the unused money on an insurance claim if you got the work done for a less amount?
Wiki User
∙ 13y ago
As far as I understand it,
That isn't a possible solution.
A claim isn't settled until after the vehicle, or whatever is fixed. Thus there is no set amount for the claim.
example:
Person A rear ends someone. A, goes to the insurance company and files a claim,
The insurance company sends an adjuster, the car gets fixed, and the amount owed is determined by the bill after the vehicle is fixed.
Wiki User
∙ 13y ago
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Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected in tennesse?
No. It would have to be sent back to the insurance company if they paid too much.
You surrendered a whole life insurance policy Do you have to claim this money on your income tax?
If you surrender a whole life insurance policy, you may have to claim the money on your income tax. The IRS states the amount you receive that is above the amount paid for premiums is considered taxable.
Where does insurance claims money come from?
When you get insurance on a car, a house, a boat, you pay the insurance company money, known as premiums. The insurance company invests that money. When there is a claim, some of the premium, along with some of the interest from the invested money, is used to pay the claim.
Do you have to pay taxes on business insurance claim money?
If you took a deduction for the loss, then the insurance recovery is income up to that amount, otherwise no. The idea is it just restores you to where you would have been, no better, no worse.
Do you have to claim money on home insurance repairs?
What! Insurance pays for financial losses. I don't understand your question.
What is cover amount in insurance?
The cover amount in insurance is the amount of money that covers the said person up to a certain amount of money just in case of a of any accidents or deaths. If any of these cases arise the insurance company pays you an agreed upon cover amount.
What is cover in insurance?
The cover amount in insurance is the amount of money that covers the said person up to a certain amount of money just in case of a of any accidents or deaths. If any of these cases arise the insurance company pays you an agreed upon cover amount.
Can you file a claim with your auto insurance with a driving while intoxicated?
You can file a claim with your auto insurance even though you had a DWI. You may or may not get something. There is a difference between filing a claim and collecting money.
What is the money an insurance company gives you if you make a successful claim called?
compensation
When a primary insurance pays more than the hospital charged does the patient get the refund?
Of course not. The hospital would issue a refund to the insurance company if they overpaid on a claim. Generally on a large claim, an audit is done at the end of the claim to check on such things. It is illegal for an insured to make money from overpayment from an insurance company or a combination of insurance companies. If you have more than one policy you cannot collect more that the amount of the loss from the combination of company payments. Be careful, you can get in trouble.
Can I accept property money damages from both my contractor's insurance co and my homeowners insurance?
No!! It is highly illegal for you to do this. When you make a claim on you home insurance for something that was the fault of your contractor you sign over all subjugation rights against this contractor to your insurance company. This means that if your home insurance pays any part of this claim you give them all your rights to go after the contractor, which they will do. They will go to the contractor and their insurance company to get reimbursed for any amount they paid plus costs. In most states it is considered insurance fraud for you to even try to collect damages from two places for the same claim.
What does the dental office have to do when a dental insurance company overpays on a claim?
Refund the money to the insurance company and bill the patient for the difference.
