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Who gets the unused money on an insurance claim if you got the work done for a less amount?
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.
What else can I help you with?
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.
Is it illegal to keep insurance claim money?
Yes, it is illegal to keep insurance claim money that is not rightfully yours. It is important to use the money for its intended purpose, such as repairing damages or covering expenses related to the insurance claim.
Can you keep insurance claim money for roof repairs?
No, insurance claim money for roof repairs should be used to repair the roof as intended by the insurance policy. Keeping the money for other purposes may be considered insurance fraud.
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.
Can you return unused student loan money?
Yes, you can return unused student loan money to the lender to reduce the amount you owe. Contact your loan servicer for instructions on how to return the funds.
How can I return unused student loan money?
To return unused student loan money, contact your loan servicer and request to make a payment for the amount you want to return. They will provide you with instructions on how to do so.
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.
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 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.
