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Why does insurance send a claim settlement check in the insured name and the lenders name?
Wiki User
∙ 12y ago
In most states it is the law that the insurance company must put both names on the check if it is over a certain amount. Here in Georgia the threshold is $500. This law was passed at the request of the bank lobby several years ago. The reason is that if you owe a bank or finance company for the vehicle this is the way their collateral is guaranteed that it is repaired. This wasn't a problem when we did business with the local bank. Now your finance company may be across the country and they still don't want to endorse the check until the repairs are done. If you sign the check and turn it over to your body shop, they usually handle the rest for you.
Wiki User
∙ 12y ago
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If an insurance company made a settlement offer and a check was to be written when they realized they were not the at-fault's insurer at the time of the accident are they still liable?
NO, They are not liable if their insured was not at fault or was not their insured regardless of whether a check had already been written or not. In fact should they have issued a settlement check and later determined they were not liable, The insurer can demand a refund of the settlement amount they issued.
Is a cashiers check insured by the fdic?
It depends on if the bank is a member of the Federal Deposit Insurance Corporation or not. If you get a cashiers check from a bank that is insured by the Federal Deposit Insurance Corporation, then that check is insured.
Insurance free check to see if car is insured?
www.askmid.com
Are you insured to drive other cars which are not insured?
You should double check with your insurance company to see how your policy is written, but usually your insurance would kick in as secondary coverage and you would be covered.
How do you find out if you are the beneficiary of someone's life insurance?
You have to ask the insured. By Law, the Life Insurance company cannot tell you unless they have proof that the Insured is dead. They would be violating the privacy law. *Check with The Center for Life Insurance Disputes.
Do you pay taxes on the settlement of an insurance claim?
You do not generally have to pay taxes on an insurance settlement claim. You can check with your tax firm or accountant for the rules specific to your state.
How can you make sure your house contents are correctly insured?
You can make sure your house contents are correctly insured by confirming with the insurance provider, and their regulations. You can also double check on the contract given by the insurance company.
How can I check if a car is insured for free?
To check your MID status for free if you are not aware. You can run a free DVLA car insurance check to determine your tax status.
Is it common for an insurance agent to get a credit check on the insured?
Yes, It is common. Most Insurance companies will require your credit score as part of your risk rating factor.
Is instant online auto insurance a safe and reliable way to get insured?
Yes, but you should check the instant online auto insurance websites to see if they are licensed.
A Person takes out life insurance as the insured. The owner of the policy will be a church. The Person writes check for the policy. Is this a chartible contribution?
No.
Could a spouse cash a husbands auto insurance check for repairs?
No. The check must be endorsed by whomever the check is made out to. This will be the insured on the policy. If the spouse was not the named insured on the policy then she cannot legally endorse the check unless he gives her power of attorney or if he is deceased and she is designated as administrator of the estate by the court.
