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Why there is compulsory deductible in insurance policies?
One to avoid smaller claims preferred by the insured - two treated as a copayment since the insured who prefers the claim should share a meagre portion of the liability.
What is the principle of contribution in term of insurance?
The principle of contribution in insurance refers to the obligation of multiple insurers to share the financial burden of a claim when a single insured party has coverage from more than one policy for the same risk. This ensures that the insured does not profit from a loss and that each insurer pays only their proportionate share of the loss based on the coverage limits. It prevents the insured from receiving more than the actual loss suffered and promotes fairness among insurers.
Distinguish between reinsurance and double insurance?
Double Insurance-Situation in which the same risk is insured by two overlapping but independent insurance policies. It is lawful to obtain double insurance, and the insured can make claim to both insurers in the event of a loss because both are liable under their respective polices. The insured, however, cannot profit (recover more than the loss suffered) from this arrangement because the insurers are law bound only to share the actual loss in the same proportion they share the total premium. Also called dual insurance.
Do siblings share life insurance payouts?
Life insurance proceeds are payable according to the beneficiary designation made by the insured and that is a part of the insurance policy. As such, the beneficiary can be any person or entity that had an insurable interest in the life of the insured at the time of the policy's inception. Concievably, that can be one or more of the siblings of the person insured. However, the insured is free to change the beneficiary(ies) at any time prior to death. If the insured designates his/her estate as the beneficiary of the policy, upon death, the proceeds are paid to the estate and distributed per the terms of the deceased's Will. If there is no Will, the proceeds, along with other assets of the estate, are distributed according to the laws of intestate successation of the state in which the insured died.
What is Principle of indemnity?
The principle of indemnity is an insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. "Financial compensation sufficient to place the Insured in the same financial position at the time of a loss, as he was enjoying immediately prior to the loss"
What if the executor doesn't pay the beneficiaries of a life insurance policy?
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
How can we find out if someone has a mortgage insurance on a house?
To find out if someone has mortgage insurance on a house, you can start by asking the homeowner directly, as they may be willing to share this information. Alternatively, you can check public property records, which may indicate if a mortgage insurance policy is associated with the loan. Additionally, contacting the mortgage lender or insurance company directly, if you have their details, may provide insights, although privacy laws may limit the information they can share.
What do you understand by insurance?
Insurance is an agreement between Insured and Insurer on utmost good faith for covering financial/montary loss arising out of any eventuality of the former,to be compensated by the latter.There is no profit or extra monetary gain factor as a matter of fact,as insurance is not a lottery or investing in share market for lump sum gain.
WHAT DOES IT MEAN WHEN INSURANCE COMPANY MAKES FULL PAYMENT MINUS A PATIENTS DEDUCTIBLE?
You will need to read the policy for an accurate answer. However a deductible is usually The amount that the insured must pay out-of-pocket before the health insurer pays its share. The equivalent on a motor insurance policy would be the "excess".
Is payment for medical insurance included in child support or is it separate?
That's dependent on the state guidelines. Most states share the cost between the parents.
Can you share health insurance?
No.
How much DNA do you share with your parents?
You share about 50 of your DNA with each of your biological parents.
