0
Insurance is a contract in which you, the insured, pay a premium to the insurance company. In return, the insurance company agrees to pay you money-or to pay someone else money on your behalf (in the case of liability insurance) if a covered event occurs. Covered events are outlined in the policy and vary depending upon the kind of insurance involved.
In answer to your question, you cannot make a "first-party" insurance claim if you have no insurance. A first-party claim is one against your own insurance company for property that you insured for your own protection.
However, regardless of whether or not you had insurance, you may be able to make a "third-party" insurance claim against a party that damaged or destroyed your property, if that party had insurance. Even if they did not, you can make a claim against the party individually if you can prove fault. However, collecting damages from an uninsured third-party is often difficult.
Add your answer:
Earn +20 pts
Can you act as your own general contractor and receive overhead and profit when filing an insurance claim?
If the insured elects to do the work themselves, profit is not usually included in the estimate. Insurance policies are not in place to profit the insured. They are to make the insured whole again. Overhead would be included.
What is insurance retention?
An insurance retention is the portion of an insurance claim paid by the insured instead of the insurance company. A deductible is a common example of a retention although there are other types of retentions. Retentions allow the insured to reduce insurance premiums whileassuming a portion of the risk being insured.
Can you cancel car insurance with pending claim?
Yes you can, the claim is for the date of the occurrence which hopefully happened while you were insured.
What to do if the at fault driver has not reported a claim to their insurance?
You can file a claim with the at fault drivers Insurance Company yourself. You don't have to wait for the insured to do it. Just call them up report the accident and request a claim number. They are required by law to assign an adjuster whether or not their insured has reported it to them.
What is meant by other insured on the claim form?
The term "other insured" is another insured person exists who may cover the patient, the insured person who covers the patient on his or her insurance plan.
Which insurance company insured titanic ship and settal the claim?
It was covered by Lloyd's of London
What is no claim bonus in health insurance?
When you do not claim on your health insurance during a particular year, the insurance company provides you with a no claim bonus. This increases your sum insured at the same premium or reduces your premium while maintaining the same sum insured - depending on the no-claim bonus feature offered by the chosen insurer. Sometimes, this bonus also comes as a discount on your premium at renewal.
What do you do if you get into a accident with someone who does not have insurance and you are not at fault?
Most no fault insurance laws protect the not-at-fault party. Your insurance will indemnify your loss and penalize the un-insured motorist. DO NOT make outside deals with an uninsured person after an accident as this limits your ability to make claim.
What happens if your car insurance is cancelled during a pending claim?
The claim would still be processed - as you were still insured at the time of the incident !
How are home and auto insurance prices created?
Home and auto insurance prices are created by the insurance broker doing research on the probability of them having to make a claim, and the amount it would cost to repair or replace such insured article.
Can you make a claim on a insurance binder?
If you have applied for insurance and paid a premium, you are essentially insured if you have been given a binder. In life insurance if the applicant dies before the policy can be issued, you would file a claim as if it had. The claim would be processed and if the applicant is found to be insurable had he still been alive, the claim would proceed as if he already had a policy in force before he died.
If an insured driver under the age of 18 is involved in an accident can they claim insurance?
Of course, age doesn't matter. If you have a valid license and have a current insurance policy you can claim the accident.
