The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.
Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.[35]
We are an independent agency with the customer in mind. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service. Whether you have the ideal history, preferred companies desire, or a not so perfect history, we find the right coverage, with the best company, at the best price for you. Make the latest changes to your policy directly from our website twenty-four hours a day, seven days a week. Use any of our convenient forms located on our website for policy service directly from your home or office. As an independent insurance agent we can offer the right coverages with the personal touch you would expect from your neighborhood insurance agent.
For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by or at the direction of the insured. Even if a provider desired to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.[citation needed]
When an insured borrows a vehicle from a friend, the insured’s liability coverage usually steps in only when the insured’s policy limits are exceeded. Collision and comprehensive coverage do not apply to a borrowed vehicle. Medical Payments (Med Pay) and Personal Injury Protection (PIP) coverage, as we will see below, also follow the insured into a borrowed vehicle.
Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.[35]
If you’ve recently purchased a new vehicle, you know that in order to drive in most states, you need to purchase a basic type of car insurance, but you may be overwhelmed by your coverage options. Comprehensive and collision are the two types of physical damage coverage available on car insurance policies. Both play an important role in keeping your vehicle in tip-top shape. Minor dents and dings all the way up to full-blown car crunching can be repaired, or the insurance company can at least pay out enough money to make you whole again.
When an insured allows other drivers to drive his vehicle, then, and only then, does the question of whether insurance follows the car or the vehicle become even awkwardly relevant. The right question to be asking is not whether insurance follows the car or the driver, but whether or not other drivers will be covered by the insured’s auto insurance.
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