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Frequently Asked Questions

Life Insurance

What is Life Insurance?

Life insurance involves the transfer of the risk of premature death from one party (i.e., policy woner/insured) to another party (i.e., insurer).    When a life insurance contract is payable upon the death of the insured, it instantly creates funds for a named beneficiary.   In other words, a life insurance contract instantly or immediately Life insurance involves the transfer of the risk of premature death from one party (i.e., policy woner/insured) to another party (i.e., insurer).    When a life insurance contract is payable upon the death of the insured, it instantly creates funds for a named beneficiary.   In other words, a life insurance contract instantly or immediately creates an estate.   The word "estate" means value, money, funds, capital or assets.   Therefore, life insurance involves a method of estate creation.

What do I need to know about life insurance?

First you need to determine your purpose of owning life insurance policies.   General idea of owning life insurance policies is to provide financial protection for your beneficaries.
Whether its for education fund goals, emergency funds, bequests, charitable gifting or retirement income goals of a spouse, figure out your budget and compare between types of insurance, duration and amount of insurance.
Then shop around insurance carriers (i.e., MetLife, Prudential, ING) to compare quotes and financial stabilities.

Will I pay extra for using Insfilings?

Our FREE REAL TIME QUOTES NOW! provide quotes from the same life insurance carrier (for example: Prudential, MassMutual, Met Life etc.) and uses the same risk class, the rates will be the same because the life insurance companies, not agents or brokers, set the pricing.

What's difference between Term and Permanent Insurance?

There are two major types of life insurance, Term and Whole Life. Term insurance generally does not accumulate cash value and is issued to just cover the life of the insured for a specified period of time. Whole Life Insurance does accumulate cash value and is issued to cover the insured throughout their lifetime. Other variations of these products include: Decreasing Term (Mortgage Insurance), Universal Life (Flexible Premium Adjustable Life), Variable Life, Endowment, Graded Life, and Single Premium Paid-Up.

What is the meaning of insurable interest?

Insurable interest is a expression of dependency when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object. A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss.

How do I find cheap life insurance?

Amongst many, major factors that determines life insurance premium are the actual amount of life insurance based on your life expectancy. Insurance companies constantly monitor duration of human lives and along with individual health rating such as normal, fit, smoking, non-smoking, obese, medical history and etc., are used to determine the amount of premium for the insurance policy.

Can I designate my favorite charity organization as my life insurance policy beneficiary?

Yes, you can dedicate whole or partial of your life insurance to your charity organization and it is not uncommon practice. In fact, volunteers are eligible for certain tax benefits. Either setting your charity as a beneficiary or donating by assigning as the owner will ensure that the proceeds of the life insurance will benefit the charity organization. There are also tax consequences as charitable donation is considered as deductible item so it is important to consult with tax advisors if decides to donate or assign your life insurance policy.

Should I insure my children for life insurance?

Life insurance companies do allow insuring children but by the insurance regulation, the actual amount of insurance can not exceed the amount of insurance that their parents own. However please note that many insurance carriers rate minors same as normal person without any health preference. We strongly recommend that speak to one of our representative about insuring your children and the costs associated.

I am a smoker. Will I pay more my life insurance policy?

Amongst many, smoker is a major factor that all insurance carriers consider as high risk. In the process of taking application for life insurance, there are redundant questions relating to distinguish the usage of tobacco related products and by the life insurance definition, smoker rating is declared once the medical result shows that the nicotine level in the urine specimen is above normal.

Can I change the beneficiary after policy has issued?

First, make sure that you are the rightful owner of the life insurance policy and also make sure that the life insurance is not affiliated with any estate trust account. If so then please seek legal advises. In general, changing life insurance beneficiary can be done by simply submitting a request to the providing carriers.

Here in, we will provide utmost personal service to help you and your loved ones to secure financial stability.

I am young and single. Why do I need life insurance?

The foundation of life insurance is to protect your loved from potential financial hardship that might occur by unforeseen death. We recommend consulting with our insurance experts to organize and determine the needs of insurance.

How does insurance rate work?

When it comes to setting the rate for an individual policy, underwriters consider age, height, weight, current health, medical and family history, occupation and hobbies in order to set the amount a policyholder will pay in premiums. Once the policy goes through the underwriting process, the price is then subject to your predicted life expectancy, the face amount, and the number of years the policy will be in force

What is the difference between company provided group life insurance and private individual life insurance?

If you’re an employer or a group plan sponsor, offering group life insurance as part of your benefits package is a great way to attract and retain employees. For individuals, insurance needs change over time. We offer a variety of individual life insurance policies to match your stage of life. Individual term life insurance, universal life insurance, along with policies that include components such as critical illness insurance, disability insurance, accident insurance, accidental death and dismemberment insurance.

Is cash value inside life insurance tax free?

In general, flexible premium life insurance policies such as universal life or variable universal life insurance are designed to accumulate cash values inside the life insurance contract and are intended to offset the cost of future rising cost of insurance.

There are four ways to receive money from your life insurance policy. First and most obvious is an event of death. Insurance company will pay out the policy face amount to designated beneficiaries TAX FREE. Second is cancellation of life insurance policy. Life insurance company will write you a check for whatever the amount or cash value remains in your life insurance policy minus surrender charge if the policy is under 15 to 20 years old which varies by insurance providers. Proceeds from cancellation are TAX FREE UP TO TOTAL SUM OF PAID PREMIUMS AMOUNT and tax implication may apply to any amount beyond total paid premiums. Third, withdrawal of cash value from the policy is TAX FREE UP TO TOTAL SUM OF PAID PREMIUMS and potential tax implication may occur if the amount of withdrawal exceeds the total paid premium amounts. Lastly, loan or borrowing against your life insurance policy. Using the existing cash value inside your life insurance policy as collateral, you can borrow against your life insurance policy TAX FREE up to 80-90 percents depends on insurance company providers and your policy agreement. However, insurance company will charge you interest for any loaned or borrowed amount from your life insurance contract and also different terms and condition may apply to the cash value inside the policy for the portion of loaned or borrowed amount.

Can I switch my term life insurance to permanent insurance and vice-versa?

Yes, as long as your term life contract is eligible or allowed by your insurance companies. Keep in mind that convertible term life insurance usually has a conversion deadline, which is the date by which you must convert. And when you do convert your policy, you can expect your premiums to increase as you'll have permanent and not term insurance. The new premiums will be based on your age; this may be either your current age or the age at the time you took out the policy (an original date conversion). If you convert to your original age, you'll have to pay all back premiums and interest when you convert. The good news is that you won't have to prove your insurability (e.g., through medical exams) at the time of conversion.

What if my life insurance company goes bankrupt?

If your life insurance company goes bankrupt, another life insurance company will buy out your company, and your policy will simply transfer to the new life insurance company.

In this case, none of the terms or guarantees of your life insurance policy should change – that’s a part of the insurance buy-out system. You’ll simply pay a new life insurance company every month.

Also, life insurance companies are supposed to have their own insurance, or reserves, in case of bankruptcy. It’s often not needed because of the other life insurance companies which are on the lookout for a failing insurance company they can buy. Even when things are economically challenging, it’s not often that a struggling life insurance company won’t be bought out. Your life insurance policy shouldn’t be at risk, even in cases of bankruptcy.

How long do I have to make payments and how often?

Insurance premiums can be paid on monthly, quarterly, semi-annually and annually. And duration of premium period is directly related to cash value inside of life insurance policy. In general, flexible permanent life insurance policies can be customized so you can pay off early or pay for the life duration.

Do one need to be a citizen of the United States to get life insurance?

As long as you can prove that you have valid status visa or green card you can obtain life insurance just as US citizen.

My health has gone bad, what will happen to my life insurance?

Once life insurance policy is issued, the rate that was underwritten stays same as long as the life insurance is in effect.

What is FREE LOOK period?

It is period of time you can cancel or terminate your life insurance policy with 100 percent money back and it starts after the policy is issued and usually 10 days.

I already own life insurance. Should I buy another life insurance or change?

Purchasing additional life insurance is just like purchasing another vehicle. You can purchase another life insurance as long as you can afford premiums.

Changing life insurance may or may not be recommended for few different reasons. Almost all life insurance (permanent) life insurance come with surrender charge period which decreases every year of policy period and eventually vanishes after 15 to 20 years depending on companies and products. Also changing life insurance policy involve new medical examination and which result from the underwriting may not be favorable compare to existing policy.

Will my life insurance premium increase?

For TERM LIFE INSURANCE, your insurance premium is locked in for the duration of the contract. Usually the name of the product indicates the term such as ING TERM 30 which is 30 years fixed term. At then end of the term period, insurance rate will readjust based on insurance amount, duration of the term and the cost of insurance. Oftentimes insurance providers ask for insurability and medical examination may be requested.

How long does life insurance application process takes?

Once application is complete and signed by applicant(s), medical examination will take place. And after insurance carrier receive the signed application and the medical report, result can take between 10 to 60 days depends on age and the amount.

Can I receive my medical report that was used in the life insurance process?

Yes, you can always request your medical report by giving the insurance company a letter of instruction. However, report will not contain any comments or explanation of the result rating.

What is FREE LOOK period?

It is period of time you can cancel or terminate your life insurance policy with 100 percent money back and it starts after the policy is issued and usually 10 days.

Why do I make payment when applying for a life insurance?

Once life insurance application is written and signed by applicant(s) along with the initial insurance premium, the insured(s) is covered by temporary insurance coverage.

Once submitted, you will still need to qualify for the temporary coverage on a medical and age basis. Most life insurance companies will ask a series of questions about your medical history and your current medical condition. Generally, temporary coverage is available for applicants with no major medical history and those up to age 70.

Some life insurance companies allow temporary coverage up to $500,000 while others will extend coverage up to $1,000,000 (this amount includes any existing coverage you may already have). Start dates and stop dates for coverage also vary by company.

Not only it expedites the application process but making an initial premium when submitting life application will provide temporary coverage which provides peace of mind may be well worth the initial premium outlay. Plus, the insurance company will return your premium to you if your application is declined for any reason or if you simply decide not to accept their policy offer.

What is living benefit rider?

Living benefit rider is an option which most of life insurance policies contain for free of charge. It allows you to use a portion of the death benefit from your policy if the insured person is medically diagnosed with a condition limiting life expectancy to six months or less

What is disability rider in life insurance?

The disability rider in life insurance policy provides that if the insured becomes unable to perform daily duties, life insurance policy will remain in force with out making further premium from the time of disabled. Associated fee(s) is added to the policy expenses.

What is Long Term Care Rider in Life Insurance?

Once elected as an option in your life insurance policy, a long-term care rider would pay for some or all of your extended care expenses. In effect, your policy would provide you with living benefits that you can employ while you are still alive. Proceeds that used by long term care rider will effect either cash value or the face amount of the life insurance or both. Associated fee(s) is added to the policy expenses.

Health Insurance

Where should I start when shopping around for health coverage?

When shopping for health insurance, your aim should be to insure yourself and your family against the most serious and financially disastrous losses that can result from an illness or accident. If you are offered health benefits at work, carefully review the plans’ literature to make sure the one you select fits your needs. If you purchase individual coverage, buy a policy that will cover major expenses and pay them to the highest maximum level. Save money on premiums, if necessary, by taking large deductibles and paying smaller costs out-of-pocket.

Is there a single health insurance policy that will provide all the benefits I’m likely to need?

There is not a single health insurance that covers everything. Although you can select a plan or buy a policy that should cover most medical, hospital, surgical, and pharmaceutical bills, no single policy covers everything. Moreover, you may want to consider additional single-purpose policies like long-term care or disability income insurance. If you are over 65, you may want a Medicare supplement policy to fill in the gaps in Medicare coverage.

Will I be covered by Medicare or by my company’s health insurance if I'm planning to continue working after 65?

Once you reach age 65, you have the option to choose between Medicare and your company’s plan as your primary insurer. If you elect to remain in the company plan, it will pay first—for all benefits covered under the plan—before Medicare is billed. In most instances, it is to your advantage to accept continued employer coverage. But be sure to enroll in Medicare Part A, which covers hospitalization and can supplement your group coverage at no additional cost to you. You can save on Medicare premiums by not enrolling in Medicare Part B until you finally retire. Keep in mind that delayed enrollment is more expensive and entails a waiting period for coverage.

Is it possible to purchase individual health coverage if I've had a serious condition that unstabilized my health?

Depending on what your condition is and when it was diagnosed and treated, you can probably buy health coverage. However, the insurer may do one of three things: Provide full protection but with a higher premium, as might be the case with a chronic disease, such as diabetes; Modify the benefits to increase the deductible; Exclude the specific medical problem from coverage, if it is a clearly defined condition, as long as the insurer abides by state and federal laws on exclusions. One of my medical bills was turned down by the insurance company (or health plan). Is there anything I can do? Contact the health insurance provider and ask for the diagnosis code or the medical service that render by the medical office. Also feel free to ask why the treatment or the service was not covered under your health plan.

How do I determine what is the best health plan for me?

Major factors that determine how to choose health insurance company and plan are price and affordability, coverage and covered areas and to make sure that your most frequently visited medical offices are accepting the health plan.

Where do I start when I'm comparing health plans?

It's easiest to check out different company websites and complare online.

Are my data kept secure and private?

We are committed to protect all information processed through the website for your privacy and do not NOT SELL, TRADE or GIVE AWAY your personal information to anyone, except those specifically involved in the referral or processing of your health insurance quote or application. Additionally, the website should use industry leading technologies to ensure the SECURITY of the information under their control. If the site has received the privacy seal of approval from TRUSTe, the largest privacy organization on the Internet, a TRUSTe logo would be displayed at the bottom of the protected web pages.

What are the many types of health plans that are available to me?

In general, health insurance plans usually are described as either indemnity (fee-for-service) or managed care. The difference between indemnity and managed care plans is their basic approach. Generally, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. Indemnity plans offer more choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers than managed care plans. It also pays their share of the costs of a service only after they receive a bill. Managed care plans have agreements with certain doctors, hospitals, and health care providers to give a range of services to plan members at reduced cost. In general, you will have less paperwork and lower out-of-pocket costs if you select a managed care-type plan and a broader choice of health care providers if you select an indemnity-type plan. Besides indemnity plans, there are three basic types of managed care plans: PPOs, HMOs, and POS plans.

Please explain what a PPO is?

Generally, a PPO is a Preferred Provider Organization. As a member of a PPO, you can use the doctors and hospitals within the PPO network or go outside of the network for care. You do not need a referral to see a specialist. If you receive care from a provider outside of the PPO network, you will pay more for the service. For example, a PPO might pay 90 % of the cost for a visit with an in-network doctor but only 70 % of the cost for a visit to a non-networ You will have to pay a copayment for each visit/service. These copayments are usually higher than an HMO copayment but not in every case. You will be responsible for paying an annual deductible. If or when you join a Preferred Provider Organization, you should find you have more flexibility than with an HMO, but your total out of pocket costs are likely to be somewhat higher.

Please explain what an HMO is?

Health Maintenance Organization. If you are a member of an HMO, you select a primary care physician from a list of doctors in that HMO's network. Your PCP (primary care physician) will be the first medical provider you call or see for a medical condition. He or she will make any needed referrals to a medical specialist. Usually, these specialists will be part of the HMO network. If you receive care without your PCP (primary care physician's) referral or obtain care from a non-network member, you may be responsible for paying the entire bill. (with exceptions for emergency care) Some HMOs allows you to pay nothing when you visit in-network doctors and other HMOs there may be a small copayment for the visit or service. Some HMOs do not hold you responsible for paying a deductible. As long as you use doctors or hospitals that are part of the HMO, you should find that you have few out-of-pocket expenses for medical care.

Please explain what an MSA is?

Medical Savings Account. It is a tax-advantaged personal savings account used in agreement with a high deductible health policy. One can contribute money to this account on a pre-tax basis to set aside money for qualified medical care and expenses, including annual deductibles and copayments.

Please explain what a POS is?

Point-of-Service Plan A type of managed care plan combining features of health maintenance organizations (HMOs) and preferred provider organizations (PPOs). You have the option to choose between a network provider and pay a flat dollar or to an out-of-network provider and pay a deductible and/or a coinsurance charge.

What is and should I consider getting an Indemnity Plan?

It is commonly known as a fee for service or traditional plan. This allows you to have the freedom to visit any medical provider. You do not need referrals or authorizations; however, some plans may require you to precertify for certain procedures.Most of the indemnity plans require you to pay a deductible. After you have paid your deductible, indemnity policies typically pay a percentage of "usual and customary" charges for covered services; often the insurance company pays 80% and you pay 20%. Some indemnity plans have an annual out of pocket maximum and once you've reached this they will pay 100% of all "usual and customary" charges for covered services.

Is "provider" another name for hospital?

Yes, a provider is another name for hospital, health care facility, physician or other medical professional that provides health care services.

Who is my Primary Care Physician (PCP)?

Your Primary Care Physician is the medical professional who serves as a group member's first contact with a plan's health care system. Also known as a primary care provider, personal care physician, or personal care provider.

What is co-payment and how does it work?

It is a fixed dollar amount or a % that you pay for each doctor visit. For example, with some plans you may pay a fixed amount such as $5 or $10 per visit. Other plans will charge you a percentage of the total fee for the visit. So if your copayment is 10% and the doctor visit was $200, you would pay 10% which, in this case, would be $20.

How does health insurance deductible work?

Deductible is the amount of annual medical expenses that a health plan member must pay before the plan will begin to cover expenses. So if your plan has a $500 deductible, you will pay the first $500 of your medical expenses before your health plan begins paying the expenses. Only expenses for covered services apply towards the deductible. For example, if you paid $100 for a visit to a chiropractor but the plan does not consider chiropractic care a covered expense, then the $100 will not apply toward your annual deductible.

Is there a difference between an in-network and an out-of-network medical provider?

The difference between an in-network medical provider is within the approved network of providers for a particular health plan. Out-of-network providers are not on the list. If you visit a doctor within the network, the amount you will be responsible for paying will be less than if you go to an out-of-network doctor. Sometimes, the insurance company will not pay anything for services your receive from outside their network; however, there are exception to this. HMOs tend to have smaller provider networks than PPOs. In HMO and PPO plans, referrals to specialists will be to doctors within the network. Indemnity plans typically do not have networks; you go to whatever doctor you want.

What are the advantages, disadvantages and the major difference between group and individual insurance?

The major difference between the 2 involves evidence of insurability. In order to purchase individual insurance, a person must generally answer a health questionnaire and undergo a medical examination to provide evidence of insurability to the insurance company. They may also decline coverage on the basis of the applicant’s personal habits, health, medical history, age, income or any other factors that bear on risk acceptance. Or they may issue a policy with limitations on coverage. Most group insurance, however, is issued without medical examination or other evidence of individual insurability because the insurer knows that it can cover enough individuals to balance those in poor health against those in good health. The risk of an insurer failing to achieve this balance is diminished as the size of the group increases, or as the insurer underwrites additional group policies and increases the total number of individuals covered. This is known as the “law of large numbers.”

What are the different insurances individuals receive health insurance protection?

Besides participating in group insurance plans, individuals may also be covered under federal and state government-sponsored programs such as Medicare and Medicaid, service-type plans such as Blue Cross/Blue Shield or so-called alternative health care systems such as health maintenance organizations (HMOs) and preferred provider organizations (PPOs). Insurance may also be purchased privately on an individual basis.

Is there an advantage of group insurance over individual insurance?

All employees can be covered when an employer intends to provide insurance protection to its employees, the group approach ensures that all employees, regardless of health. Even those with known health problems, who might otherwise be unable to obtain individual insurance, can be covered automatically upon employment without evidence of insurability. Although some limits may be imposed on new hires for certain conditions that predate their enrollment in the plan, most employees can receive coverage as soon as they are eligible. Group insurance offers a lower cost per unit of protection than individual health insurance, because the economies of scale resulting from selling, installing and servicing one plan covering many individuals. In addition, group plans are typically more flexible and tend to provide more liberal benefits than individual coverage

What are the different types of group protection most employers provide?

The four different types of insurance coverage provided by employers to their employees are life, accidental death and dismemberment (A D & D), disability and health or medical. Most employers also provide additional coverages, including group legal, travel accident and vision and dental care.

Can an employee be denied by the insurance carrier under a group health insurance plan?

In general, insurance carriers will not deny coverage to any full-time employee. Inherent in the principle of group insurance is the understanding that all employees can be covered.

In a group health insurance plan, what are the minimum and maximum # of employees allowed by state law?

In group health plan, most states require that an employer enroll a minimum number of employees (generally ten, though fewer in some states) for coverage in order to purchase and maintain a group health insurance plan. In the other hand there are no set limit on maximum number of enrolled employees

What are the advantages and disadvantage of a comprehensive plan?

A comprehensive plan provides coverage for most medical services using one reimbursement formula. In a pure comprehensive plan, a deductible must be met before reimbursement for any covered expenses begins, and coinsurance applies to all covered expenses until maximum out of pocket deductible has met.

What is covered under outpatient expenses?

Three kinds of care are covered: emergency treatment, surgery and services rendered in the outpatient lab or x-ray department.

Business Insurance

What is commercial/business insurance?

Main function of Business or Commercial insurance is to protect you and your business, property, operation, and employees from any potential loss. There are different types of insurances and some states require certain insurances such as workers compensation and disability insurance.

Is there any way I can avoid or minimize the needs of business insurance?

There are two ways you can eliminate the needs of insurance. One is to self-insured by having enough reserve(capital) to cover for your loss and the other way is by prevention of any potential risk.

What are major factors that influence the insurance premium?

Most major common factors that impact the cost of business insurance are the type of business, the location, the size (both physically and in terms of volume of business). And also competition amongst insurance providers greatly influence the overall cost too.

What is BOP?

BOP – is Business owners policy that provides great wide range of coverage against commonly and also from unusual loss which otherwise would not be covered by basic policy and works like package insurance.

Is there a customer loyalty discounts for staying with same company for a long period of time?

Unlike car insurance where insured gets rewarded for staying with same insurance company, commercial and business insurance providers will not consider it as a discount factor.

I am starting a new business. What kinds of business do I need?

Congratulation! Now first thing is to figure out estimate for sales volume, type of transaction and surrounding area. Based on these factors and many others, business insurance carrier will rate the potential risk and will issue insurance policy based on given figures.

What is the meaning of insurance risk analysis?

Business insurance risk analysis is a term that used by insurance provider to determine the actual needs of the insurance and also used to decide the amount of insurance needed.

Then, how often should I review risk analysis?

As most of insurance companies provide coverage annual basis, an annual check up or review is recommended.

What can not be insured with business insurance?

Amongst many, by general, number one category that will be insured in any manner is incompetence. No insurance company will ever insure for loss of sales or loss of business by competitors.

What is property coverage?

Property coverage provide protections against direct risks as well as some indirect damage such as fire or flooding damage to the building where you do business while indirect damage would include being out of business temporarily because of damage caused by a fire or flood. It is common and wise practice to adequately insure your property along with your general liability coverage.

What are casualty risks?

Property of course is just that insurance for a particular property, the definition of casualty is '' Insurance coverage for loss or liability arising from a sudden, unexpected event such as an accident" so the term property and casualty insurance is losely used to describe, policys that contain coverage for a specific property and liablity protection. Most people would say, auto, home, boat, motorcycle insurance would be among these.

What about crime, Employee theft, And related risks for a business?

Some industries have an especially high risk of losses to various types of crime. These can include such acts as burglary, armed robbery and theft by customers or employees. It is reported that some retail organizations employ under cover shoppers to check on the practices of employees as one of the tools to try to try to minimize employee theft. Many stores also employ a variety of security personnel, alarms, tags and other devices intended to thwart theft.

Do I need general liability insurance?

Most business and commercial insurance include liability and property coverage together so that you and your business are protected against commonly known risks.

What is a buy and sell agreement? Should I have one?

Most business partnerships start with the best intentions, but not every partnership ends that way. That's why buy-sell agreements are so important. A buy-sell agreement is a contract between business partners that dictates who can buy a departing partner’s share of the business and establishes a fair price for the partner's stake. The agreement also describes how to determine a company's value if all the owners decide to sell.

Term Insurance or Permanent Insurance, which is better

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Do I need workers compensation insurance?

It defers by each state but many require businesses with employees will need to purchase worker’s compensation coverage. While details vary from state to state, there are generally requirements mandated by state law and the coverage is purchased through an insurance broker.

How unemployment insurance and social security (fica) affect my business?

The person or vendor who provides your payroll services will make the proper payments to the state and federal unemployement organizations as part of the payroll services function. These are what we considered as outside of the business and will not affect day to day operation.

What is business owner's policy (bop)?

Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from (1) damage or destruction of business's property or (2) when actions or nonactions of the business's representatives result in bodily injury or property damage to another individual(s). Businesses that qualify under this heading include office buildings three stories or under not to exceed 100,000 square feet; apartment buildings six stories or under not to exceed 60 dwelling units; any other buildings not to exceed 7500 square feet for mercantile space, occupied principally as an apartment, office, or engaging in trade or commerce. Properties that cannot be insured under this policy include banks, condominiums, bars, restaurants, automobiles, recreational vehicles, contractor functions, and manufacturing operations.

Contract that details coverage for business property losses in three specific areas:

1. -Coverage A (Building). All buildings on the site are covered with no coinsurance requirement and on a replacement cost basis to include: the buildings themselves; the owner's personal property used to maintain the building(s) and provided to tenants; permanent fixtures, equipment and machinery; improvements and betterments by tenants; removal of debris; and outdoor furniture and fixtures.

2. Coverage B (Personal Property of the Business). All personal property used in the business on the premises, as well as personal property of others under the care, custody and control of the owner of the building used to operate the business; and limited coverage for items temporarily away from the premises of the business

as well as for property purchased and placed at a new business location.

3. Coverage C (Loss of Income). Reimbursement for loss of income because of inability to collect business rent; interruption of normal business functions; and extra expenses associated with resuming normal business activities as the result of the damage or destruction of business property by an insured peril. (Optionally, under Section I, coverage can be extended to insure against burglary, robbery, theft, employee dishonesty, and boiler and machinery explosion. Earthquake damage can be covered through an endorsement.)

Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal injury. Included are coverages for: (1) nonowned automobiles used by the business in its normal operations (owned automobiles are excluded); (2) host liquor liability where the business is having a social gathering. For example, liability at an office party would be covered, since this social function is incidental to normal business activity (excluded would be operation of a liquor store on the premises of the business); (3) fire and explosion legal liability, where the insured is renting business space in a building. If a fire or explosion from business operations is proven to be of negligent origin, the insurer of the owner of the building has subrogation rights against the business; (4) products, for which completed operations coverage is provided. Excluded from Section II coverages are professional liability, owned automobiles of the business, operation of airplanes and other aircraft, Workers Compensation, liquor liability (other than that served as a host at business social functions), and off-premises operation of boats.

Who can apply for a business owner’s policy (bop)?

Any small businesses with up to 100 employees and revenues of up to a about $5 million are candidates for a BOP. There are many factors taken into consideration when it comes to deciding if a business is eligible for a business owners policy. The size of the business is one of the primary factors, not only the size of operations but also the size of the premises that the business is operating out of.

Other factors that are taken into account include the location of the business and potential risk factors as well as the overall financial stability of the business. The eligibility of any business is assessed by the potential insurer and while most BOPs are standard there can be some variations from insurer to insurer. For this reason it is important that you ensure that the business owners policy you choose offers all the cover that you require for your company.

What is the advantage of a business owner’s policy (bop)?

Major advantage of owning BOP policy is to have comprehensive wide range of protection and coverage against not only common risks but for those risks that are not covered by basic policy and for without applying for an additional coverage.

However, since BOP is a package policy sometimes lacks flexibility as to increase or decrease certain limits within the policy.

Why business needs disability or life insurance policy?

Businesses often purchase life or disability or both insurance to keep the flow of the business in the event of death or disability of an owner or key employee. This process requires minimum legal documents.

When a business owner dies what happen to the business?

In the event of death, without wills or any instrument indicating instruction regards to the inheritance, survival family members are lawful beneficiaries.

How does key employee life insurance works?

When a key person dies the company is likely to experience a loss of income and/or an increase in expenses. The company could purchase a term policy on the employee to provide compensating cash in the event of the key employee’s death. Since the dollar value of the employee’s work for the company diminishes as retirement approaches a decreasing term policy could be used.

Many companies, however, use cash value insurance to fund such a plan. If the employee survives to retirement, the cash value would then be used to fund a deferred compensation retirement benefit. Alternatively, the policy can be transferred to the employee at retirement. The policy should be owned by the business and the business should be the beneficiary.

How does key employee disability works?

It works similar to key employee life insurance policy, there are potentially severe consequences of such a person becoming permanently disabled. The business could purchase and be the beneficiary of a disability income policy to help offset the extra expense of replacing the disabled employee and paying continuing compensation during the disability period.

House Insurance

Do I need to buy homeowner’s insurance?

Two major reasons to purchase home insurance:

1. Simply, you want to protect your most important=valuable asset for you and your family.

2. Almost always your mortgage lenders require one or a form of insurance to protect themselves.

Should I buy renter’s insurance?

Though most of time this is not a requirement, based on the self imposed importance of personal assets and belongings, renters insurance are purchased to protect against unintentional damages or loss.

Is there a connection between risk and the insurance company?

Insurance company takes risk factors and calculates into premium for homeowners. For obvious reason, bigger risk comes with higher amount of premium.

Insurance companies determine the probability of loss across the entire similar group, add the cost of administration, and spread the estimated expected losses across the group by collecting a premium from each member of the group.

What are the different kinds of risks homeowner's/renter’s insurance protect you against?

These are major risks protected by homeowner's insurance:

1. Damage or loss to the home itself, also other structures on the property

2. Damage or loss to the items of personal property in the home and other structures

3. Injury or harm to third parties (typically guests and others who come to your home).

Is there a distinct difference between a dwelling policy and a homeowner’s policy?

A dwelling policy protects only the dwelling structure itself providing a minimal amount of coverage. Homeowner's policy is a package which protects loss to the dwelling structure and other structures on the land, personal property contained in the dwelling, and liability to third parties who come onto the dwelling and surrounding land.

How many people and who is protected by my policy?

You, as the insured, and the members of your home are protected for the loss of the home and its contents. Third parties, other people who come to your home, are protected through the liability part of the insurance policy for injuries caused by your negligence. In addition, you and the members of your household have some liability protection to others even while you are away from the premises.

Is there a relationship between title insurance and homeowner’s insurance?

Title insurance and homeowner's insurance different kinds and types of insurance.

Homeowner's insurance protects from loss or damage to the home, other structures, and the personal property contents of the home, as well as third-party liability.

Title insurance protects ownership interests in the real property. Title insurance is to guarantee that you have good and accurate information about the rightful ownership and the liabilities of the property.

Do we need Flood Insurance?

Flood insurance can be purchased and sometimes required where the properties lie in flood warning zone. $250,000 is the maximum amount of insurance available through the National Flood Insurance Program (NFIP).

The location/zone of your home will determine the rates. The greater the likelihood of flood damage, the higher the costs. The rates are set by the NFIP. If you get quotes from multiple agents they should all be the same. The agent enters the address into the NFIP flood system and the zone is provided. Then the agent is able to obtain the correct premium for your home.

Even if you are not in a high-risk zone, you should consider purchasing flood insurance. Just because your home is in a “safer” zone, it does not mean you might not suffer a loss.

Should we buy earthquake insurance because I live in California?

It is not required by CA State law but can be purchased. There are many factors to consider such as costs, probability of an earthquake in your area and your feelings about earthquakes. Many people who are new to California, and some longtime residents, fear earthquakes and decide to buy the insurance based upon the fear. You should also educate yourself as to what the homeowner policy protects versus the earthquake policy. For example, a fire, even if caused by an earthquake, is protected by the homeowner policy. Much of the damage from the 1906 earthquake in San Francisco, and the later one in 1981, was caused by fire.

Earthquake insurance is generally expensive and has high deductibles. There is a state run program called California Earthquake Authority (CEA) as well as programs within individual insurance companies. Some companies subscribe to the CEA. If so, they do not offer any other options. There are also some companies that write only earthquake insurance, not connected to the homeowner insurance and they allow you to select different amounts of insurance. Some offer protection for your contents and the costs you will incur while your home is being repaired (known as additional living expenses). Shop around to find the best program to fit your needs.

Should we get an umbrella policy if we have a piece of rental property?

The umbrella policy provides additional liability protection in addition to your home and auto insurance, as well as boats and rental properties. The policy is written in increments of $1,000,000 and the premium is based on the number of exposures (homes, rentals, autos, boats, etc). The additional liability protection can provide you with a peace of mind in the event of a major liability loss. For example, being a landlord can expose you to potential liability losses such as wrongful eviction. While this may be protected by your primary liability, the additional dollar amount of protection can be invaluable. Sometimes the umbrella policy even protects liability exposures that are not protected by the primary policy.

You will be required to carry certain limits of liability on the home, auto, boat and other policies to qualify for the umbrella. In addition, your driving record can affect the costs and eligibility for this policy.

If we have a loan, should we insure the house for more than the loan?

Amount of the insurance, determined by the insurance companies, are based on the replacement cost of the home. Sometimes the replacement cost is well below the real estate value but in some areas of the country the cost to rebuild is actually higher than the purchase or loan value of the property. Many times actual cost to replace or rebuild is less than value of the appraisal.

How do we insure jewelry?

Jewelry or other highly valued items can be protected within homeowner’s policy however often times by adding your highly valued items individually in your policy would provide better protection in terms of minimum deductible and ease of claim.

Do we have to get another insurance if my condominium already insures the building?

Yes, the building owner/management insure their own building as to protect their investment as whole but not excluding what’s inside the each units owned by the unit owners and its content. Please take a look at your CC&Rs (Conditions, Covenants & Restrictions). In most cases, this is on a “bare walls” basis, meaning the association is only responsible for the bare walls of the unit. Anything other than what is on the condition, you as the owner are responsible.

If we have any loss history, is our insurance rate will go up?

If the loss is considered a catastrophe, and caused by a natural disaster or fire, the rates will not be affected. By the rule of thumb, insurance company will find previous tracks of loss a risk which translates into higher insurance premium.

What is protected under property damage?

The property damage part of a homeowner's policy protects loss or damage to the home and other structures on the property. In the event of a total loss, payment depends upon the dwelling policy limit of the insurance contract as well as the type of coverage provided under the contract.

What is protected under personal property (contents) damage?

Contents (personal property) coverage is a typical component of all homeowner's and renter's insurance policies. Personal property refers to all tangible goods commonly found inside your residence and owned by you or family members who live with you. Examples of personal property include your clothes, furniture, furnishings, and appliances. Common exclusions are automobiles, aircraft, and other vehicles.

Your policy will have an overall limit on how much it will pay for all personal property involved in a single claim. The typical limit is at least 50% of the home’s insured value. The policy, however, will have separate limits on such items as computers, antiques, silverware, cash, firearms, works of art, furs, and so forth.

Will I pay extra for using Insfilings?

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Are my pets protected under the personal property coverage?

No, your homeowner’s policy will usually protect the damage done by your pet to other but some insurance companies will not insure certain kinds of animals or breeds.

Are my personal coin collection, family estate Jewelry, real animal Furs, Guns, Monet painting and other expensive stuff protected under my regular home policy?

Yes, but most home policies place specific dollar limits on coverage for cash, securities, coin collections, jewelry, furs, guns, silverware, antiques, and art. Check the categories and if your personal property falls into a listed, limited coverage category and is worth more, you can increase coverage by adding a "rider" to the policy. Insurance policy riders are available at reasonable cost.

Would the stolen personal items taken from my hotel room be protected under my policy?

Depends on your insurance coverage. If your homeowners or renters insurance provides such coverage, typically the limit of the coverage is 10% of the dwelling policy limit.

What does personal liability protect and why would I want it?

Liability coverage protect/pays for when you are legally obligated for damages that occurred as the result of something that happened on your property. It also protects damages caused by your personal activities (hit a baseball through your neighbor’s double-paned window). This coverage would pay the claims as well as a lawyer to defend you in the event of a lawsuit. In addition to protection for claims and lawsuits arising out of non-auto incidents that occur at your premises, these policies often provide protection for incidents that occur off the premises. Liability insurance does not have a deductible.

Does my personal liability coverage protect intentional injuries?

No. Any intentional injury or damage will not be covered.

Does my policy protect the cost of my hotel stay if I can’t live in my home because of a fire?

Under the feature of “Additional living expense” coverage (also called “loss-of-use”) pays for your hotel costs, restaurant bills, and other additional living expenses when your home is too damaged to live in during repairs. Limits and the length are determined and explained on the policy.

What is protected under medical payments?

Medical payments under homeowners policy pays for the medical bills for people who got hurt on your property and usually has $1000 limit. Excludes are you and your family members who resides within the property.

What different options or "riders" are available under my policy?

A "rider" is an additional set of terms and conditions that “added on” the basic package offered by the insurance company. Below is most common riders available:

1. Scheduled personal property endorsement (personal property floater)

When you own priceless items or highly valued items such as coin collections, cameras, and jewelry, by using Scheduled personal property endorsement rider, you will be able to protect your belongings which standard policy does not cover.

2. Special computer insurance

Special computer insurance protects your technology related gadgets that your standard insurance does not provide coverage. You may also need a business policy to protect your home office equipment.

3. Income property

If you own rental property, you can insure the property under your homeowners property.

4. Secondary residence premises endorsement

Secondary residence premises endorsement allows you to insure your vacation home under your homeowners insurance.

5. Theft coverage protection endorsement

Standard insurance police restrict coverages due to theft. To expand the amount of insurance for personal property due to loss by theft, additional theft coverage under your homeowner's or renter's insurance policy to protect beyond your standard coverage offers.

6. Home business

In situations where you are operating home based business, home business rider will protect you from losses within declared premises as business operating ground within your dwelling property. If your home-based business is excluded, you may be able to add a rider to the insurance.

7. Watercraft and recreational vehicle endorsement

Watercraft and other recreational vehicles commonly located (stored) at your residence are often times excluded from your homeowners insurance policy. In addition, these vehicles are often excluded under standard automobile insurance policies. To obtain coverage for loss of these vehicles, many insurance companies offer an optional rider.

8. Land and mine subsidence coverage

Land and mine subsidence rider protects against land slide or mud. Ex. Land slide caused by abandoned mining operations or structural failure of old mine.

9. Sewer and drains back-up

Similar to flood which is excluded under all homeowner's or renter's insurance policies) a backed-up sewer or damage caused by malfunctioning drain can be covered under Sewer and drains back-up rider.

10. Workers' Compensation

Under the state(differs by each state) regulation, workers compensation is required as if someone is working for you and within your property in any form of contract bases. Workers’ Compensation insurance can be purchased separately or can be added as rider.

Does my policy handle and protect unauthorized charges on my stolen credits cards from my vacation?

Most home and renter insurance policies provide coverage for theft of credit cards; however, the amount of coverage is limited. Commonly, dealing with credit card issuer oftentimes bring better result.

Will homeowner's insurance protect me from claims while I am on vacation?

Homeowner's or renter's insurance protects against loss of personal property as a result of theft as well as third-party liability insurance whether at home or on the road.

Does my home policy protect the food that was spoiled because the electric power into my home was out?

The actual coverage and the bases of claim will be depends on the cause of the loss. As long as the cause is under the listed in the declaration, your food(s) are protected.

Are natural disasters like a tree on my roof during a major storm protected and the tree removal protected?

Almost all homeowners insurance policy protect against the damage caused by tree. Actual limit and the conditions are found under the declaration of each homeowners policy.

If my neighbor’s tree fell and destroyed my property, whose home policy pays for the damage?

Any damage caused by third parties or by their owned properties falls under the third parties responsibilities.

In such matters, your insurance provider will cover you directly for the loss and claim against the third parties insurance for the reimbursement.

Does homeowners insurance cover personal belongings that we take when traveling protected?

Yes, same rule under personal belonging applies when you are traveling. If you are traveling with costly jewelry, valuable photographic equipment, pricey art, or other items of high value, you should consider the purchase of extra insurance in the form of a rider to extend coverage for these items.

Does homeowners policy cover damages from frozen pipes?

Frozen pipes are covered under homeowners policies except under basic coverage policies.

How much homeowners insurance is adequate?

The amount of coverage that you need depends on what it would cost to replace your home and land in the event of a total loss. While you may be able to get by with only 80% coverage, will you be able to take the other 20% out of your pocket in the event of a total loss? The incremental cost to insure a property to full "replacement cost value" is so low it would be fool-hearty not to fully insure your property at full value.

What is an adequate amount of liability coverage?

Amongst many factors that determines the amount of liability coverage, rule of thumb is the total amount of your entire asset that needs to be protected. A single claim major claim against might be enough to wipe out you entire asset and bring devastating result. Smart way to determine the amount of liability is to go over your asset and balance it out with the amount of premium that you are comfortable with.

My lender is requiring insurance. How much do I need?

Most of lenders(mortgage companies) will require you to purchase at least 80% of the value of your home or up to 100% of the amount of the mortgage. It is not a good idea to try and save a few dollars by carrying the dwelling policy limit bare minimum amount of insurance. The value of your home may increase or a total loss may occur. The insurance company may apply the "coinsurance" principal and not fully protect a loss.

Will my insurance company inspect my property?

Insurance companies have sufficient data on insurable properties and incase of where the property is unknown or unusual, inspection will be placed.

Why do I need to provide my personal information to get insurance?

Personal information are factored in to determine the risk factors and in order to determine the insurance premium.

Can my insurance company cancel my policy?

Yes and it by law that the insurance company must provide written notice to the insured.

Can I cancel my own insurance policy?

Yes, you can cancel your insurance at any time, especially if you sell your home or change companies. You will receive a refund of the unused insurance premium according to your insurance contract.

What is a grace period for payment of premiums?

Typical grace periods for payment of insurance premiums run for five (5) days from the date the premium is due.

My insurance company filed bankruptcy. What will happen to my insurance?

States maintain guarantee funds to protect against insurance company failures. When an insurer fails, the state steps in. It places a receiver over the insurance company to protect the insureds, then, in many cases, assigns the insurance policies to other admitted insurers (those authorized to transact insurance business in the state).

What should I when a loss occurs?

First thing is to make sure to protect your property from further damage. Either separating contents or covering up the areas to limit the exposures from additional loss.

The next step is to prepare evidence and information to notify your insurance company of the loss. Almost all insurance companies have toll-free telephone numbers for their claims departments.

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