Insurance Quotes
FAQ's |
|
When searching for the right policy for you, you may come up with some questions that you don't know the answer to. What is an insurance rate or how does my deductable affect my premium? Here are the answer to some of the questions you may be having. Be sure to check out the individual pages contained in each section of insurance to be sure that you have got all the answers before you commit to a policy. Q: Do you need auto insurance when you have a learner's permit?Answer: No. As long as you are driving a car that is covered under your parent/guardian's policy and they are 21 or older (25 in some states), you are covered. You only need auto insurance once you own your own car or are driving by yourself. Q: How long does a company have to pay a medical claim? Answer: In most cases the insurance company has 45 days to either pay or deny a claim once proof of loss has been received, unless additional information is requested. Q: I am receiving long-term disability. Is it considered taxable? Answer: Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer. If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employers payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable. Why is private mortgage insurance (PMI) required? Answer: Mortgage insurance is required for any mortgage with a down payment of 20% or less. These low down payment loans are considered of greater risk to the lender, and mortgage insurance protects your lender against loss due to default. Q: What Basic coverage's for home insurance are available? Answer: The most common basic coverage's are: Property damage, Additional Living Expenses, Personal Liability, and Medical Payments. Q: I have a roommate? Do we each get our own renters insurance policy? Answer: It depends on the policy purchased. Some insurance companies will offer one policy that covers multiple people while others will require each person to carry a separate insurance policy for each of the individual. Informaton Provided By Insurance Information Institute |
