Insurance Career Guide and Counseling

Question: How long is a insurance company required to give before they cancel your insurance? My insurance called me yesterday and informed me that they would be cancelling my insurance because I have rented my house to a group of students. They gave me two weeks to find new insurance before they cut me off. I'm having trouble finding someone who will insure us. If they cut my insurance, my bank will cancel my mortgage, and I guess that means I'd lose the house. Is this insurance company allowed to drop me in this manner. When we got the insurance two months ago there was nobody living in the house, but it was rental insurance. We never lied or anything, we were completely honest through the whole process.

Answer: most insurance policies range from 30 to 90 days on a cancellation for non payment. You need to stop and read your policy carefully. If this is a home owners policy there is likely an exclusion for using the house as a business. When you bought the insurance you were probably purchased it through an agent. He didnt care what you told him. all he wanted to do was sale the policy. It's the underwriter that now wants to cancel it. Bottom line. I think that you have two options. 1. Purchase a commercial property insurance policy. (expensive but doable.) 2. Search around and find another homeowners insurance policy and buy 1M dollars worth of umbrella coverage. I'd spend my time looking for option two. The minute you ask about an umbrella, agents will be knocking your door down.

Question: What is the type of insurance that covers bodily injury and property damage to others? 1: What is the type of insurance that covers bodily injury and property damage to others? liability uninsured motorist comprehensive collision 2: What is the type of insurance that covers you when you are injured by a hit and run driver? liability uninsured motorist comprehensive collision 3: Insurance is based on the concept of ________ and __________ profit and loss risk and loss risk and return profit and cars 4: Which type of insurance is usually required if you finance your car purchase? Medical Payment Insurance Towing Insurance Rental Insurance Collision and Comprehensive Insurance 5: Which of the following is not a way that a teenager can save money on insurance? Getting on his or her parents' policy Getting good grades Driving penalties Driver experience 6: Accidents that must be reported are ? those that caused minor damage or harm those that have been fatal all accidents.

Answer: I didn't study for this test (haha) 1-Liability 2-Uninsured motorist if you were a pedestrian Collision if it's a hit&run in your car 3-Risk & Loss 4-Comp & Collision 5-Driving penalties 6-All of them

Question: What types of insurance does an event planner need? I am interested in starting my own business from home as an event planner (no employees, just me). However, I am unsure about the insurance aspect of things. I will possibly be organising events for a large company and they have told me that I am required to take out Public & Products Liability insurance and Personal Accident cover before I can start working on any of their events. Will the Personal Accident insurance cover my hospital bills if I injure myself? If not, what insurance does? Could you please advise what type of insurance is required for a home-based event planner. If there are any event planners out there could you please let me know what insurance you have?? Thanks!

Answer: Call an insurance agent. They will know what insurance you need and how much it will cost. The insurance is to cover the people and items at the events you coordinate, not you personally.

Question: How does the insurance company find out about moving violations? My understanding is that when you get a moving violation (e.g, a speeding ticket), the police or the courts or whoever will notify your insurance company. When your insurance company finds out and finds out about the points that are now on your license, they raise your insurance premium. However, a friend tells me that he's received several speeding tickets, that his insurance company has never found out (meaning no one is notifying his insurance company), and that his premium has therefore never gone up. How is that possible?

Answer: hes got to be lying or had lawyer take his tickets to court and won! tickets are sent to the states motor vechicle division, thats how they find out about your tickets! TC GL :-)

Question: Will an insurance company insure our home if there is a unpermitted cottage? I'm in the process of buying a foreclosure home (Saratoga,CA, can't transfer the insurance since it has already lapsed) that has a detached unpermitted cottage (2 bedrooms, kitchen, bathroom and living room total of 900 sq ft), the main home also has a unpermitted converted garage that is used as a in law quarter (separate entrance and full bathroom), it also has a unpermitted sun room too. I really love the home and tried looking for home insurance but it looks like no one will insure me. Is there anyway I can get insured for this property without having to lie about these unpermitted additions to the insurance company? Any advice would be appreciated and any suggestions which insurance company would insure me for a reasonable price. Thank you in advance.

Answer: I think you should go to the local building department (city or county) and apply for as built permits for these unpermitted structures. Although costly, it's better than Code Enforcement coming by, realizing that those additions/properties are unpermitted and going to court, seeking an injunction to have you (1) obtain as-built permits or (2) having them torn down. It is more expensive to have Code Enforcement come in and seek relief from the courts (assuming you don't comply and apply for as built permits) because you may have to pay their attorneys' fees when they win. I believe you apply for as built permits from the Building Department in the city. Make sure you're in the incorporated portion of the city, otherwise you'll have to go to the County Building Department. Also, if the bank didn't know that these additions were unpermitted, you wouldn't have an recourse. Most foreclosures are sold as is and requires buyer's diligence. A title insurance policy may or may not disclose unpermitted additions (depends on the wording of the policy). As I recall, a title insurance policy only guarantees that you have marketable title to the property.

Question: no health insurance and have a preexisting condition. Can I start work? or is there any insurance available? I live in GA. We just got an insurance and told them about this condition. It's very small surgery for my daughter. but now they are denying it. Is there any other insurance I can take? or if I get insurance through work would that help?

Answer: Some group policies at work do not care about preexisting conditions. Some do. It is usually the private ones, not work connected that up the rates. Probably something to do with---- if you can work, then you probably are not too sick, or disabled, so you can be insured. If it is a dependent child, would you need to take insurance for you as well as the child, and what is the waiting period. Work insurance takes a while to go into effect. You may have a rider or whatever it is called, that will exclude treatment, or make you wait so long to have insurance, or treatment for the preexisting condition. I don't know for sure, you could find out some how who the employer or potential employer uses and check it out on line or by calling the company.

Question: What typically happens to the insurance industry during a period of economic recession? Are people more afraid and purchase more insurance or less? Does it make them delay purchasing insurance? Life and Health insurance specifically. More specifically senior medical supplement policies, advantage plans, life insurance, long term care insurance, and annuities. I'm asking for myself. Is it a good time economically in the U.S. today to sell these products? General or specific information will be helpful. Thank you for your experience and thoughts.

Answer: "People are buying insurance products regardless of economic conditions.The insurance industry and large-cap consumer staples companies also tend to pay meaningful dividends -- and steadily raise them -- enhancing their overall quality and appeal. Dividend income is always welcomed by consumers, especially so in choppy markets when you're effectively paid to wait until the turmoil subsides.To answer your question if is a good time to sell in U.S.i say it is! not only in U.S. but also in Europe.

Question: What kind of insurance do insurance companies need to buy for their own company? I want to start an insurance company, but I need to know what kind of insurance I need to purchase for my own company. I have done research and can't find this. (Please do not tell me how to start one, or anything else besides what insurance I need, if any.)

Answer: Do you want to start an insurance company or an insurance agency? There is a difference. I'm guessing you want to start an agency because if you had the millions of dollars needed to start an insurance company you'd have the knowledge already or at least the money to hire someone who knew. For an agency you'll need E & O insurance. Also, depending on your situation you'll need a business general liability and property coverage. You'll need business auto or at least a business classification on your auto insurance if you have vehicles. If you hire someone you'll need workman's comp and possibly health insurance, disability, etc. for the employees.

Question: Is the auto-insurance claim information shared if I switch the insurance company? Hi! I am with auto-insurance company X right now and due to few number of insurance claims that I had made, my insurance is going up. I am wondering if I try to switch to some company Y, will X share my claims information with Y? Thanks!

Answer: Most of the time, yes they will find those prior claims. Many insurance companies participate in a national database that tracks claims. They will also check you MVR records of any tickets or accidents. It is very difficult to slip one past an insurance company. Fraudulently stating fewer claims than you actually have is not a good idea. If you filed another claim and the prior ones were discovered, they could deny the new claim, back charge you a higher rate, and/or cancel the policy on the spot. Because your rate went up due to the claims, it's not a bad idea to shop around, just make sure they are rating you with knowledge of those prior claims.

Question: What insurance is needed for casual outside workers? We live on acreage in Brisbane and need quite a lot of outside work done. Things like brushcutting, weed spraying, gardening, scrub clearing etc We would supply tools and materials etc so the job would suit an unemployed person or a student. What if they are hurt in some way while doing the work? Do we need to take out insurance for them? If so, what type of insurance is it and who should we get it from? I'm pretty sure that normal workers compensation insurance doesn't apply to workers who are employed by householders.

Answer: Try liability insurance or a cafeteria type insurance plan for insuring your casual outside workers or see if your home owners policy would cover it.

Question: What reputable health insurance companies are out there? My mom doesn't have health insurance and my job doesn't give insurance to family members. I would like to pay monthly to a health insurance company so my mom could get health check up when she needs it. Do you know any health insurance companies that can accept low monthly payments since I don't get paid that much? We live in northern california.

Answer: Well, if she's 40 and perfectly healthy, it's going to cost her about $500 a month to have a low/no deductible plan that covers checkups. You BUY it on a month to month basis. If you want low monthly payments, you have to cut the coverage - like take a $10,000 deductible. Or higher. That would cut payments down to maybe $200 a month or less. The older she is, the less healthy she is, the more it costs. Your best bet, is to find a local, independent agent, who can help you balance cost with coverage.

Question: What are some insurance companies that offer insurance if you become disabled due to accident? Hello everyone. I have life insurance and accidental death insurance, but I am looking for a company that offers insurance for money if you get injured in an accident and become disabled. I show horses and ride often. I am looking for something that would protect my family in case of a disabeling injury. Please only serious answers. Please don't suggest yahoo or google....I am looking for actual companies. God bless!

Answer: Disability coverage for someone who rides horses for a living? OUCH, it's going to be expensive. Your BEST bet is to contact a LOCAL INDEPENDENT AGENT, because not all companies write insurance in all states, and have them shop this out. It's going to be really, really expensive. I'm thinking, $1,000 to $2500 a month, if you're under 40 and in great health right now.

Question: Can i start insurance on a new car with a new insurance provider before the current policy runs out ? My current car insurance policy runs out at the end of the month and I will not be renewing with them. I am getting a new car approx 2 weeks before the expiry date. Can i start the insurance with another company and 'overlap' the insurance ?

Answer: You CAN do that since you are changing anyway. You might want to notify your PRIOR insurance company once you have the NEW coverage in force - just to avoid any duplication of coverage and any "earned premium." If the company automatically renews and you don't inform them, they might try to collect for the time you had coverage in force. Just show them a copy of your NEW policy and they will cancel the old. That's the way it SHOULD be done. Good luck, drive RESPONSIBLY and I hope this helps!

Question: Where can you buy insurance for connecting to the power grid with a wind generator in Texas? I have a friend who would like to install a wind generator for electricity, but the local power company will not let him connect to the power grid unless he can show that he has a million dollars insurance. Well, he cannot find any company that offers that type of insurance for any price. He has written to everyone he can think of but still no source of insurance. The reason he wants to connect to the power grid is to use it as his storage system so that he doesn't have to maintain a whole bank of storage batterys. Does anyone know where he can get this type of insurance for a system that will be in the state of Texas?

Answer: Call your electric company; the folk you would have had to call anyway to get connected & let them know that you would like a reverse meter so that they can measure how much energy that you are back feeding. There is specific wiring for this that has to be approved through your county anyway & it is a safety feature for people working on the lines after a storm so you don't inadvertantly electrocute a lineman who is trying to restore power around you. They will no doubt have the answers that you need or can advise you on where to look for the insurance. The way that you do a million dollar insurance policy is called an UMBRELLA POLICY on the homeowner's. That isn't hard. It is a property insurance that goes above what the homeowner's insurance carries. The UMBRELLA coverage is a catastrophic event coverage that is called secondary insurance. It isn't even very expensive as it covers after everything else has been exhausted first. Go to yahoo & google Umbrella insurance & then if that doesn't work, look at commercial insurance companies in your area. I know that CNA which is a HUGE insurance company, they write in Texas & may be able to write your friend the policy that he needs. I hope this helps. I used to do underwriting assistance for them & I helped insure folk in Texas in particular.

Question: What the insurance will do if the two parties of the car accident all have policy with the same insurer? I had a car accident and I believe it was third party's fault. However, the third party and I have policy from the same insurance company. The legal insurance is same as well. What should I do to make sure that the insurance would act without interest conflict? If I use different legal firm, will it be better?

Answer: You have one advantage in that the insurance company will have both people's versions of the incident and be able to better apportion liability quickly. They should advise you of the conflict of interest under FSA rules. The fact that you are insured with the same insurer does not affect your rights under contract (they must repair your car if you have comprehensive cover) nor does it affect the other driver's rights under contract (the insurance company must pay damages you claim against him - under the liability section, if they think he is at fault). Hopefully the insurance company will quickly decide on who is at fault and pay you your uninsured losses (excess, loss of earnings, injury etc). If not then you will have to look at the legal expenses insurance policy and see if there is an exclusion against them pursuing a claim against the insurer. If there is then you would probably have to raise a complaint in that they are not treating you fairly because of the conflict of interest. It will certainly be cheaper and easier if you legal expenses insurance company pursues a claim on your behalf - the only problem you will have is if the other driver disputes liability - and instructs his legal expenses policy to claim against you. In that case they will have to withdraw due to a conflict of interest. The insurance company may offer a split-liability settlement. You can challenge this if you wish, in order to preserve your no claims bonus - but this will delay payment of uninsured losses until the claim is settled. In this case I would assume the other driver would be pursuing a claim as well and so you both will need to take legal advice elsewhere.

Question: How do i fight with an insurance company and win? I had surgery in June and my insurance has no deductible. The insurance company paid the doctor and the pathologist, but they wont pay the hospital. the insurance company says they havent gotten a bill. the hospital says they have sent it and received a denial with no explanation from the insurance company. I dont know what to do. I've asked for the hospital to send me the bill to submit myself, but they dont do it. They say they do, but I never get it. I'm so frustrated. What can I do??? The hospital has an out-of-state company do their billing or I would go there in person. My insurance company is also out of state. *sigh* help.. i have no deductible, there is no reason why they wouldnt pay, they've paid everything else I just think the hospital is messing up. any suggestions?? thanks!

Answer: At this point I don't think it's the insurance you need to fight. It's the Hospital. I mean if you haven't gotten what they promised to send you numerous times, you think the insurance got their claim? If the insurance denied it, it would state a reason and if not the Hospital would have called to find out the reason. Call the hospital billing department and tell them to fax you a copy of the insurance EOB (explanation of benefits). If the insurance denied your claim there will be a claim number given by the insurance company. If they don't do it then tell them you want to talk to a manager. Once you get the denial you can call your insurance company and give them the claim number. They can look it up this way to pull up the denied or paid claim. Also Ask them to fax you your UB-92 form for your services there. Call them while your standing next to a fax and explain to them that they were suppose to do this serval times and you have not received it so you'd like to stay on the phone with them until the fax comes through. Again if they do not help tell them you want to talk to a supervisor. Everytime you insurance processes a claim they should be sending you an explanation of benefits too showing you what they paid for each of your services. Look for these and match them with your statements. Also, many insurance companies have online services where you can pull up your claims online. So YOU can pull up everything they ever paid for you and if they denied a hospital claim it will say so on there. Finally, if you insurance did deny the cliam they give you a certain number of days to appeal the decision. You may want to pull out your policy manual and see what that is for your plan. An appeal is a written notice to your insurance carrier stating you do not agree with their decision. A lot of the times your physicians office will be willing to help you. Call they billing department at your physicians office and explain to them what's going on. They may know someone at the hospital who can help. Good luck.