Create an account
something of value that if lost, would cause you financial harm. Market value vs. replacement value.
selecting an insurance company
individual vs. group policies through an employer, independent vs. corporate agent, local vs. national companies, quotes available over telephone, internet, or mail, established vs. new companies
factors affecting premium
age, gender, marital status, geographic location, past history/lifestyle, risk level, preventative measures (smoke detectors, alarm system)
legal requirements of auto insurance
your car must be covered (20, 40, 15), you have proof of insurance in car at all times, insurance stays with the car, NOT driver
loss or damage to a vehicle not from an accident (theft, vandalism, fire, hail)
needs for older cars
as coverage goes up, so do premiums. Pick the lowest deductible that you are comfortable with. Coverage amount should not be more than what you feel appropriate.
what to do in an accident
call police immediately to report it, get a copy of the report, exchange info with other driver(s), don't discuss details of the accident, call insurance agent ASAP after the accident to file a claim, get any other assistance you need (doctor, lawyer, etc.)
personal property inventory
be as detailed as possible, include photos and receipts of valuables/irreplaceables, keep list accurate and updated, list items room-by-room, don't forget garage, shed, and other storage areas, keep list safe in safe deposit box/other secure area
companies will not fully cover the cost of damage to a house due to the occurrence of an insured event (fire, flood), unless the homeowner has purchased insurance coverage that is equal to at least 80% of the house's total replacement value
protection for a specific amount of time (1,5,10 years), very cheap, must be renewed at the end of the period or it will expire, may require a physical exam, premium may change when it is renewed
whole life insurance
coverage for the rest of your life premium set when policy is purchased and never changes
value of policy if you cancel it, you may get some or all of it returned to you, you may be able to borrow against the cash value
can renew a term insurance policy without having to take another physical exam
covers injuries that occur on the job, different in each state, employers pay premiums, employees receive partial payment of full income until they can work again, by receiving this, employee cannot sue employer
reasonable and customary charges
the going rate for charges in your geographic area, you might be asked to pay nothing beyond this charge if deemed unreasonably high
Health Maintenance Organization
least expensive plan, chosen doctors must be inside network, must have a primary car physician to choose your specialist
Preferred Provider Organization
chosen doctora can be outside of network, but will pay higher cost for those doctors, do not need a primary care physician, you can go to specialist on your own choosing, more expensive
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