Tag: insurance-policy
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What is a Permanent Life Coverage Trust and how does it operate?
There is a common misconception that life insurance profits are not subject to estate tax. While the profits are obtained by your loved ones without any income taxes, they are included as part of your taxable estate and as a result your loved ones may forfeit more than forty percent of its worth to federal…
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What is a life insurance trust?
A life insurance trust is a type of irrevocable trust created by John Smith and intended to own a life insurance policy on his life. The advantage of the life insurance trust is that the life insurance policy will not be considered part of John Smith’s estate, and the proceeds from the policy can be…
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What insurance benefits can I receive after a motorcycle accident?
If you get injured in a motorcycle accident in Ontario, you might be eligible for compensation from two sources: Accident Benefits from your own car insurance policy or from the insurance for another vehicle involved in the accident. Tort Claim against the driver responsible for the accident, seeking compensation for damages not covered by accident…
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Why Should I Submit an Accidental Death Claim?
Submitting a claim will not bring your loved one back. However, even if it’s difficult to consider the legal procedure during such a moment, there are several reasons to submit an accidental death claim: – Financial Compensation: Filing a claim may help secure financial compensation to cover various expenses that resulted from the accident. This…
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How Can an Insurance Service Commit “Improper Conduct” That Justifies a Lawsuit?
When an insurance service fails to fulfill its obligations stated in an insurance agreement or neglects certain legal responsibilities, then there might be grounds for a lawsuit based on “improper conduct.” Improper insurance practices can involve the service’s refusal to settle a claim filed against you in the event of your fault in an accident,…
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How can I proceed with filing a claim?
Each insurance policy follows a unique process for filing a claim. If you intend to file a claim, get in touch with your insurance provider. Nevertheless, exercise caution as any statements you make may be utilized to reject your claim or propose a lower settlement than the actual extent of your losses. Seek guidance from…
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What steps should I take to initiate a claim?
Each insurance policy follows a distinct process for claim submission. If you intend to file a claim, get in touch with your insurance provider. Nevertheless, exercise caution as anything you communicate could be utilized to reject your claim or propose a settlement amount lower than your actual losses. A legal representative can aid you in…
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What does it mean if my insurance policy includes a legal action limitation?
A legal action limitation limits your ability to file a lawsuit for non-economic damages. If your policy includes this limitation, you would only be able to file a successful lawsuit for non-economic damages if your injury falls under specific categories such as death, severe bodily harm, permanent disfigurement, or lasting impairment.
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What if UIM coverage isn’t included in my insurance policy?
What happens if UIM coverage is not listed on my policy? Most likely, you have opted out of the coverage. Get in touch with your insurance provider. Purchasing UIM coverage is usually affordable. It is advisable to acquire it! Another advantage of Uninsured/Underinsured Motorist coverage: it provides protection in case you are injured in a…
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What Does My Insurance Agreement Include?
The coverage provided by an insurance policy depends on the specific type of policy and the risks it aims to protect against. There are several categories of risks that insurance policies may cover. When it comes to property risk, the policy offers protection for damages occurring to one’s property. This could include a residence, a…
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What constitutes a first party property claim?
When individuals obtain an insurance policy to safeguard themselves and/or their property in case of a loss, they and their insurance provider become the primary parties in that agreement. If individuals experience a loss due to factors such as water, wind, fire, natural disaster/hurricane, theft, accident, etc., and their insurance company fails to adequately reimburse…
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What is the time limit for filing a claim for breach of contract?
There is a five year statute of limitation to file on breach of contract with your homeowner insurance policy but in some instances, you must give notice to your insurance company within 2 years according to a recent change in the law. It is recommended to consult with a legal professional for an assessment of…
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How would the distribution of assets, including any additional residences, be determined?
The insurance policy will cover life insurance, medical expenses, and disability benefits.
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How much does the process of settling an estate through legal channels cost?
When all the expenses are calculated ? including appraisal expenses, fees charged by the personal representative, court fees, costs for a type of insurance policy referred to as a “surety bond”, along with fees for legal and accounting services, the overall cost of estate settlement can range from 3% to 7% of the total value…
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What is Personal Harm (PH) coverage on an auto insurance policy?
Personal harm coverage is liability coverage that will pay for injury and lost wage damages on behalf of the person or entity causing injuries in an auto accident.
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What does a water exclusion provision entail?
A water exclusion provision inhibits specific types of water damage from receiving coverage under an insurance policy. These provisions impose constraints on the water-related claims that policyholders can effectively file. Excluded events usually include flooding, the presence of standing water, groundwater intrusion, and drain or sewage backup incidents.
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How can I determine if my insurance policy includes coverage for flood damage?
In the majority of states, a typical homeowners insurance policy leaves out coverage for flood damage. To secure protection against floods, you will need to acquire flood coverage from a government entity like the National Flood Insurance Program or FEMA. Alternatively, you can opt for flood coverage from a licensed private carrier.
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How can I make payments for my medical expenses until I receive my settlement?
How Can I Pay My Medical Expenses Before Receiving a Settlement? Since the insurance for the accused party will not cover your bills until fault is established, you will initially have to bear these costs. After a motor vehicle accident, you may be eligible to utilize Personal Injury Protection (PIP) coverage. In the case of…
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Who will be responsible for covering my medical costs after my car accident in Florida?
Personal injury protection (PIP) is the primary insurance in the state of Florida and covers 80% of your medical expenses, up to $10,000. Otherwise, health insurance would act as a secondary insurance, alongside any Med Pay. However, health insurance and Med Pay have the right of subrogation, which means that if there is a recovery…