Life Insurance

Life Insurance -  Be Sure To Keep Your Insurance Coverage Paid Up To Date .  Each year you should shop for the best coverage at the best price. You should contact any licensed agent or broker in the state of Maryland and compare quotes with another to make certain that the terms, conditions, limits, deductibles, etc. are the same.  Image by : Google.com Rates and coverage can change.When your auto insurance cancels, the insurance company is required to notify the Motor Vehicle Administration of the insurance termination date. You will be asked to get a FR-19 insurance certification form from each insurance company that has provided liability insurance prior to the termination date. You can obtain a FR-19 from your agent or your insurance company. To protect yourself in the event you are involved in an accident with an uninsured illegal driver, be sure to keep your insurance coverage paid up to date. With uninsured motorist coverage, you will be paid for damages ju...

Life Insurance - If working as a subcontractor, your customer may require you to have Owners and Contractors Protective Liability (OCP) coverage. This protects either a property/business owner or a general contractor from possible liability insurance arising from the negligent acts of an independent contractor or subcontractor hired to perform work on behalf of the insured.  image by : google.com The actual purchaser of the policy is the independent contractor or subcontractor, but the insurance protection is for the benefit of the property/business owner or general contractor for whom the work is being done. BUSINESS VEHICLE INSURANCE Your personal auto insurance policy probably provides coverage for some business insurance  use of your truck, van or other vehicle. A personal auto policy is unlikely to provide coverage, however, if the vehicle in question is used primarily in business.  It will not provide coverage for any vehicle owned by a business. For those vehi...

Life Insurance - An office is the primary or only premises for numerous types of small businesses insurance , including, for example, employment, travel, collection, insurance, advertising and other agencies. Electronic equipment and data are vital to the operations of most such businesses. They also have the risk of lawsuits from disgruntled clients or customers. image by google.com For many office-based businesses, the most cost effective and efficient way to obtain property and liability coverage is with a Businessowners Policy (BOP) especially tailored to business offices and, in many cases, offices for a specific industry.  Though marketed under a variety of names, these policies typically have provisions similar to the property insurance and liability insurance sections of the BOP, with the option to add various other coverages that you may need. PROPERTY INSURANCE The BOP covers real estate and other property your business owns. If your business rents or leases its premise...

Life Insurance - An office is the primary or only premises for numerous types of small businesses, including, for example, employment, travel, collection , insurance, advertising and other agencies. Electronic equipment and data are vital to the operations of most such businesses insurance . They also have the risk of lawsuits from disgruntled clients or customers. Image by : google.com For many office-based businesses, the most cost effective and efficient way to obtain property and liability coverage is with a Businessowners Policy (BOP) especially tailored to business offices and, in many cases, offices for a specific industry. Though marketed under a variety of names, these policies typically have provisions similar to the property insurance and liability insurance sections of the BOP, with the option to add various other coverages that you may need. PROPERTY INSURANCE The BOP includes as part of the basic policy two types of coverage related to electronic data. Computer Operatio...

Life Insurance - The term full coverage generally means that the insurance policy has both liability coverage and coverage for damage to your vehicle. The term full coverage does not mean that everything is covered no matter what happens.You should carry as much liability coverage as you can comfortably afford because damage  insurance claims today are sometimes settled for millions. Liability Insurance pays to someone else for Bodily Injury and/or Property Damage which you may have caused them and for which you may be legally liable. The first two (2) numbers referenced above (100/300) are the policy limits of a potential pay-out to cover your Bodily Injury Liability.  Your insurance company will pay up to $100,000.00 to any one (1) person and no more than a total of $300,000.00 to three (3) or more people who may have sustained a Bodily Injury in the same covered accident. The last number (50) means that your insurance will pay up to $50,000.00 to the owner of any prope...

Life Insurance -  A Little Story About Liability Insurance .  The size of the claim is based in large part on the amount available for settlement, or the policy limit. For example, say you knock down your neighbor's wooden fence, at a cost of $100 to repair. You might reasonably expect your liability insurance to pay your neighbor $100 in settlement. If, however, your liability insurance policy allows for exact replacement valued at up to $1 million, you might be surprised to discover that your neighbor's fence—fashioned of unusually aged wood and adorned with certain attractive knots and artfully crackled layers of antique paint—is by far his most prized and valuable asset. Remember the woman who sued McDonalds over hot coffee? Heaven help the insurance company that goes before a jury! In any case, so far as premium pricing is concerned, the point is that even well-established products may not have accumulated a long enough list of successfully closed files to take the gue...

Life Insurance -  Liability Insurance Motorcycle .  Do warmer weather and rising fuel prices have you dreaming of a motorcycle or motorized scooter? Before you buy, check out the cost of the most essential piece of equipment for your two-wheeler: motorcycle insurance . Don’t leave the dealer’s lot or the driveway without it. Motorcycle insurance works pretty much like auto or car insurance , with some exceptions. Most notable is medical coverage. Some cheap motorcycle insurance policies may offer bare-bones medical coverage or no medical at all. If you own the bike outright, and depending on the state you live in, you may be legally required to carry only liability insurance – which covers damages to the other guy involved in an accident. But skipping medical coverage is not a smart place to economize on motorcycle insurance when even a 5mph accident on a bike can land you in the ICU. You should also be aware that your liability coverage may not cover injuries to your pa...

Life Insurance - Liability coverage protects you if you (or another person driving your car with your permission) injure or kill someone or damage property. For example, let's say you run a red light, strike another car and injure the driver. Your liability coverage obliges the company to defend you - in court, if necessary - and pay claims to the other driver for vehicle insurance  damage and bodily injuries, including medical and hospital costs, rehabilitation, nursing care, and possibly lost income and money for pain and suffering. (The liability section of your policy does not compensate you for damage to your own car insurance or any injuries to you. They are covered by other parts of the policy. Now assume that you're involved in a collision at an intersection with no witnesses or evidence to pin the blame on either driver. Again, under your liability insurance   coverage, your insurer agrees to defend you against most proceedings the other driver may take against yo...

Life Insurance - General Liability Insurance (also called Commercial Insurance) helps protect your company or professional practice from claims of bodily injury to a customer or damage to a customer’s property resulting from using your product or service.  Many General  Liability policies also cover claims of personal injury such as libel or slander and advertising injury claims of misrepresentation of your products or services. Sometime, General Liability is included as part of a comprehensive Business Owners Policy (BOP). However, coverage in those instances are typically low and may not offer sufficient protection for your specific risk exposures. General Liability insurance is an essential part of your business insurance portfolio, whether you work from a office, out of your home or in the field.  If you are starting a company, it is a good practice to purchase your General Liability coverage before you open for business. If you already have a General Liability pol...

Life Insurance - Liability Insurance Very Helpfull For Your Company .  Liability insurance  is a part of the general  insurance  system of  risk financing  to protect the purchaser (the "insured") from the risks of  liabilities  imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the  insurance policy . Originally, individual companies that faced a common  peril  formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in  consideration  of a  premium . General Liability Insurance (also called Commercial Insurance) helps protect your company or professional practice from claims of bodily injury to a customer or damage ...

Life Insurance - Basic General Liability Insurance .  Your basic General Liability insurance covers financial losses and the costs and damages resulting from claims up to the limit of your policy for bodily injury, property damage, personal injury (slander and libel) and advertising injury suffered by a customer that is caused by you, an employee or a subcontractor.  General Liability insurance also covers the cost to defend or settle claims, even when they are fraudulent, although it typically does not compensate for punitive damages that are assessed for negligence or willful misconduct. It is possible to purchase a Commercial Umbrella Liability policy to guard against claims of that nature.  General Liability does not cover replace Employment Practices Insurance, Errors and Omissions Insurance or Directors and Officers Insurance (if your business requires that coverage). Policies for General Liability coverage affordably priced, however your quotes will depend...

Life Insurance - Missouri law requires that all motor vehicle drivers and owners maintain some type of motor vehicle liability insurance coverage . Unfortunately, each year thousands of Missouri citizens are involved in automobile accidents with drivers who have not maintained the required automobile insurance. This results in unpaid damage claims and higher insurance premium rates for all Missourians. Missouri motor vehicle owners are required to show proof of insurance when registering a vehicle and renewing their license plates. Liability insurance covers your legal liability when injuries or property damage happen as a result of your actions.  The minimum level of coverage required by state law is: $25,000 per person for bodily injury $50,000 per accident for bodily injury $10,000 per accident for property The law also requires you to have uninsured motorist coverage of $25,000 for bodily injury per person and $50,000 for bodily injury per accident. Nonresidents must maintai...

Life Insurance - Things About Insurance .  All businesses in today’s litigious society are at risk of a general liability claim, but some businesses face greater risks than others. A few examples include insurance companies that operate heavy machinery, serve food or beverages, make products that are consumed, make toys or exercise equipment, rent  insurance property or vehicles, or have drivers or delivery people on the road. But even if you’re a bookkeeper, you could be sued if a client is injured while on your premises. If you’re a contractor and drop a ladder on a client’s car, you could be sued. And if you make any kind of insurance claims in your advertising that you can’t prove, you can be sued. Even if you aren’t at fault, defending yourself against  a suit could mean financial ruin for you and your business. Without adequate General Liability coverage, you could be forced to sell off your personal assets to repay your clients. You would also have to pay ...

Life Insurance -  Liability insurance definition and meaning .   Liability Insurance:   Liability insurance is the type of car insurance required by most states. Liability insurance provides coverage for accidents you are in causing damage to either (a) other vehicles or (b) your vehicle where the fault is not with another car. Although many states have no fault car insurance laws its important to understand that liability insurance is not a blanket protection from litigation. How it does help is reduce the need for a lawsuit. Minimum liability insurance limits are generally based on the average cost of a vehicle so in the event of an accident no further claim from vehicle damage is usually needed since the liability coverage can usually cover the cost of any damage. Where people get in trouble and often become exposed to personal liability is when the damage exceeds the policy limits (often the case with luxury cars or due to the high cost of medical expenses). Al...

Life Insurance - Many Liability Insurance Policies Will Cover You Even If An Incident Happens Away From Your Home .  There's the old joke that trial lawyers have never seen a lawsuit they didn't like. That may be an overstatement, but the threat of legal action is a real concern for everyone - especially if you have assets like a house, savings and investments. If you're sued for an incident covered under your home insurance (like a slip-and-fall injury on your front steps), liability insurance covers not only the settlement but also your legal fees (up to your liability limit). According to Griffin, many liability insurance policies will cover you even if an incident happens away from your home. He also recommends buying an excess liability or an umbrella policy that offers coverage of $1 million beyond what is already included in your home insurance and car insurance policies. These policies are relatively inexpensive, often costing $200 to $300 per year. In addition, ...

Life Insurance - Liability Insurance is ?? For small businesses the most efficient and least expensive way to purchase liability insurance is usually as part of the Business owners Policy (BOP) which combines property and liability insurance in one contract. Alternatively, a business may purchase a Commercial General Your liability insurer will pay damages that you are legally obligated to pay as a result of “bodily injury,” “property damage” or “personal and advertising injury,” up to the policy limits and subject to your deductible. Punitive damages are generally not covered, although there may be some exceptions. Bodily injury means injury, sickness, disease or death; it may include injuries that are emotional or mental, such as post traumatic stress syndrome or humiliation. Personal and advertising injury includes libel, slander or any defamatory or disparaging material or a publication or utterance in violation of an individual's right of privacy; infringing the privacy or...

Life Insurance - Liability Insurance Must You Know .  If you have been suspended because the Department of Revenue notified you to show proof of your insurance and you did not have any insurance in effect, OR because you were not maintaining insurance on the vehicle you owned and/or operated, you must send the following items to the Driver License Bureau before you can be reinstated: Proof of liability insurance (copy of your insurance identification card). NOTE: If an accident was involved, you must submit an SR-22 insurance filing as the insurance identification card will not be accepted.  The most commonly used proof of insurance is an SR-22 filing. Proof of insurance must be kept for three years from the date you became eligible to be reinstated. Appropriate reinstatement fee as follows. Money order or personal check is acceptable. Please include your full name, address, date of birth, and driver license number. Out-of-State Accident - If you have been suspended b...