|
The Jizzer posted:As a rule, the cash accumulation in whole life is at a fixed interest rate, but most whole life policies also return non-guaranteed dividends based on the carrier's profit, which can provide a significant boost in the actual return. Thanks for confirming. To just concentrate on the interest rate aspect, I would assume that fixed rates adjust with the current interest rate market, correct? Are there people that took out whole life in the 70's with some ridiculous fixed rates out there? ifuckedjesus fucked around with this message at 01:28 on Jan 23, 2013 |
#
?
Jan 23, 2013 01:20
|
|
|
|
| # ? Apr 20, 2024 15:05 |
|
|
OP here. Just noticed the new questions. When I get home I'll put in my two bits and help answer some of these questions. Good advice here so far.
|
|
#
?
Jan 24, 2013 20:59
|
|
|
canyoneer posted:Is there typically any discount to be applied (without changing coverage) to a vehicle's insurance premium when you own the car outright? I just paid off my car and thus have no lienholder, and I don't want to drop full coverage (it's still a valuable vehicle, and I'm not crazy). Can insurance get cheaper for me now? Usually the answer is no, but sometimes its yes! If you're bundling with a carrier and you have a short history with them, if you own the car outright it can result in a very small discount on premium. The line of thinking is that if you own the car outright you're getting coverage because you can A) afford it, B) want it, and C) are more likely to take care of the car. It's like being cheaper just because your married. It doesn't necessarily always make sense, but its there. Not every carrier does this and the discount is minimal. We're talking like $10 a year or something, but hey. Its there! ifuckedjesus posted:Thanks for confirming. To just concentrate on the interest rate aspect, I would assume that fixed rates adjust with the current interest rate market, correct? Are there people that took out whole life in the 70's with some ridiculous fixed rates out there? Actually, yes! I've seen annuities and life insurance policies that offer something like 7% interest on the cash value. They are obviously quite old. However, contracts work both ways. As I think I mentioned earlier in the thread, back in the late 90's interest rates were higher and people were getting that Variable Life Jizzer mentioned. This means the cash value was tied to an investment in the market. People were getting 8%, 10%, 15%, and higher on their variable. The Whole life guys were like, "well we can't beat that, so lets set our rate a bit higher since the market is doing well. We'll guarantee 7% and WE will invest and make 15% to cover it!" Well you know what happened, rates dropped and Variable life is something I would advice against for 90% of the people that would come to me. But the whole life contracts are going to stay in force no matter what the external interest rates are. So you can still have a 7%. More likely people are going to have lower, but its still a nice (key word) GUARANTEED 3%-5% interest rate. Oh and to make sure I cover your bases, no. The fixed rates do not have to match any market rate. Often they are either locked in or give the company discretion on where to set it. Legally rates can go up to 7% and the company can raise yours 1% because the policy gives them a floor that it can drop but don't specifically tie it to existing rates. Good companies will raise your rate in correlation with the market though.
|
|
#
?
Jan 25, 2013 06:42
|
|
|
What's the average cost of car insurance for accident and ticket free individuals? I google a bit and haven't found much for an average and any decent resources. How do I go about gettting the best rate?
|
|
#
?
Feb 19, 2013 06:51
|
|
|
Tab8715 posted:What's the average cost of car insurance for accident and ticket free individuals? I google a bit and haven't found much for an average and any decent resources. Well you can hit up a private broker and they can quote you out with different companies. How old are you? What do you drive? Absolutely NO tickets or accidents? Just yourself you're insuring? Multiple vehicles? Do you own your own home? Are you married? You can see it's a pretty broad question you asked, and there are a lot of details that dictate the answer!
|
|
#
?
Feb 19, 2013 15:45
|
|
|
What education is required to deal insurances? I've reached the point in life where I have to decide, and I was wondering, if this is a field you can recommend. Please tell me about the independent aspect and the life in a bigger company.
|
|
#
?
Mar 4, 2013 15:45
|
|
|
TheNBucket posted:What education is required to deal insurances? In order to sell insurance you need to pass the required tests which for life is a life and health test, for property and casualty a separate test, and for variable life there is a series 6 and 63 you can take which also makes you eligible to do certain investments. The tests aren't highly difficult but you'll want to study before hand. Each test is maybe an hour or two to complete. Insurance isn't a bad field but its 80% who you know 10% sales skills and 10% charisma. If you're independent I'd bump up the 80% to 90%. This isn't a bad thing, its just the way person to person sales work. In a larger company there is going to be more training available and more flexibility in what the different types of products available since you'll have other co workers and experience to draw on. Both have their strengths. They may also pay for those testings required to sell insurance too. My recommendation is to start with a larger company to get experience and knowledge up front. Unless you know a bunch of people or have a specific market cornered for a private enterprise. Does all that make sense? Any more specific questions?
|
|
#
?
Mar 4, 2013 19:39
|
|
|
You were talking about selling life insurance, and the life insurance is paid up front. If you're an independent Insurance seller and go bankrupt, what happens to the guy who just bought a life insurance?
|
|
#
?
Mar 4, 2013 22:16
|
|
|
How much of the insurance industry's focus (and financial resources) revolve around "find a reason to deny this claim". I understand why they investigate (fraudulent claims) but how long do they dig and search until they find a loophole/fine print that will get them out of paying? There is a scene in the 2004 film "Crash" where the shop owner's store is vandalized, and the insurance adjuster overhears the daughter say that the break-in could have been prevented if they had the door fixed. This is when the adjuster basically closes up his notebook and tells them "whelp, thats your fault, have a nice day paying for this yourself". Do insurance adjusters get reprimanded by awarding too many claims? Do they have a personal motivation to pay as few claims as possible? How does awarding or refusing claims affect their career in the insurance field?
|
|
#
?
Mar 5, 2013 19:39
|
|
|
Hi OP, I am 29 and live in the city so I haven't had a car since 2007. As far as I can recall the only accident I ever had (that I went through police or insurance) was when I was 16. I also got a speeding ticket when I was 19 or maybe 20. I have kept my drivers license current and just want to know what I would expect to pay for insurance if I got a car. I just want liability and want to see if I am still eligible for the 'over 25' discount after not having insurance for so long. Thanks for any help you can provide.
|
|
#
?
Mar 6, 2013 05:12
|
|
|
TheNBucket posted:You were talking about selling life insurance, and the life insurance is paid up front. The life insurance is purchased from the insurance company THROUGH the independent agent. The agent is out of the business, so depending on his arrangement with the companies he represents he may or may not get a certain trailing commission. The contract for life insurance remains intact since the contract was with the company. For example, I no longer work at the same agency I did a year ago, but everyone, including what I personally bought, is still 100% covered for the duration. Michael Corleone posted:Hi OP, A LOT of variables are missing here, but I can't say it'll be 100% pretty. I'd recommend looking at preferred carriers since you have a clean record. Not having prior insurance is a big red flag for many companies since MOST people that don't have it either don't pay it so it cancels, have too bad a record that its too expensive, or were driving uninsured so are a higher risk. You don't seem to fall into any of those categories, but those are the categories companies tend to look at, so you're at a disadvantage there. Otherwise, your record would show up clean and you'd be applying as a single 29 year old with no prior accident OR insurance. For liability on a regular sedan-like car at 25/50/100 I'd expect a monthly payment of about $30-50 depending on what extra's you get and the company you go through. If you get GOOD coverage I'd expect $60 or so until you get a good insurance record going, then $30-50 for GOOD coverage. Nerdfest X posted:How much of the insurance industry's focus (and financial resources) revolve around "find a reason to deny this claim". I understand why they investigate (fraudulent claims) but how long do they dig and search until they find a loophole/fine print that will get them out of paying? There is a scene in the 2004 film "Crash" where the shop owner's store is vandalized, and the insurance adjuster overhears the daughter say that the break-in could have been prevented if they had the door fixed. This is when the adjuster basically closes up his notebook and tells them "whelp, thats your fault, have a nice day paying for this yourself". Do insurance adjusters get reprimanded by awarding too many claims? Do they have a personal motivation to pay as few claims as possible? How does awarding or refusing claims affect their career in the insurance field? I never worked in claims or as an adjuster, but I can say that most of the time if you have a GOOD insurance company this really isn't an issue. You see the term "cut rate" that the Allied Mayhem guy says? It's a real thing. You can go online and buy cheap insurance and they WILL divert more resources to not paying out as many claims than a larger company that has a good relationship with you. I've seen instances where someone literally didn't pay their bill, got in an accident after it lapsed, but had been with the company for so long, the company let them pay up and get back in. Likewise, I've seen someone that bought the lowest rate of insurance they could, got in a minor fender-bender, and their claim was denied because they were a few days late on the last payment. Adjusters are generally paid salary though and they won't go out of their way to screw you unless you specifically make their life difficult (like lying about stuff or hiding things). The thing with insurance is people often shop on price like they do with anything they don't know a lot about/don't want. The cheaper it is, the more appealing it is, often without looking behind the curtain.
|
|
#
?
Mar 6, 2013 07:59
|
|
|
Nerdfest X posted:How much of the insurance industry's focus (and financial resources) revolve around "find a reason to deny this claim". I understand why they investigate (fraudulent claims) but how long do they dig and search until they find a loophole/fine print that will get them out of paying? There is a scene in the 2004 film "Crash" where the shop owner's store is vandalized, and the insurance adjuster overhears the daughter say that the break-in could have been prevented if they had the door fixed. This is when the adjuster basically closes up his notebook and tells them "whelp, thats your fault, have a nice day paying for this yourself". Do insurance adjusters get reprimanded by awarding too many claims? Do they have a personal motivation to pay as few claims as possible? How does awarding or refusing claims affect their career in the insurance field? Prepare for my rant. I am an auto claims adjuster and worked for two companies, one being USAA, which deals with the military. So my experience is with them. I have never worked for a discount insurer. There is no mandate to deny any claims, at all. There are no quotas for how much we spend, save, deny, approve, whatever; at least not at my level. Maybe some VP of something or other gets bitched at if we pay too much one year but we never hear it. The only things tracked that I am aware are how long a claim is open, how fast we respond to calls/email/etc, speed of settlement, length of rentals. Basically workflow things and legal time requirements, things like that. I issue checks on a daily basis for thousands of dollars. People have this assumption that we are sitting around looking for reasons to screw someone over. Believe me, we don't care. I have no problem accepting liability for an accident and paying someone $10k for vehicle damages. However, that ain't happening just because you said so. I also have no problem denying your claim against our policyholder if stories don't match and there's no other evidence. Call the police and find an independent witness because the police hate to come out there. At the same time, people get in an accident and assume their company will write a blank check within five minutes of reporting the accident. We are legally required to fully investigate all losses. People pay us for that. Also it is up to us to determine who is at fault. Not you. Not the other guy. Not the cops. And that takes time. A typical claim from reporting to closure is around a month for simple accidents. Add another vehicle and injuries and that claim can last a year. Also note, an adjuster is handling 100-200 claims at any given time. If two cars are involved, that's 200-400 owners at least, plus the other insurance company, passengers, witnesses, and police. That could be 600 people trying to call me at any given time. Yes, you will get my voicemail 90% of the time. Yes, my voicemail also says to zero out if you get my voicemail to speak to a co-worker. No, most people refuse to zero out and just complain because they can't reach me. Sorry got off track there. Pet peeve of mine. Regarding investigations and things, for car accidents, its pretty simple. Get a statement from each driver and witnesses. Get the police report. Inspect the vehicles. Review the policy. Make a decision. The problem is people literally expect their vehicle to be inspected within a day and paid within a week. And so do the other 100 people who got into new accidents over the weekend that I have to talk to on Monday. Also, no one reads their policy. Its that paperwork you get when you start a new policy that you either throw out or file away and never read. There's no fine print. Its all the same font, with some things even in bold. Its actually pretty straight forward. Its the homeowner policies that are confusing as hell. Auto policies are easy. For your last bunch of questions, no to all of them. The things that affect your career are when you show a trend towards moronic behavior like improper investigations, bad faith, fraud, inability to keep your workflow moving. Adjusters are no different than any other people. Some are lazy. Some are angry at everyone. Some are fair. Some don't give a poo poo. Some care too much. Some are nice. Almost all are cynical and hate people, like most in the call center, phone intensive world. Oh, and like Jastiger said, you get what you pay for when insurance shopping. People are so surprised when I tell them they have a $1000 deductible and have to pay it. Or have no collision coverage at all. Or no rental coverage. Yeah, when you called and wanted your rates lowered, that's what they did to lower your rates. Kung Fu Jesus fucked around with this message at 03:54 on Mar 7, 2013 |
|
#
?
Mar 7, 2013 03:51
|
|
|
I was wondering if there were any options for me to get cheaper auto insurance. I'm a visa student in the US at the moment (so no SSN); I just learned how to drive like 3 years ago while I was here (I'm 33) and I bought a cheap used car. I pay my insurance in full every 6 months for the discount but it's still like $1300  This seems kind of insane to me and the price isn't going down even after 3 years continuous coverage. I have a clean record! Quotes from other places are similar.Is there anything I can do or am I just better off not driving anymore? Am I just boned because of not having a SSN?
|
|
#
?
Mar 7, 2013 05:16
|
|
|
Thank you, this is the info I was looking for. I'm glad to know that an adjuster is just a regular guy doing a regular job. I imagined this scene played out in my head: At the annual corporate rubber chicken dinner Joe is recognized for being the adjuster of the year, by denying the most claims and saving the company the most money. "17 claims ($240 thousand dollars) *cue applause* that we were about to pay off on, until good ol' Joe here kept his nose to the grindstone, looking into old records, pick/choosing which witnesses to believe, and all night stake outs parked across the street until he 'got the goods' on people trying to steal the money that I swim in like Scrooge McDuck. Good job, sir. Here is a gold watch" No, people dont read their policy, me included. Yes, people demand instant refunds. (State Farm "sing the jingle, adjuster magically appears" ad campaign). Based on your post, I am going to answer the next question on my own Q: Why do I have to call YOU to get my rates lowered, shouldn't they be as low as possible at all times? (discount double-check) A: Each agent is responsible for hundreds of policies, and when changes happen, they dont happen automatically.
|
|
#
?
Mar 7, 2013 13:28
|
|
|
oishii posted:I was wondering if there were any options for me to get cheaper auto insurance. That is pretty high. You're 33 with no accidents? What are you driving? Married? Are you sure its a clean record? Not having an SSN is a big deal but not once you've had a long track record like that. I'd shop around for sure. A question for Kung Fu Jesus, how much does adjuster work pay? Lastly, the rate thing...the question "why aren't my rates always the lowest always" is a loaded one. Not all insurance is the same. Sometimes new stuff comes out. Different coverages and allowances. Limits and deductibles. Just about anyone can call their agent and get a lower rate but that doesn't mean its a good thing.
|
|
#
?
Mar 7, 2013 23:02
|
|
|
Jastiger posted:That is pretty high. You're 33 with no accidents? What are you driving? Married? Are you sure its a clean record? Not having an SSN is a big deal but not once you've had a long track record like that. I'd shop around for sure. Thanks for the reply  I've only been driving for 3 years since I got this car (2001 corolla) so it's a clean record. I'm also in Florida which is apparently an area with really high rates? I have talked to agents on the phone but they've all just told me that I'm SOL. I'll try calling around more places, thanks!
|
|
#
?
Mar 8, 2013 01:43
|
|
|
Jastiger posted:
It would depend on what you do and how the company organizes responsibility. I only know about auto claims, which basically goes from first notice of loss representative up to examiners who deal with fatalities. Some companies separate adjuster into injury vs non-injury, soft tissue vs fractures or two car accidents vs 3+ car accidents. I'd say ballpark salaries are 35k up to maybe 70k. I could be way off on the upper end as I am in the middle and never researched the top end of things. If you are an agent, that's where the money is. I want to slide into underwriting, which pays more and has less customer interaction. If policyholders want to complain about rates, these are the guys who decide them. And yes, it is a mystery to me too, how they determine your and my rates.
|
|
#
?
Mar 8, 2013 05:49
|
|
|
Kung Fu Jesus posted:Prepare for my rant. Echoing this, I work in car claims in the UK and it's the exact same deal here, I repudiate about one claim every few months, and it's far more common for me to be telling people that they are covered for something they were originally just calling to confirm they can't claim for than it is for me to tell someone there is no coverage. Here in the UK pretty much the only things we're going to reject your car claim for are bald tyres (if you went into the back of someone) and leaving your engine running while away from your car (if it has been stolen). Some companies, but not all companies, will refuse you cover if you are caught drink driving. Even then, we'll still be legally obliged to fix any damage your car does to someone else under the Road Traffic Act, it's just your car we won't fix. On that point, I know most American home insurances exclude flooding (ours don't), do American car insurance policies exclude flooding too? If anyone has any questions about UK car insurance, by the way, I'm happy to answer to the best of my ability.
|
|
#
?
Mar 8, 2013 13:23
|
|
|
Thanks for the response Kung Fu Jesus. As far as cars flooding, that would be covered under comprehensive coverage since its not collision related.
|
|
#
?
Mar 8, 2013 19:01
|
|
|
I work for a third party administrator doing Commercial Liability. A brand new no experience adjuster at my office would make around 35k. Top end I've seen well above 70k, but usually the people with enough experience to get that have already moved into a different part of the industry (where the pay is much higher). As far as denials, it really depends on the client. I'd say ~90% of the claims I deal with could be denied on solid legal grounds. But really its a matter of who our client is - some of them see us more as customer service and would rather we pay out on those, where as other clients will want us to deny every claim that warrants it. I've never seen any of the clients or adjusters I've worked for/with strive to deny legitimate claims though, especially since it just leads to expensive litigation.
|
|
#
?
Mar 9, 2013 00:41
|
|
|
I'm going to put this in BFC where it should have a longer shelf life and hopefully get more use as a general purpose thread. Keep on postin'.
|
|
#
?
Mar 9, 2013 16:53
|
|
|
I'm an insurance agent in Canada for home and auto insurance. There's a pretty big difference between Canada and the US. I've sold for all provinces in Canada other than Quebec and for auto in BC (only home insurance there), so if anyone has any questions about Canadian coverage, I'd be happy to help. Oh, and noticed someone earlier mentioning flood coverage in Canada? Doesn't exist in the sense you are thinking. Any rising of the water table is specifically excluded from all policies in Canada. The only exception is if there was flooding in the area that caused a sewage backup or a sump pump malfunctioned. And you would need to purchase the specific Sewer Backup Rider for coverage. But coverage for a flood other than that? Can't purchase the coverage in Canada.
|
|
#
?
Mar 11, 2013 01:32
|
|
|
Hey OP, first off thanks for this thread. Insurance can be a pretty weird thing, especially for a lot of younger people, so having a thread like this is incredibly useful. My girlfriend got into a car accident about a week ago, she wasn't at fault (I live in Florida), but now I'm at risk for being dropped by my car insurance since she wasn't on the policy as an excluded driver or as a driver of the vehicle we jointly own. I wasn't even aware she needed to be on the policy in any capacity, and just figured my insurance policy covered my car. If I do get dropped, I don't have anything negative on my driving record, but what can I do if I am dropped?
|
|
#
?
Mar 12, 2013 20:36
|
|
|
I think I should be OK, but I just want to make sure. I left my job and the insurance ended at the end of Jan. New insurance doesn't start until Apr 1. The two months in between I have a grace period where I can get COBRA to a tune of ~$350/mo and be considered to have no lapse in coverage. I don't really want to pay $700. I've got about 3 weeks left before my new coverage kicks in, if I don't go with COBRA, will this affect anything down the line? I don't plan on getting my own plan at some point, and I'll probably always be covered under an employer's plan (unless, I guess, if they get rid of it and we have to get our own on the state exchanges or whatever coming up in the next year or two). I know with auto insurance they always ask if you've been continuously covered for X number of years, otherwise I assume they jack your rates. If I'm always expecting to be covered by a group plan, do I need to worry about not having coverage for 2 months?
|
|
#
?
Mar 13, 2013 03:21
|
|
|
Ryen Deckard posted:Hey OP, first off thanks for this thread. Insurance can be a pretty weird thing, especially for a lot of younger people, so having a thread like this is incredibly useful. Technically the insurance company would be perfectly within their rights to NOT cover the claim. She is in the home, is a licensed driver, and you never indicated to them that she was otherwise insured. It's very important that the people in your home that can drive are listed on a policy SOMEWHERE. The comp and collission may still be covered by them, but the actual liability if ther ends up being any...not so much. You would most likely just need to find another company. They may ask "Were you ever dropped" And you'd have to say yes, but I wouldn't expect it would be a huge deal since most companies really wouldn't care. The tricky part will be now that you need to put your gf on, SHE has no insurance history....which will raise both your rates. Panthrax posted:I think I should be OK, but I just want to make sure. I left my job and the insurance ended at the end of Jan. New insurance doesn't start until Apr 1. The two months in between I have a grace period where I can get COBRA to a tune of ~$350/mo and be considered to have no lapse in coverage. I don't really want to pay $700. I've got about 3 weeks left before my new coverage kicks in, if I don't go with COBRA, will this affect anything down the line? I don't plan on getting my own plan at some point, and I'll probably always be covered under an employer's plan (unless, I guess, if they get rid of it and we have to get our own on the state exchanges or whatever coming up in the next year or two). I know with auto insurance they always ask if you've been continuously covered for X number of years, otherwise I assume they jack your rates. If I'm always expecting to be covered by a group plan, do I need to worry about not having coverage for 2 months? To be honest with the new ACA i don't know how that will effect you 100%. In the past they could say "aha! You didn't have coverage, so that is a break in coverage. Now you have a 6 month/9 month/1 year wait period on certain procedures" I'm preeetttty sure they can't do that now with the pre-existing condition law in place, but I would honestly call them up and ask them to be sure. When it comes to the employer plan though it really shouldn't matter. You are a new employee on a new policy and they don't have any of that continual coverage nonsense. The trick is of course....those two months if you DO need coverage. Are they teh same company but with different employers?
|
|
#
?
Mar 13, 2013 07:23
|
|
|
Jastiger posted:To be honest with the new ACA i don't know how that will effect you 100%. In the past they could say "aha! You didn't have coverage, so that is a break in coverage. Now you have a 6 month/9 month/1 year wait period on certain procedures" I'm preeetttty sure they can't do that now with the pre-existing condition law in place, but I would honestly call them up and ask them to be sure. When it comes to the employer plan though it really shouldn't matter. You are a new employee on a new policy and they don't have any of that continual coverage nonsense. The trick is of course....those two months if you DO need coverage. Are they teh same company but with different employers? No, two different insurance companies, old is United Healthcare, new is Cigna. And like I said, unless something disastrous happens, I should be fine. I don't have any chronic issues, and I just had a Dr. apt which cost me $85 out of pocket. That's a whole lot cheaper than $700. In any case, I guess if it really comes down to it I can always pay the $700 if I really really need it before the new insurance kicks in, since I'll still be within the 2 month grace period.
|
|
#
?
Mar 13, 2013 14:27
|
|
|
Panthrax posted:No, two different insurance companies, old is United Healthcare, new is Cigna. And like I said, unless something disastrous happens, I should be fine. I don't have any chronic issues, and I just had a Dr. apt which cost me $85 out of pocket. That's a whole lot cheaper than $700. The exact number is 63 days. HIPPA permits up to a 63 day gap in coverage before preexisting condition exclusion clauses can kick in again. End of January to beginning of April is cutting it close, you should really go count the exact number of days. Also, as you already seem to know COBRA allows you to backdate coverage if it becomes necessary (so you only have to pay those months if it turns out you need it).
|
|
#
?
Mar 13, 2013 18:16
|
|
|
Looks like 59 days, so I think I'm good. Sweet! Thanks guys.
|
|
#
?
Mar 13, 2013 18:51
|
|
|
I have a question about insurance for my girlfriend's business. She's a private music teacher, some students come to her in a space she rents from a church, some students she goes to their home. No lessons happen in our apartment (it's against our lease anyway). The church wanted her to have some very high amount of insurance ($1,000,000 per incident/$3,000,000 lifetime), and when she got a few quotes they were super high, prohibitively expensive. I wasn't with her and I don't know what kind of insurance that actually was, so basically this is all the detail I have. What ended up happening is that she just didn't get the insurance, and the church never pushed the issue; she's been there for a few years. What I'm wondering is, should she have some kind of insurance (not just to appease the church, but in general)? If so, what would it be called? What is some range of prices for it (based on reasonable coverage)? I know there are a lot of variables here so I'm prepared to answer questions. She does business under her own name; there's no DBA or EIN. As I said she teaches in the rented space or at the students' homes. If there are any other details that could help answer this, please let me know! Thanks.
|
|
#
?
Mar 13, 2013 20:45
|
|
|
Briantist posted:I have a question about insurance for my girlfriend's business. She's a private music teacher, some students come to her in a space she rents from a church, some students she goes to their home. No lessons happen in our apartment (it's against our lease anyway). The church wanted her to have some very high amount of insurance ($1,000,000 per incident/$3,000,000 lifetime), and when she got a few quotes they were super high, prohibitively expensive. I wasn't with her and I don't know what kind of insurance that actually was, so basically this is all the detail I have. What ended up happening is that she just didn't get the insurance, and the church never pushed the issue; she's been there for a few years. Likely they want her to get her own liability insurance. This is to cover her if she were to somehow be liable for damages teaching the students. Say she drops a piano on a kid. Well, that is your liability coverage. The reason the church may want it is because its just a good idea, but they may have certain clauses in their lease agreements that require her to have it. Usually its just like renters insurance though with landlords-the paper work says its required but they don't always enforce it. I mean, its always a good idea to have insurance if you can afford it. However, she is running the business under her name, it sounds like a sole proprietorship, and she does spend a lot of time alone with the kids. If something were to happen everything could fall back on you guys. I'd recommend looking at some business insurance in general if she can afford it. Something that covers premises liability, which would cover her if she damaged the church, as well as the general liability. The reason its probably so expensive is because she's alone with kids. Massage therapists, chiropractors, physical therapists, they all have a bit of trouble until they are well established because the potential litigation is higher when its a he said vs she said situation. Having said that, I don't see it as being prohibitively expensive. I'd expect maybe $500-$750 a year unless there are some variables I don't know about.
|
|
#
?
Mar 13, 2013 23:40
|
|
|
Jastiger posted:Technically the insurance company would be perfectly within their rights to NOT cover the claim. She is in the home, is a licensed driver, and you never indicated to them that she was otherwise insured. It's very important that the people in your home that can drive are listed on a policy SOMEWHERE. The comp and collission may still be covered by them, but the actual liability if ther ends up being any...not so much. Yeah, just got the call, my insurance is being dropped effective immediately. I'm mostly worried about what that's going to do to my rates, since they just lowered for the first time since I actually got insurance. Any tips on where I can find cheaper auto insurance? To be clear, we understood that our insurance didn't cover any damages since she wasn't insured, which is why we're going after the other company for damages.
|
|
#
?
Mar 15, 2013 21:03
|
|
|
I'd hit up a local independent insurance agent and explain the situation. You may be able to get on with a good company if your record is clean. Just be aware, she is coming in as a non-insured driver which will bump up your rates regardless. You WILL pay more for insurance but you'll also avoid this situation in the future.
|
|
#
?
Mar 15, 2013 23:50
|
|
|
Jastiger posted:Likely they want her to get her own liability insurance. This is to cover her if she were to somehow be liable for damages teaching the students. Say she drops a piano on a kid. Well, that is your liability coverage. The reason the church may want it is because its just a good idea, but they may have certain clauses in their lease agreements that require her to have it. Usually its just like renters insurance though with landlords-the paper work says its required but they don't always enforce it.
|
|
#
?
Mar 16, 2013 00:29
|
|
|
To meet the minimum requirements yeah.
|
|
#
?
Mar 16, 2013 04:03
|
|
|
Hey OP, thanks for putting together a nice post on Insurance for people who have no clue. It's always appreciated! I have a really weird issue that maybe you can give me some assistance with. I have medical insurance (Aetna) through my place of employment (a well known credit card company). However, somewhere along the way my SSN was entered into Aetna's system wrong and thus, I cannot access my account. I've called Aetna to find out why I couldn't register on their site to get my card and this is when I was informed it was wrong but they wouldn't help me because the information I gave wasn't in their system because... it was wrong. They told me to call my HR and have them send over correct information. I called my HR and they told me when they set up insurance with Aetna they do not submit SSN information and that it's an issue on Aetna's end that needs to be fixed (and that my information in the work system is correct, which I can see on the company portal). Of course both sides just point fingers at eachother while I continue to pay for insurance I can't actually access because my information is invalid. So, who the bloody hell do I talk to in order to get it fixed? I really need to get to the doctor (I uh, think I may have broken my foot) and I'd kinda like to walk in with an insurance card when I do. Do I just call one or the other and keep demanding a manager until I get it fixed? Did my HR lie to me?
|
|
#
?
Mar 17, 2013 17:25
|
|
|
Ugh lovely situation. This is more a bureaucracy problem more than insurance specific. Still..I'd call the insurance company and give them hell until they fix your system issue. You have contacted HR so you've done your part there. If they still do not relent you can call your States insurance commissioner office and that might light a fire under them.
|
|
#
?
Mar 17, 2013 21:02
|
|
|
Turns out my wife is at risk for a genetic blood clot disorder. I'm concerned we don't have enough life insurance on her, but if the tests come back positive we probably won't be able to get more on her. Should we just buy more, and is it illegal/unethical to do so prior to getting her tested?
|
|
#
?
Mar 18, 2013 17:08
|
|
|
FordCQC posted:Turns out my wife is at risk for a genetic blood clot disorder. I'm concerned we don't have enough life insurance on her, but if the tests come back positive we probably won't be able to get more on her. Should we just buy more, and is it illegal/unethical to do so prior to getting her tested? Well. Its unethical if you think hiding something from a large insurance company is unethical. It would likely have an impact on her rates for sure. Depending in how old she is and what other history you have they may rate her anyways or at the very least, pull medical records. I would also talk to your agent about how the company he represents looks at the particular blood disorder. It probably won't make her ineligible, just more expensive. Lastly, since you've done the tests already they would probably find out anyway through normal application procedures.
|
|
#
?
Mar 18, 2013 21:03
|
|
|
Yeah, I got some other advice yesterday and I think I've settled on just talking to USAA and seeing what they say. They've been willing to work hard for me in the past, so it's probably better just to see what they can do for me. Thanks.
|
|
#
?
Mar 19, 2013 16:50
|
|
|
|
| # ? Apr 20, 2024 15:05 |
|
|
How can I not get completely screwed getting personal insurance when I quit my job later this year? I'm leaving my job after a decade with the company to go self-employed this October. I currently have pretty crappy insurance, but at least it has some coverage. Money is going to be pretty tight after the transition, but it seems to me I want to keep insurance going to prevent any problems with pre-existing conditions cropping up - specifically, I've been suffering from chronic migraines for the last 22 years, and seeing a specialist pretty regularly for the last 4 years. What's the best way to get personal insurance without being completely strung up, charged an arm and a leg, or flat out denied when it's least convenient? I've got 6 months to plan this, and it seems like I'll need as much time as possible to iron the kinks out.
|
|
#
?
Mar 25, 2013 19:44
|
|
