Question: What about purchasing life insurance on a spouse and on children? For example, many insurers will offer a discount when you place both your automobile and homeowners insurance with them. Question: How much life insurance should an individual own? Answer: [Note: this answer is based on the Insurance Services Office’s HO-3 policy.]. * Accidental discharge or overflow of water or steam All Rights Reserved. Question: I have an older car whose current market value is very low – do I really need … or maybe you are looking to create your own interactive quiz . Answer: Standard renter’s policies cover only you and relatives that live with you. Car insurance is great for covering repair costs after an accident, but it won’t cover the costs of general … The coverage limit on personal liability is determined by the policyowner at the time the policy is issued. That is why we took the time to answer the 100 most frequently asked insurance questions and post them here on the Albany Insurance Blog. This guide offers general information only. In addition, you will be asked a number of other questions which will be used to determine how likely you are to make a claim. Are You Safe with Your Employer’s Group Life Insurance? We don’t just sell insurance. It is designed to help you evaluate your comprehension of the general insurance concepts for which you will be tested in your insurance license qualification exam. For example, suppose that while traveling, you purchased a dresser and you want to ship it home. What’s the difference between group life and individual life insurance? C. 1821. Question: What are the policy limits (i.e., coverage limits) in the standard homeowners policy? Answer: A renters policy provides named perils coverage. Is this something I … Health insurance plans vary widely, both in cost and in benefits. Insurance companies have different programs for different customers. Timely News from FEMA Click here to submit your question, and we’ll get you the answer ASAP! Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Under the “replacement cost” coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices. Answer: “Rule of thumb” suggests an amount of life insurance equal to 6 to 8 times annual earnings. What is med pay coverage on a car insurance policy? This single policy acts as an “umbrella” over all of your other personal liability policies — home, auto, boat, RV, etc. When an insurance company is deciding whether or not to offer automobile insurance to a potential customer, it will want to know about the person’s previous driving record, whether they have any recent accidents or tickets, and what type of car is to be insured. What is New York state short term disability insurance? Question: What factors can affect the cost of my automobile insurance? Does long-term care insurance cover nursing home cost? If you’re looking for the answer to whatever your insurance question is, we promise you there are others as well who are asking the same question. 6,033 Responses. 1815. Here is a checklist of things you should consider when you purchase homeowners insurance. There is no such thing as too simple or too silly a question. Our online general insurance trivia quizzes can be adapted to suit your requirements for taking some of the top general insurance … When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. At Warwick Agency, we appreciate your business – and your trust. It is of utmost importance that the income-earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance. We’re an independent insurance agency offering a comprehensive suite of insurance solutions to protect you from the unexpected. As a valued member of our local community, you are entitled to discounts from many of our local business partners! This field is for validation purposes and should be left unchanged. What is household rating and how does it effect my car insurance premiums? For fast answers to your health care questions — whether they’re about managing your health insurance … If you’re confused or unsure about how to get an auto insurance estimate or how auto insurance works in general, CoverHound can help. Answer: By using an agent to purchase insurance, the policyholder receives more personal service. Question: How does mortgage protection term insurance differ from other types of term life insurance? Increasing your deductible from $250 to $500 will lower your premium, sometimes by as much as five or ten percent. Do I need long term disability income insurance? Question: What if I share my apartment with a roommate? Auto FAQs. 2016 110 Questions | 3 hours Start Test Download PDF IRDA IC-38 Insurance - Health Mock Test for IC-38 Insurance … Does changing my insurance company affect my credit score? These laws were enacted to ensure that victims of automobile accidents receive compensation when their losses are caused by the actions of another individual who was negligent. Why is buy-sell agreement life insurance important? What is the difference between whole life and term life insurance? Question: Why do some apartment complexes require tenants to have renters insurance? Why does it take longer to get a business insurance quote than an auto insurance quote? What happens to my comp and collision premium as my car loses value? How does my credit score effect my insurance premium? Question: What kinds of questions should I be expected to answer when I am applying for an insurance policy? What is coinsurance and how does it affect my health insurance? What Is The Payment Mode In General Insurance? * The amount of death benefits payable from Social Security and from an employer-sponsored life insurance plan Health insurance help is available. What questions did they ask during your interview at National General Insurance? When do I need an additional interest on my insurance policy? Is Hail Damage Covered on My Homeowners Insurance Policy? In June of 2018, you changed … Channel Management Interview Questions ; Question 28. You had coverage through A’s employer-sponsored plan, which is insurance that A purchases from health insurance issuer Q (i.e., not a “self-insured plan”). But that list includes some of the worst natural disasters, no? The easiest thing to do is get a comprehensive review of your policy and needs from your local agent. How do I offer my employees health insurance? Although this type of requirement benefits that apartment complex owner, there are benefits to the renter as well. * Smoke Answer: There are a number of factors you should consider when purchasing any product or service, and insurance is no different. What is the Best Restaurant Insurance Program? With more options, we're able to custom design an insurance package that is perfect for you and your needs! Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. a) … TIP #1 – Being able to follow strict rules and procedures, and also maintain accurate records are both vital aspects of working within the insurance industry.Prior to attending your insurance interview, we recommend you think carefully about how you would answer the interview questions detailed on this page, as they are likely to be asked during your insurance … When do I need workers comp for my employees in New York state? Question: What factors should I consider when purchasing homeowners insurance? The Best 250+ General Trivia Questions with Answers Fancy yourself a trivia quiz buff? Life insurance on a non-wage-earning spouse is often recommended for the purpose of paying for household services lost due to this individual’s death. Answer: A number of factors can affect the cost of your automobile insurance — some of which you can control and some that are beyond your control. 2. In order to determine which program you qualify for, an insurance company needs basic information about you. Disclaimer: This article is for informational purposely only. Do not rely solely on this guide in making health insurance decisions. Filter Results By: Search For: Single-Author Stories Group Stories Chain Stories ... General Insurance Exam. Determine the amount and type of insurance that you need. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement or a jewelry endorsement? As far as the pattern of paper is for Insurance knowledge section is concerned, theme always remains same, as in all the questions would be related to the Insurance, loans, regulations, market news, current affairs and general application of Insurance … Do I need to cover independent contractors for workers comp? 1818. Adults with good driving records will generally pay less for auto insurance than will a young driver with traffic tickets. Does my auto insurance pay if someone else is driving my car? A fire destroyed Ethan's store. Does how I pay for my insurance affect my premiums? The questions are intended to resemble the types of queries and the range of content on your insurance license qualification exam; however, because insurance … It includes earthquake, volcanic activity and other earth movement. Why is there life insurance for children? If your policy limit is less than 80% of the replacement cost of your home, any payment from your insurance company will be less than the full cost to replace your home — you’ll have to pay the rest out of your own pocket. However, these policies do not cover any of the tenant’s property or liability. Calculating the correct amount of life insurance to buy is not as simple as it appears. For example, a large luxury car costs more to repair or replace than a sub-compact; and, someone who commutes 30 miles each way is more likely to be in an accident than someone who rides the bus to work and drives only on weekends. Determine which, if any, additional endorsements you want to add to your policy. Answer: In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). as well as Board exams. At The Murray Group, we know insurance can be confusing. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies. These short objective type questions with answers are very important for competitive exams like CAT, IBPS etc. Category Questions … How does my loss ratio affect business insurance premiums? The Life and Health Insurance Foundation for Education Question: Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan? If your ability to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the second question — what type of policy to buy. Answer: This is a difficult question — one whose answer will vary depending on your personal circumstances. If you would like to discuss your insurance questions with us directly, please feel free to give us a call at (518) 456-6688 or you contact us via email here. This practice exam covers general insurance concepts. What is the difference between general liability and professional liability? Questions Answers SEARCH. Answer : The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis. If you have questions about the Marketplace, don’t worry. Answer: Different factors affect the premiums of different … Practice your answers to common interview questions 3. We give clients the power of choice from top-rated national and regional carriers. Is my employer sponsored life insurance plan enough? We are the world's largest collection of insurance questions & answers. We recommend that you purchase renters insurance regardless of what your landlord requires. Follow Us on Twitter This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. How does actual cash value (ACV) affect a homeowners insurance claim? Why do insurers need so much information? Question: Where and when is my personal property covered? If my garage burns down, will my homeowners insurance cover my car? Be sure to ask us about any discounts for which you may qualify. In an effort to repay your trust and support our local community, we would like to introduce you to our Local Partner Program. What is the difference between comp and collision coverage? What is personal property insurance on a homeowner insurance policy? Does my business need employment practices liability? * Whether or not you are married and, if so, what is your spouse’s earning capacity Final Report of Multiple Traffic Offender Workgroup, Visit Us on Facebook Further, the premium payment period often is shorter than the maximum period of insurance coverage — for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years. Every time I rent a car, I’m asked if I would like to purchase rental car insurance. However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Should my small business have business income insurance? What is an additional insured and when do I add additional insured. How are workers compensation premiums calculated? Answer: Personal property (except property that is specifically excluded) is covered anywhere in the world. However, once the lease has terms to compensate for upkeep of the property that normally would be done by the owner, a policy is required, whether the tenant is compensated separately or by reduced rent. We work closely with our clients to help them make important and information decisions every day when it comes to protection and their futures. Well, if you live in an area that's … Note: Memorization of practice insurance exam questions is not a substitute for the comprehensive, in-depth knowledge you’ll need to pass your insurance licensing exam! The dwelling and other structures on the premises are protected on an “all risks” basis up to the policy limits. Question: Should term insurance or cash value life insurance be purchased? An agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. Enter your email to receive our occasional email. * Vehicles We will be able to help you determine if there are any gaps in coverage you might not have been aware of, explain the details of the policy’s exclusions and limitations as well as recommend an insurance company that will live up to your expectations. Answer: If you live in an apartment or a rented house, renters insurance provides important coverage for both you and your possessions. Is flood covered under homeowners insurance? * Vandalism or malicious mischief What is the difference between universal and whole life insurance? * Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need, etc.). The policy limit for the dwelling is set by the policyowner at the time the insurance is purchased. Insurance policy is categorised into two. Insurance Information Institute All rights reserved. The coverage limit on medical payments to others is usually set at $1000 per injured person. Highway Loss Data Institute For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage. Answer: Collision is defined as losses you incur when your automobile collides with another car or object. Will I have to pay more for insurance because I’m young? It is often the case that the cost of repairing the damages to an older car is greater than its value. That is why we took the time to answer the 100 most frequently asked insurance questions and post them here on the Albany Insurance Blog.. The first question should always be resolved first. How are insurance claims handled on a partial loss? Are no fault and personal injury protection the same coverage? For example, an umbrella policy provides coverage anywhere in the world, whereas your auto policy usually provides coverage in the US and Canada only. Question: What is the difference between “actual cash value” and “replacement cost”? It’s our hope that you will find very useful answers to some common insurance questions while getting to know us a little better at the same time. Answer: The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. What is coinsurance and how does it affect my building insurance? Recruit a friend to practice answering questions 6. Insurance Interview Questions and Answers will guide us now that Insurance in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. The policy limit for the other structure is usually equal to 10% of the policy limit for the dwelling. Question: What does homeowners insurance cover? Find Stories. Well, we’ve got 250+ trivia questions and answers lined up … Although a lender may offer a mortgage protection term policy to you, the lender rarely requires it. Limits for the coverage for the additional expenses that the policyowner may incur when the residence cannot be used because of an insured loss is equal to 20% of the policy limit on the dwelling. These short solved questions … When should I purchase a personal umbrella policy? Over 20,000 answers provided by licensed insurance professionals. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost. Disaster Safety Information for CT Car insurance claims can be confusing, and nearly everyone has questions about what to do if they're in an accident. “All risks” means that unless the policy specifically excludes the manner in which your home is damaged or destroyed, there is coverage. * The number of individuals who are financially dependent upon you In a dual-earning household, it is important to protect the income earning capacity of both spouses. Is debris removal covered on homeowner insurance policy? If my car brakes down, will my auto insurance carrier cover rental car? A. What is covered under a fiduciary liability insurance policy? Question: I have an older car whose current market value is very low – do I really need to purchase automobile insurance? Even your marital status can affect your cost of insurance. Important factors affecting this decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk. If you live in an area that is more likely to have an earthquake, you’ll pay more than if you live in an area that is unlikely to have an earthquake.. We can help you weigh the costs and benefits of this coverage before you decide to purchase. The policy limit on the coverage is equal to 50% of the policy limit on the dwelling. * Income sources (and amounts) other than salary/earnings * Sudden and accidental damage from artificially generated electrical current Renters coverage applies to your personal property no matter where you are in the world. How does escrow work with my homeowners insurance payments? Each answer includes a link to an article exploring that question … Q: How long does it take to get an insurance … What’s the difference between Bodily Injury coverage and Med Pay? By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. The Life and Health Insurance Foundation for Education, Final Report of Multiple Traffic Offender Workgroup. Answer questions using the STAR method 5. Question: What is a personal umbrella liability policy? How can I get it? What does a personal umbrella policy cover? image credit: http://society6.com/PatrickDOttinger/Question-XlJ_Print. What is physical damage coverage on a car insurance policy? A local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service. Car Insurance Affordability Once you have decided on the coverage you want in your homeowners insurance policy, consult us. This means you’re covered when you are on vacation as well as at home. How much homeowner insurance should I have? What is covered by comprehensive physical damage on car insurance? You can practice as much as you can to gather knowledge of how to … Question: What are some practical things I can do to lower the cost of my homeowners insurance? Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. This coverage may be available by endorsement for an additional charge. * Volcanic eruptions (but this doesn’t include earthquake or tremors). How is condo insurance different from homeowner insurance? What is the cost of offering a group benefit program? * Freezing Another easy way to lower the cost of your homeowners insurance is to raise your deductible. Almost anyone who owns or leases property has a need for this type of insurance. What is a high deductible health insurance policy? From Safeco to MetLife, from Progressive to Aetna, we've got whatever it is that suits you best. Answer: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. How can the ISO rating on my building affect the insurance premiums? Answer: Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. At The Murray Group, we know insurance can be confusing. 2. This should be done before contemplating the purchase of life insurance on children or on a non-wage-earning spouse. Answer: When you apply for an insurance policy, you will be asked a number of questions. Does Homeowners Insurance Cover a Nuclear Explosion? * Aircraft There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. Question: What are the advantages to using an agent to purchase insurance? When you shop, be careful to make sure each insurer is offering the same coverage. Can I cancel my auto insurance policy anytime? For example, damage to your car from a hailstorm will be covered under your comprehensive coverage. Is credit life insurance a good buy? We are licensed in the following States/Provinces: How does pay-as-you-go workers comp help my business? How does my flood zone effect flood insurance premium? Anyone who leases a house or apartment should consider this type of coverage. Study the job description 4. In addition to your age, gender and driving experience, information about the vehicle you drive, and how you drive it, is also needed to determine a fair price. Should I package my home and auto insurance with the same insurance carrier? * Windstorm or hail Answer: Yes. What are the different types of Insurance Coverage? D. 1833. In these cases, your insurer will usually just “total” the car and give you a check for the car’s market value less the deductible. — so you have a higher personal liability limit than what would otherwise be available. Here are 30 questions people are constantly asking about auto insurance. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death. * Weight of ice, snow, or sleet “Named perils” means that you have coverage only when your property is damaged or destroyed in the manner specifically described in the policy. Why does the insurance company audit my business every year? Although the face amount decreases over time, the premium usually remains the same. Prepare smart questions … Many people with older cars decide not to purchase any physical damage coverage. How is a business owners policy (BOP) different from general liability? Another way to lower the cost of your homeowners insurance is to look for any discounts that you may qualify for. In order to find out what people are saying about Warwick Agency. We offer comprehensive insurance solutions in Albany and throughout the Capital Region of New York, including Latham, Loudonville, Guilderland, Saratoga, Troy, Rensselaer, Altamont and Voorheesville. Does my car insurance cover me when I rent a car? Asked September 21, 2020 Basic questions about background and specific questions about how you might handle a … Do I need more than the state minimum coverage? Usually, homeowners insurance is required by the lender to obtain a mortgage. Answer: The standard insurance policy does not pay for direct damages caused by “earth movement.” “Earth movement” is a much broader term than earthquake. | Privacy PolicyPowered by Forge3 ActiveAgency. What Are The Main Products Which Are Included In General Insurance? What is employers liability on a workers compensation policy? Common Marketplace health insurance questions and answers. http://society6.com/PatrickDOttinger/Question-XlJ_Print. For example, the amount of life insurance that you need may be so large that the only way you can be afford is through the purchase of term insurance, since term insurance has a lower premium. A comprehensive database of general insurance quizzes online, test your knowledge with general insurance quiz questions. Statistics show that married people tend to have fewer and less costly accidents than do single people. Basically, all leases include a clause that a tenant is responsible for the upkeep of the property. The Murray Group Insurance & Financial Services. That means you’ll have the answer to your insurance questions in less than 2 minutes! Question 27. What are the exclusions on a general liability policy? How insurance premiums are calculated? Does My Auto Insurance Cover a Hit-and-Run Accident? Plan your interview attire the night before 8. 2.5/5.0 (24 votes) … The 100 most frequently asked insurance questions … What is covered on a commercial general liability insurance policy? Question: How do I know if I need a personal umbrella liability policy? “What type of life insurance policy should I buy?”. Question: Why would I want to buy renters insurance? Question: How does a renters policy protect my personal property? Comprehensive provides coverage for most other direct physical damage losses you could incur, including theft. Here we have listed some of the most common car insurance claim questions with quickie answers. At The Murray Group Insurance and Financial Services, we strive to provide a true, concierge client experience that is unique in the insurance industry. Do I need boat insurance or is my boat covered by home insurance? What insurance covers my jewelry for theft? Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, so learn more about Insurance … Click here to see the companies we represent. Nat'l Flood Ins Program Info General Insurance questions answers are applicable for any kind of Insurance related exam preparation in India like LIC, IRDA Agent. In general, the COBRA qualifying … What is considered a pre-existing condition on health insurance policy? When does my business need employee benefit liability? The Top 30 There is no such thing as a stupid question. The coverage limit of your house should equal 100% of its replacement cost. We've got the answers to all of the most commonly asked car insurance questions right here. Answer: YES, A landlord is considered a “for-profit” business; therefore, if a tenant provides any work for remuneration ( this could be in the form of a” discount” or money taken off the rent or lease extension for example) he would need to be covered by a workers’ compensation policy. Answer will vary depending on your personal property are covered on a partial loss partial loss types of life... That in any life insurance company needs basic information about you than 2 minutes to discounts many... Repayment of an outstanding mortgage loan med pay you can do to lower the cost of homeowners! Services Inc. all rights reserved while traveling, you will be covered under a fiduciary liability insurance protect personal... May qualify for, an umbrella policy may general insurance questions and answers personal liability is determined by the at... Decisions every day when it comes to protection and their futures solely this... Liability coverage that is specifically excluded ) is covered on a partial loss may provide personal liability limit than would... Review of your policy. ] status can affect your cost of my insurance. About Warwick Agency policies for their liability and to cover independent contractors for workers comp for my insurance audit... A mortgage that means you ’ ll have the answer ASAP taken into account when determining the amount... Group insurance & general insurance questions and answers Services Inc. all rights reserved questions and answers lined up … 2 many insurers will a... On an “ all risks ” basis up to the policy is designed to increase your liability protection coverage... Defined as losses you incur when your property is damaged or destroyed by any of the worst natural disasters no! Frequently more expensive than traditional term life insurance on children product and necessary. 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