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Insurance 101
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Subject Page Number
Auto Insurance
Homeowners Insurance
Business Insurance
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Every state abbreviates its minimum liability amounts using three numbers separated by forward slashes. For example, let's say that you have "25/50/15." Each number represents different component of the liability coverage. The first one stands for the maximum amount that the insurance company will pay for bodily injuries sustained by a single person, per accident. The second number refers to the maximum dollar amount at the company will pay for all injuries in a single accident. Finally, the third number refers to the total amount that the company will pay for property damage, per accident. These numbers are usually in the thousands of dollars so the amounts would be $25,000; $50,000; and $15,000 and are representative of minimum amounts. More coverage per amount may be added at any time.
Full coverage insurance is considered to be a misleading term by many insurance customers since it does not literally cover "everything." If this is not true then what is full coverage auto insurance. Well, in reality, full coverage involves the addition of two other forms of insurance coverage to a foundation of liability coverage. These two types are called comprehensive and collision coverage. Now there can be some flexibility when it comes to this type of insurance coverage since you do not necessary have to add both of these coverage types to liability. Comprehensive can stand on its own without collision but collision cannot do the same without comprehensive.
Comprehensive coverage deals with other areas of damage like that from theft, vandalism, fire, hail, etc. Collision coverage deals exclusively auto collisions.
Medical Payments
This pays you and your passengers for medical and funeral expenses incurred in an auto accident, regardless of fault. It will also cover injuries sustained by you while you're operating someone else's car (with their permission), in addition to injuries you or your family members incur when you are pedestrians.
Uninsured Motorists Bodily Injury & Property Damage covers you for all sums (up to your policy limits) if an accident occurs with an uninsured motorist who is determined to be legally at fault.
The Homeowner's insurance policy is a package policy that combines more than one type of insurance coverage in a single policy. There are four types of coverages that are contained in the homeowner's policy: dwelling and personal property, personal liability, medical payments, and additional living expenses.
Property Damage Coverage
Property damage coverage helps pay for damage to your home and personal property. Other structures such as a detached garage, a tool shed, or any other building on your property are usually covered for 10% of the amount of coverage on your house.
Personal property coverage will pay for personal property including household furniture, clothing, and other personal belongings. The coverage is also limited by the types of loss listed in the policy. The coverage only pays the current cash value of the item destroyed, unless you purchase replacement cost coverage. Your homeowner's policy also provides off-premises coverage. This means that the policy covers your belongings against theft even when they are not inside your home.
Personal Liability Coverage
Homeowner's policies provide personal liability coverage that applies to non-auto accidents on and off your property if the injury or damage is cased by you, a member of your family, or your pet. The liability coverage in your policy pays both for the cost of defending you and paying for any damages the court rules you must pay. Liability insurance does not have a deductable that you must meet before your insurer begins to pay losses.
Medical Payments Coverage
Medical payment coverage pays if someone outside your family is injured at your home regardless of fault. This includes payment for reasonable medical expenses incurred within one year from the date of loss for a person who is injured in an accident in your home. The medical payments portion of your homeowner's policy will also pay if you are involved in the injury of another person away from your home in some limited circumstances.
Business insurance can be any kind of insurance that protects businesses against risks.
Your commercial insurance should be
designed to protect against the most
prevalent risks to the assets and capital in
your business.Your broker can help you
itemize and quantify those risks, and
determine the level of coverage you
should consider. Risks include:
Property loss. Insurance against
property damage or theft protects the
physical assets that support your business
including buildings, equipment, vehicle
fleets and inventory, as well as intangible
assets such as licenses, patents and
accounts receivable.To arrange the right
level of insurance you must know your
rights and obligations as an owner, tenant,leaseholder, landlord or mortgage holder.
Liability loss. Every business is exposed
to liabilities and should be protected
against the major ones, including personal
injury, product failures or negligence.
-Workers' Compensation
-General Liability
-Bussiness Auto
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