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What Is Insurance

Details: Insurance is a written contract between an insurance company (insurer) and an individual or entity for which the insurer provides protection against financial losses. The insurance company is able to provide this protection by pooling risk from a large group of individuals and entities with similar needs. Insurance is generally designed to

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Insurance Resources and Advice

Details: The premise of insurance is to transfer risk from one or more people, a business, or an entity to a group of insureds that pay premiums into a pool; it’s from this pool of premiums that losses from covered perils are paid. An insurance policy is a contract between an insurance company and at least one individual in which the insurer agrees to pay specified damages in …

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Basics to Help You Understand How Insurance Works

Details: Mila Araujo is a certified personal lines insurance broker with more than 20 years of experience in the insurance industry. She currently serves as the director of personal insurance for Ogilvy Insurance where she works with some of the world's largest insurers and manages the needs of thousands of clients with the help of her broker team.

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The 6 Best Digital Insurance Companies of 2022

Details: Ladder Insurance is a digital insurance agency that has partnered with Fidelity Security Life to offer life insurance without the use of agents directly to consumers online without charging fees. The online process of purchasing a policy can be done in as little as five minutes and you can sign any documents necessary for coverage with an E

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Insure.com Insurance Website Review

Details: Janet Hunt is an expert in car insurance, homeowners insurance, and health insurance with over 20 years of experience covering trends, regulations, and writing company reviews. Her lengthy career in insurance includes stints in customer service and selling personal lines of insurance. She earned her Property and Casualty license in 1995.

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Life Insurance With Living Benefits

Details: Life insurance pays out after death, but some policies offer benefits while you’re still alive. Living benefits can provide cash for medical costs, long-term care, and other needs. Living benefits are included on some policies at no cost, but other policies may require that you add them for an extra fee. Accelerating the death benefit reduces

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What Is an Insurance Carrier

Details: An insurance carrier is the company that provides your insurance coverage. It also employs your insurance agent, who handles all of your claims and may help set up your payments on behalf of your carrier. Besides agents, an insurance carrier employs underwriters, customer service reps, claims adjusters, and more.

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What Is Insurance Underwriting

Details: Insurance underwriting is the way an insurance company assesses the risk and profitability of offering a policy to someone. An insurance company must have a way to decide just how much of a gamble it's taking by providing coverage. It also needs to know the chances that something will go wrong, causing it to have to pay out a claim.

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What Is an Insurance Deductible

Details: An insurance deductible is an amount you pay before your insurer picks up its share of an insured loss. The amount you'll owe will differ from plan to plan. You'll pay one deductible per claim, but each time you make a claim during a term, you will have to pay it again until you reach your limit.

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Insurance Actuary: What is It

Details: An insurance actuary looks at risk for a living. This is done using mathematics, statistics, and financial theories. Most actuaries work in the insurance industry. Insurance companies need to know the risks that will come from insuring a person or group.

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What Is Property and Casualty Insurance

Details: Car insurance: Helps protect you and your car in a few ways, depending on your coverage. Most states require certain amounts of bodily injury and property damage liability coverage. Power sports insurance: Protects boats, all-terrain vehicles (ATVs), recreational vehicles (RVs), golf carts, and other vehicles similarly to car insurance.

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Basic Life Insurance: What Is It

Details: Basic life insurance is a form of group life insurance, wherein an insurer enters into a contract with an entity or organization, such as an employer, to provide low-cost coverage to the entire group. Employers that offer basic life insurance generally provide policies with a specific death benefit amount, which is usually set as either a

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The Best Mortgage Protection Insurance for 2022

Details: Our choice for best mortgage protection insurance for poor health, Globe Life, was founded in 1900 and is headquartered in McKinney, Texas. The company has a good Better Business Bureau ranking and a strong financial strength rating per AM Best Rating Services.

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How to Choose a Life Insurance Policy

Details: Life insurance is a contract between you and an insurance company. You agree to pay a monthly or yearly premium. In return, the insurance company commits to paying a set amount of money to the person or people you choose after you die. The money the insurance company agrees to pay is known as the death benefit.

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Legal Insurance Coverage: Costs and Options

Details: Mila Araujo is a certified personal lines insurance broker with more than 20 years of experience in the insurance industry. She currently serves as the director of personal insurance for Ogilvy Insurance where she works with some of the world's largest insurers and manages the needs of thousands of clients with the help of her broker team.

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Best Landlord Insurance Policies of 2022

Details: Landlord insurance is similar to homeowners insurance in the fact it protects your property against various perils and liability claims. However, landlord insurance policies are for individuals who own rental property, whether their real estate portfolio includes single-family homes, multi-family housing units, or commercial buildings.

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Mitigation in Insurance: What Is It

Details: Mitigation is when the party suffering a loss in an insurance claim takes reasonable actions to prevent additional losses. As a homeowner, you have an obligation to mitigate losses after an event as a condition of your coverage. If you’re a homeowner, it’s important to understand the meaning of mitigation as it applies to your home

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Single-Payer Health Insurance: What Is It

Details: Single-payer health insurance is a health care system mostly or wholly funded by one entity (like a government agency, using tax dollars). The system takes the place of private health insurance companies and patient co-payments. The networks of doctors, hospitals, and payments in a single-payer system are managed by this single entity.

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What Are Insurance Policy Limits

Details: An insurance policy limit is the maximum amount an insurer will pay for a particular type of coverage. Once you hit a policy’s limit, any leftover expenses are your responsibility.

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The Ultimate Guide to Car Insurance

Details: Insurance carriers monitor claims, and if you live in a high-risk area, it could be reflected in your car insurance payment. Your credit score: Most states allow insurance carriers to use credit scores as a factor in determining your car insurance premiums. Typically, the higher your credit score is, the lower your car insurance rate will be.

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Covered Peril in Homeowner's Insurance: What Is It

Details: Mila Araujo is a certified personal lines insurance broker with more than 20 years of experience in the insurance industry. She currently serves as the director of personal insurance for Ogilvy Insurance where she works with some of the world's largest insurers and manages the needs of thousands of clients with the help of her broker team.

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What Is an Auto Insurance Quote

Details: An auto insurance quote is an estimate (not final) of the amount you’ll pay for a policy period. Familiarize yourself with the coverage types you need and want before you request auto insurance quotes. Consider getting quotes from at least three insurers, whether through a website or through an agent.

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How To Get Your CLUE Insurance Report

Details: Insurance companies set rates by looking at numerous factors, such as your credit score, claims history, and location, as well as the replacement cost of the insured asset.But one important rating factor you may not know about is your CLUE insurance report. Insurers use these reports as part of their risk assessment process, and you have separate CLUE reports …

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5 Types of Credit Insurance

Details: This insurance is often unnecessary if you don't carry balances on your credit cards or you have an emergency fund. How Credit Insurance Works Credit insurance is often an extra service that's offered by your credit card lender, either …

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Insurance Credit Scoring: What Is It

Details: Mila Araujo is a certified personal lines insurance broker with more than 20 years of experience in the insurance industry. She currently serves as the director of personal insurance for Ogilvy Insurance where she works with some of the world's largest insurers and manages the needs of thousands of clients with the help of her broker team.

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Invest in the Insurance Sector With a List of Insurance ETFs

Details: This insurance fund from iShares tracks a benchmark composed of U.S. equities in the insurance sector. Some of those equities include AIG, MetLife, Prudential, and Travelers. Most of the equities are focused on the property and casualty sector of the insurance industry, but they also include life insurance and full line insurance.

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Fire Insurance: What Is It

Details: Fire insurance is a type of property coverage that pays for damages and other losses that you may suffer from a fire. It covers the cost of repairing or replacing damaged property in your home, as well as costs of living if you have to …

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What Is an Insurance Adjuster

Details: An insurance adjuster is a person who settles insurance claims. The individual investigates the loss and determines the amount of any loss, claim, or damage an insurance company should pay you. An insurance company may hire independent adjusters from independent adjusting bureaus or rely on its own adjusters (staff adjusters).

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Security National Life Insurance Review 2022

Details: Security National Life Insurance doesn’t specify whether they offer any riders, but riders are typically more common with traditional term and whole life policies than with preneed and final expense policies. Customer Service: Only During Business Hours . To get a quote from Security National Life Insurance, you’ll need to fill out an

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Insurance Binder: Definition and Examples

Details: Insurance Binder Defined. An insurance binder is temporary. It's issued by an authorized representative. It serves as proof of insurance for your home , property, or car. Your binder will outline the basic terms, coverages, deductibles, and named insureds that will appear in your contract. 1. A binder is subject to all the terms of the pending

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Why Life Insurance Is Important

Details: Life insurance comes in several forms; you can categorize them broadly as term insurance and permanent, or cash value, insurance. Term insurance is the simplest and least expensive form of life insurance, and it’s an excellent choice for most families protecting themselves from the untimely death of a family member. With term insurance, you select a …

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Who Needs Life Insurance

Details: Emily Guy Birken is an insurance and personal finance expert who's been demystifying money topics for readers since 2010. She's authored five books on personal finance, and her articles have appeared in Forbes, Business Insider, Kiplinger's, MSN Money, Investopedia, and other publications.

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Does Homeowners Insurance Cover Roof Leaks

Details: Insurance companies base home insurance rates on several factors, including your home’s age and construction type, security features, and its proximity to a fire hydrant and fire station. Typically, newer homes cost less to insure because their heating, plumbing, roof, and wiring systems are in good condition.

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What Is Homeowner's Insurance

Details: A homeowners insurance package combines all of the above elements to protect you from unexpected financial hardships by providing you with compensation when a qualifying insurance claim occurs. Alternate name: homeowner's insurance. Home insurance is an optional coverage; it is not required by law.

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What Is an Insurance Endorsement

Details: An insurance endorsement is a change or addition to an insurance contract that alters the terms or scope of the original policy. It can be issued during your policy term, at the time of purchase, or at renewal. It's a legally binding amendment to a contract. Endorsements remain in force until your policy ends.

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What Is Cyber Liability Insurance

Details: Cyber liability insurance protects businesses by covering expenses associated with a data breach, virus, or other malicious cybersecurity attack. It helps to support a business against legal liability from consumers and business vendors impacted by a breach. Cyber liability insurance is an essential insurance product for small businesses to obtain.

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Does Insurance Cover Ambulance Services

Details: Health Insurance Coverage for Ambulance Rides. If you need ambulance services for something other than a car accident, you’ll need health insurance to get coverage. Private health insurance, Medicare, and Medicaid all cover ambulance services to varying degrees. Here’s how it works for each of these.

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What Is Divorce Insurance Coverage

Details: Mila Araujo is a certified personal lines insurance broker with more than 20 years of experience in the insurance industry. She currently serves as the director of personal insurance for Ogilvy Insurance where she works with some of the world's largest insurers and manages the needs of thousands of clients with the help of her broker team.

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What Is a Health Insurance Premium

Details: A health insurance premium is an amount you pay each month to keep your health insurance policy in force. For example, if you want to enroll in Medicare Part B, you will pay at least $148.50 per month as a premium cost. That premium could be higher depending on your income. If you’re covered by your employer’s health plan, a portion of the

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Talcott Resolution Life Insurance Company Review 2022

Details: Talcott Resolution is a life insurance and annuities company with life insurance policies administered by Prudential. We researched Talcott Resolution’s financial strength, customer satisfaction, online resources, and customer service reviews to help you compare the life insurance options that Talcott offers with the competition.

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What Is the Cheapest Health Insurance You Can Get

Details: Health insurance premiums ran about $623 per person per month in the U.S. in 2020, leaving many people to wonder whether a health plan exists that they can afford. 1 Medicaid is the cheapest health plan you can get. It provides free or low-cost coverage to those who qualify. 2. Don't panic if you don’t meet the rules for Medicaid.

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Pioneer American Life Insurance Review 2022

Details: Pioneer American life Insurance receives more complaints than other companies its size, but it does have a strong financial rating from AM Best, which is a good sign for its ability to pay claims. Here’s how Pioneer American Life Insurance compares to a larger national life insurance company.

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What Is Insurance to Value

Details: Insurance to value (ITV) is how much of your home’s rebuilding cost an insurer will pay for in a covered claim. Your insurer only pays the full home replacement cost (minus your deductible) in total losses if you have an ITV of 100%. If your ITV is lower, you’d be responsible for the difference in reconstruction costs, in addition to paying

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North American Life Insurance Review 2022

Details: North American offers two term life insurance plans, one that is only term coverage and the other that offers additional benefits and riders to be added. North American Classic Term: This policy offers term coverage and level premiums for 10- and 15-year term lengths. Coverage starts at $500,000 and goes up to $5M.

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Travelers Life Insurance Review 2022

Details: Travelers Insurance does not sell life insurance policies and is not affiliated with MetLife. MetLife is the third-largest life insurance company in the U.S., representing about 6% of the market share. Policies are sold through employers as a group benefit.

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What Is a Lapse in Insurance Coverage

Details: An insurance lapse is the period where you didn’t have insurance because your policy ended and you didn’t have new coverage to replace it. This can happen for reasons including: You miss a premium payment. The premium payment wasn’t received by the due date.

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How Much Does Errors and Omissions Insurance Cost

Details: E&O insurance is a specialized type of liability coverage. If you don’t currently have it, your company could be facing a serious financial risk. This type of insurance is readily available and may cost less than you might think. Learn how …

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