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These terms have been selected to help give you a better understanding of common Insurance Terminology. If you have any questions on terms not listed here, plese feel free to
ask us about them via E-Mail:
rickmathes@rickmathes.com |
When you estimate how much it would cost to replace your house, you should know what insurance companies call the "80%" rule. According to this rule, the insurance company isn't required to reimburse you for the total amount of a loss unless your policy covers you for at least 80% of your home's actual replacement value at the time of your loss. Let's say you have a $20,000 loss due to a fire. At the time of the loss, the total replacement value of your house is determined to be $100,000. If your policy only covers you for $40,000 of dwelling coverage, your insurance company won't reimburse you for the full $20,000 loss. In this case the insurance company will pay only half of the $20,000, or $10,000, because you carried only half the required amount of coverage. (The required amount of coverage is 80% of $100,000 or $80,000. You carry only $40,000.) It makes sense to choose a dwelling limit that equals the replacement value of your home. That way, you avoid the problem of having loss reimbursements reduced because of the 80% rule. (It also makes sense to keep your coverage up-to-date, since the replacement value of your house is likely to change over time. See inflation guard endorsement.)
A policyowner may borrow from a cash value account, subject to the terms and conditions of the policy. The policyholder loan can be arranged quickly. Access to a policy loan can be an important asset in emergency situations. When you borrow from your policy, the insurance company will usually charge you a below market rate of the loan as prescribed by the policy. Remember, the amount of the outstanding loan reduces the amount your beneficiaries receive at your death
This is how much you could get for an item if you sold it today. Any item has three basic values: original cost, actual cash value, and replacement value. For example, if you originally paid $400 for your living room couch; its actual cash value might be $175. But if it's destroyed in a fire, replacing it will cost you $800. When you buy a homeowners or renters policy, you want your possessions to be covered for replacement value.
This is how much you could get for an item if you sold it today - - including your car. For example, if you paid $14000 for your car; its actual cash value now might be $11750. This is determined by the price of a comparable new vehicle minus deprecation. This is the amount your insurance company will pay you, if you elect to receive this coverage. This is a very important coverage if you policy does not cover you for collision.
An agent is a person who sells and services insurance policies. There are basically two kinds of agents: (1) Independent agents represent at least two insurance companies. The independent agent's commission is a percentage of each premium paid, and includes a fee for servicing a person's policy (answering your questions, helping file claims, etc.). (2) An agent who represents a direct writer usually represents only one company. Sometimes this agent is paid on a commission basis in much the same manner as the independent agent. In other cases, he or she may be paid a salary rather than on a commission basis.
These are any changes to your vehicle that have altered its performance or value. Lowering the suspension, adding turbo charge, modifying the emission system or the installation of high performance parts are all examples of the kind of changes we're talking about. Other changes to your vehicle don't count as "significant" alterations or modifications. These include sunroofs, stereos, custom wheels and spoilers.
An evaluation to determine the insurable value of your property before you buy a policy, or to determine the amount of a loss when you file a claim.
An amount of money you're required to pay, usually to repair damage to property in which you have a communal interest. An example would be a homeowner's association that requires each of the homeowners to pay a fee for snow removal from the sidewalks.
This is what insurance companies call a driver who cannot find a company willing to insure him or her voluntarily - - perhaps due to a poor driving record or lack of driving experience. State laws require all drivers to carry insurance, so the state in which the driver lives will assign his or her policy to an insurance company doing business there.
Insurance companies are legally required to participate in state-mandated programs - - often called assigned risk plans - - that make coverage available to drivers who can't obtain it otherwise.
Your current age. "Attained age" is insurance jargon meaning the age you attained this morning. Your attained age is one of the factors life insurance companies use to determine your premiums. The older you are, the greater the chance you'll die while you're covered - - so the higher your premium.
A contract between you and the insurance company. You agree to pay a premium and in exchange, the insurance company agrees to reimburse you for automobile-related losses.
There are four major categories of automobile insurance:
A program in which all automobile insurance companies in each state participate to make coverage available to car owners who are unable to obtain auto insurance in the regular marketplace. Other names for this market are assigned risk plans, joint underwriting associations, or reinsurance facilities.
A person, organization, or trust who will receive the proceeds of a life insurance policy when the insured person dies. If you designate your spouse as the policy beneficiary, he or she will receive payment from your life insurance policy at your death.
A temporary insurance policy that expires at the end of a specific time period or when the permanent policy is written. A binder is given to an applicant for insurance during the time the complete policy paperwork is being completed.
Bodily injury liability coverage is insurance that protects you against financial loss (including the cost of your legal defense), when you are found legally responsible for injuring other people in an automobile accident. Liability insurance for bodily injury pays for the medical treatment, rehabilitation, or funeral costs incurred by another driver, his or her passengers, passengers in your car, and pedestrians. It also pays legal costs and settlements for non-monetary losses -- i.e., pain and suffering. Keep in mind, bodily injury liability coverage does not pay for any of your medical expenses, loss of income or pain and suffering resulting from an accident. Liability (BI) and property damage (PD) together are often referred to simply as liability insurance. Most state laws require that all drivers carry liability insurance or offer other proof that they are financially able to pay any damages for which they might be found liable.
Bodily injury liability coverage is insurance that protects you against financial loss (including the cost of your legal defense), when you are legally held liable for injuring other persons in an automobile accident. Liability insurance for both bodily injury (BI) and property damage (PD), or proof of financial responsibility, are required by state law. These two coverages together, are often referred to as liability insurance.
Bodily injury uninsured or underinsured coverage protects you in situations where you have been injured and the other driver has inadequate coverage or no insurance at all. Your insurance company would then pay you, up to the limit of your policy, for the injuries you suffered.
This policy protects your company from financial loss caused by the death or the long term disability of a key employee. You can use the policy proceeds to hire temporary help, for example, or to recruit and train a permanent replacement. You can also use this policy in conjunction with a buy/sell agreement: its proceeds give the surviving owners of the company the cash to buy a deceased partner's interest.
This policy, also known as Business Interruption, is designed to help cover potential losses resulting from an interruption of normal business. Business income lost due to an insured peril often exceeds in cost the damages to your real and personal property. Extra expenses incurred because of interruption, are also insured.
A buy/sell agreement spells out exactly how the surviving partners in a closely-held business will buy a deceased partner's interest. Let's say you have two business partners, for example. If one of you dies, the other two agree to buy -- and the deceased partner's estate agrees to sell -- his or her interest in the business. The agreement also spells out how the business will be valued. The money for this transaction typically is supplied by life insurance policies covering each of the partners' lives. In an entity agreement, the policies are owned by the company itself; in a cross-purchase agreement, each partner holds policies on the lives of the other two.
Cost is the amount you pay for actual net protection or the coverage you receive from insurance.
All life insurance policies provide a death benefit to designated beneficiaries at the death of the insured. Some policies, such as whole life, universal life, and variable life insurance, also have a cash value account. On top of a minimum guaranteed death benefit, these policies create a cash value account - - cash that builds up over time and can be used by the policyholder for non-insurance purposes during his or her lifetime.
For example, a policyholder can borrow against the policy's built up cash value, subject to certain conditions in the policy. A policyholder has the option to "cash-out" the policy - - i.e., terminate the contract, and receive its cash value, minus any surrender charge or outstanding loans. Of course, if you terminate your policy before it's fully paid up, you will no longer be insured and may later face the prospect of being uninsurable.
All policies with a cash value account cost substantially more than term policies that offer only a death benefit, because the premium payment must be large enough to fund the desired accounts as well as to cover the cost of pure insurance.
Term life does not contain a cash value account because the proceeds of a term policy are only paid upon the death of the insured and it only pays a stated amount of funds that are supposed to cover the economic loss to the beneficiary.
Your formal demand to be reimbursed for losses covered by your insurance policy.
Collision is what you think of when insurance is mentioned... crash! Collision coverage pays for damage to your car when it bumps into another object or is overturned. See collision insurance for an in-depth definition.
A deductible is the amount you pay for a covered loss before the insurance company starts to pick up the tab. Need more detail? See deductible.
Your collision deductible is the amount you pay before the insurance company reimburses you for a loss that is covered under the collision portion of your insurance policy. The bigger your deductible, the less expensive your insurance will be.
Collision insurance is automobile insurance coverage that reimburses you for damage to your own car, when the damage results from overturning your car or from colliding with another object. The other object doesn't have to be a car - - a run-in with a tree or a brick wall would be covered under the collision provision of a policy.
Collision insurance is a type of physical damage coverage and also a first-party coverage. First-party coverage pays the policy owner - - i.e., you. If you have injured someone else or damaged their property, third-party coverage pays for their losses. Liability insurance is called third party coverage, because it pays for losses sustained by third parties - - i.e., other people. (In case you're wondering who the second party is - - it's your insurance company.)
Collision coverage pays for damage to your car regardless of who is at-fault in the accident. This means you won't have to wait for the other driver to pay for damage to your car before you get it fixed. If the other person was at fault, your insurance company will try to recover what it paid you from his or her insurance company. But that's not your problem.
A combination of medical benefits, income loss benefits, accidental death benefits
and funeral benefits for Personal Injury Protection. Coverage varies by state.
Read your insurance policy to learn the specifics about what combination benefits
coverage includes and what it doesn't include.
What's comprehensive? It's everything that's not covered under collision. Comprehensive insurance covers theft and vandalism, for example. For more information, see comprehensive insurance.
A deductible is the amount you pay for a covered loss before the insurance company starts to pick up the tab. Need more detail? See deductible.
A comprehensive deductible is the amount you pay for a loss that's covered by comprehensive coverage before the insurance company reimburses you.
Comprehensive insurance reimburses you for damage to your own car from causes other than collision or overturning. The comprehensive portion of your policy pays for loss due to perils like hail, flood, theft, fire, glass breakage, falling objects, missiles, explosions, earthquakes, windstorms, vandalism or malicious mischief, riot or civil commotion, and collision with a bird or an animal - - in other words, just about everything except for collision and normal wear and tear.
Comprehensive insurance is a physical damage coverage and also a first-party coverage. First-party coverage pays the policy owner - - i.e., you. If you have injured someone else or damaged their property, third-party coverage pays for their losses. (The second party is your insurance company.)
When you look at a policy's comprehensive coverage, check for exclusions or limitations. If you have a special audio system installed in your car, for example, you should make sure your policy would cover the cost of the equipment if it were damaged or stolen.
It's also important to know if the policy pays for the actual cash value of damaged or stolen property (its current value after depreciation has been subtracted or the full amount required to replace it today.)
Computers and other Electronic Data Processing, and Media, will be covered with this endorsement. Covered items include data processing equipment, data processing media (ie. diskettes, tapes, punch cards), and reproduction of data. Extra expense and business interruption have been included to reimburse your company for expenses that occur as a result of damage or loss to the insured items.
If you own printers, scanners, tape drives, computer speakers, monitors, or any other equipment used in conjunction with your home computer, or valuables such as jewelry, rugs, art, or antiques, don't assume it's all insured in a standard homeowners or renters policy. If you have more than $1,000 worth of such property, you usually need special additional coverage.
The provisions of an insurance policy stating the rights and obligations of both parties in the contract - - you and the insurance company.
Convertible means you can convert your term life policy to a whole life policy (which provides you with permanent protection for your dependents while building a cash value account) at the end of the policy term - - or earlier if you wish - - without an insurability test (a physical exam to determine the state of your health).
If you choose to convert within the first five years after you buy your term policy, most insurance companies will charge you a whole life premium based on your original age. After that time, if you decide to convert to a whole life policy, your premiums will be based on your age at the time of the conversion.
Coverage is another word for insurance. Insurance companies use the term "coverage" to mean either the dollar amount of insurance purchased, as in, "You have $200,000 of liability coverage," or the type of loss covered, such as, "This policy includes coverage for theft."
The combination crime policy is designed to protect your business in the event of loss due to burglary, robbery, fraud or employee dishonesty.
D.L. # is an abbreviation for Driver's License Number.
Headlights that are on all the time -- day as well as night.
In life insurance, the death benefit is the amount of money paid to the beneficiary when the insured person dies. Your life insurance policy death benefit should be big enough to cover the expenses associated with your death (see final expenses) and to replace as much of your annual income as possible for your surviving dependents.
Deductible is the amount you pay for a covered loss before the insurance company begins picking up the bill. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totaling $1,000, you would pay the first $200 and the insurance company would pay the remaining $800. If the loss were only $200, you would pay the entire amount and the insurance company would pay nothing.
A deferred annuity pay out is an annuity (a regular series of pay outs) that can be purchased with a single premium or a series of installment premiums.
Any person that relies upon you for support.
Depreciation is the decrease in the value of your insured property, such as a car or a house, due to general wear and tear or age.
An insurance company's premium income obtained from policies originated by the insurance company without adjusting for premiums received or transferred by other insurance companies.
This policy will protect officers and directors in the event they are held
liable for damages caused by error, mismanagement, negligent acts, misleading
statements, omission, or any other wrongful act that results in financial loss
to others.
A company Reimbursement (or corporate indemnification) endorsement will reimburse
a named insured director or officer for expenses incurred while defending against
suits claiming wrongful acts committed.
A benefit paid to an insured person who is disabled as a result of a covered auto accident that is designed to replace a portion of the income lost as a result of the inability to work. Coverage varies by state. Read your insurance policy to learn the specifics about what disability benefits coverage includes and what it doesn't include.
Disability income insurance pays you a monthly income if you can't work because of illness or injury. Key policy features include how disability is defined -- i.e., when do you qualify to receive benefits? -- how long you must wait after becoming disabled to start receiving them, and how long they'll continue. Ideally, you want disability coverage that lasts until you're 65.
When we talk about immobilizing or incapacitating a vehicle, we mean disabling it through an alarm system.
Durable power of attorney is a legal document that gives whoever you name (a person, a bank, or a law firm, for example) the power to act on your behalf if you're unable to manage your own financial and legal affairs. "Durable" means that unless you revoke it, the document will be valid until you die. (A power of attorney that isn't durable will automatically expire if you become legally incompetent, which is exactly when you want it to be effective.) Durable power of attorney documents list about two dozen specific powers. The person or entity you name will be granted only those powers that you initial.
The person or entity to whom you delegate authority has a legal responsibility to act only for your benefit. But of course, you should only name someone you fully trust.
Dwelling coverage protects your house and any structures attached to your home, like the garage and the screened porch. If you have materials on your property that are being used to expand or repair the house - - the lumber being used to add another wing, for example - - would also be covered.
As a full-line Independent Insurance Agency, we realize the value of understanding
our clients insurance needs. Providing proper coverage to prevent against loss
is why we're in business.
Fortunately we have a Group Employee Benefits Division that specializes in custom
designing employee benefits programs for businesses your size.
Because we represent many fine insurance companies and financial institutions
that understand the industry, we can provide a very affordable coverage that
will give a full benefit life and medical insurance program..
An endorsement is an insurance policy amendment that modifies its original terms.
An exclusion is an insurance policy provision that denies coverage for certain specified losses. In most homeowner's policies, for example, flood damage and earthquake damage are excluded perils.
Optional medial benefits that cover medical expenses which exceed your basic medial expenses coverage. Coverage varies by state. Read your insurance policy to learn the specifics about what extraordinary medical benefits coverage includes and what it doesn't include.
Face amount flexibility is the policyholder's right to change the amount of coverage in a life insurance policy.
You may transfer an unlimited amount of assets to a spouse who is an American citizen without incurring any estate taxes. This tax break is called the marital deduction. You may have to pay estate taxes on assets you leave to anyone else, depending on the total value of the assets you leave.
Final expenses are incurred at the time of a person's death. These include funeral costs, court expenses associated with probating his or her will, any current bills and debts, income taxes, and - - depending on the size of the deceased's estate and who is inheriting it - - federal estate taxes and state inheritance taxes.
Any property inherited by a spouse who is an American citizen may not be subject to estate or inheritance taxes if the surviving spouse chooses to take the full marital deduction. An estate inherited by a non-spouse is subject to federal tax to the extent that the total value of the taxable estate exceeds $600,000. State inheritance tax laws vary.Depending on their circumstances, the survivors may also want to pay the outstanding balances of mortgages and loans.
A requirement by each state to show proof of future financial responsibility (known as an SR22). This is required to show you're financially able to pay any judgment against you if you're found to have caused injury to another person.
There are three parties named in an insurance policy. You and your family are the first party; the insurance company is the second party; and anyone whom you may cause injury or damage is the third party. First-party coverage is insurance coverage in which your own insurance company pays for your losses. Collision and comprehensive auto insurance are examples of first-party coverage.
By contrast, liability insurance is third-party coverage; it pays other people for injuries you cause.
A floater is a type of insurance that covers movable property - - like jewelry, for example - - wherever it is, within limits stated in the contract. The coverage "floats" with the property.
This policy will protect your business from financial loss, in the event the loss is directly related to the operations of your garage. This includes both the exposure of customers coming on and off your premises and when you are test driving a customers auto.
This policy provides payment in the event of a "liability" loss that
causes injury or property damage. It protects your business against liabilities
that arise from your daily operations, the products you sell, or the services
you render.
This policy will be written on either a "Claims Made" or an "Occurrence"
form.
-The "Claims made" form provides liability coverage when a claim is
first made during the existing policy period for an injury or damage incurred
within the policy year or prior.
- The "Occurrence" form provides liability coverage for injury or
damage incurred during the policy period only.
A graded premium policy is a type of whole life policy designed for people who want more whole life coverage than they can currently afford. They pay a lower premium rate that increases gradually over the first three to five years, and then remains constant over the life of the policy. (An alternative would be to purchase a convertible term insurance policy. See convertible.)
A hazard is anything that increases the likelihood or severity of a loss. For instance, ice on a bridge is a hazard because it increases the chance your car will skid. A pile of oily rags stored in a basement is a hazard because they increased the chance of a fire.
This is any recreational activity that puts you at greater-than-average risk of injury or death -- like bungee jumping, mountain climbing, scuba diving, hang-gliding, parasailing and skydiving. If you participate in one of these hobbies, there's a good chance you'll pay more for life and disability insurance than someone who doesn't.
These are serious pre-existing health problems, like heart disease, cancer, and cerebral hemorrhages, that are likely to affect your eligibility for health insurance even if they are now in remission. If you've ever had a serious health problem, insurers may offer you a policy that excludes coverage for that pre-existing condition; or you may be offered a policy that imposes an extra waiting period (maybe a year or two) before you're covered for that condition; or you may be able to buy coverage for this condition only if you pay a higher premium.
A homeowner's policy is a package type of policy which means that it includes
protection against several types of losses. It is only available to individuals
that live in a house they own.
Coverage for your house can be "all risk", as opposed to being limited
to certain types of losses. You should be aware of the differences between the
available policy types.
A limited" policy type will specify the types of losses for which you will be covered. An "all risk" policy pays all losses except for those specifically named as excluded.
Losses are caused by perils. Perils may be fire, vandalism, hurricane, theft, explosions, aircraft crash, breakage of glass, ice, auto, ect.
The coverages, definitions and verbiage explained hereafter is a simplified outline of the insurance policy(s) we recommend. It may contain inaccuracies pertaining to your specific policy.
The policy itself should be used and read for exact coverages, definitions and exclusions pertaining to your specific insurance program.
A homeowner's policy bundles different insurance coverages, providing a broad range of personal property, dwelling and liability protection for homeowners and renters. It's called a package policy because it covers both losses to your own property and damage done to others.
A household goods policy covers personal property only. It excludes liability coverage - - insurance that pays for damages you cause to another person. Liability insurance is included in the standard homeowner's policy.
This is everything in your house or apartment -- furniture, rugs, appliances, clothing, etc. -- that is owned by you. If you have a homeowners policy, your belongings are covered for a specific percentage of the policy limit -- typically 70 percent. A $200,000 homeowners policy would cover your house for $200,000 and your household property for up to $140,000, for example. If you own a renters or condo owners policy, your household property is covered for the policy limit -- i.e., a $100,000 renters policy covers your belongings for $100,000.
An Individual Retirement Account is designed to encourage people to save for retirement. IRA accounts earn tax-deferred investment income. You can contribute up to $2,000 a year. Some or all of the contributions may be tax-deductible, depending on your income and whether or not you participate in a pension plan at work.
Coverage that pays a monthly benefit intended to replace a percentage of the earnings lost by a person who is unable to work because of illness or injury resulting from a covered auto accident. Coverage varies by state. Read your insurance policy to learn the specifics about what income disability benefits coverage includes and what it doesn't include.
An inflation guard endorsement is a clause in your policy that automatically increases the policy limits for dwelling coverage by a specific percentage on a regular basis. An example of this may be your limits increasing by 1% every four months. An inflation guard endorsement is one way to avoid becoming underinsured as a result of inflation, which over time can increase what it would cost to replace your home.
If you select this option, your premium will increase to pay for the automatic increases in coverage - - but you'll probably feel additional insurance is inexpensive for the peace of mind. Bear in mind, however, that an inflation guard doesn't guarantee that you will be appropriately covered. You may still be underinsured or overinsured if the actual costs of construction in your area increase more rapidly or more slowly than the policy's coverage. The only way to be sure you're adequately covered is to review your policy every year.
You should also be aware that an inflation guard endorsement does not increase the limits of your coverage to reflect the value of any additions or renovations you make to the house.
Inforce coverage is any life insurance under which you are currently covered. If the policy that you are interested in from Lincoln Benefit Life will replace any of your existing coverage please provide all of the information indicated including insurance company, policy number, amount of coverage, kind of insurance and issue year.
This policy covers exposures that involve property and merchandise while in transit or "floating". Valuable papers and documents, as well as mobile equipment and other supplies are covered by this policy.
Insurance is a way to make an individual's financial losses more affordable by transferring them to a large group of people through an intermediary called an insurance company and a legal contract called a policy.
The insurance company pools the risks of hundreds of thousands of people. The premium each policyholder pays is small compared to the potential loss he or she is insuring. The cost of a homeowner's policy, for example, is a fraction of what it would cost to replace your house if it burns down.
The insurance company can afford to pay for all the losses that occur in the covered pool - - and still make enough to stay in business and keep its shareholders happy - - assuming 1) that it charges appropriate premiums and 2) that every policyholder doesn't have a loss at the same time. The larger and more diverse the pool, the less likely that is to happen.
Insurance works because it's much easier to predict frequency of loss accurately in a large pool of risks, and therefore to charge appropriate premiums to cover the losses. Statistically, it's easier to predict the frequency of fires among 300,000 houses in a 12 month period, for example, than to predict whether or not a single, specific house on Maple Drive in Palookaville will burn down this year.
Insurance in-force is the total dollar amount of paid-up and current policies that a life or health insurer company carries on its books. The aggregate of all policy coverage values of an insurance company.
An insured is a person (or an institution) covered by an insurance policy. If you are filling out these forms for yourself, you would be the named insured on the policy. In an auto policy, other insureds would be family members who live with you. "Additional named insureds" on the policy might include institutions from which you've borrowed money to buy the car or the house that you are insuring. (Your house is collateral for your mortgage. Your banker would be very upset if it burned down. That's why you can't get a mortgage on a house that isn't insured against fire.)
Insurer is another term for an insurance company. Insurance companies are also know as carriers.
Joint tenancy is property owned by two or more parties in such a way that at the death of one, the survivors retain complete ownership of the property.
Keogh is a self employed or partners retirement plan also called the H.R.-10 Plan. It allows self-employed people to take a deduction from their adjusted gross income for money contributed to a retirement fund.
Liability is any legally enforceable obligation. Liability insurance covers you for money you're legally obliged to pay because a court has found that you were responsible for injuries to another person's property.
In an accident where you are charged with injuring another person or damaging his or her property, liability insurance pays the cost of your legal defense, as well as the cost of any damages for which you are found legally responsible. Because coverage varies, review your policy for coverage specifics.
Liability insurance pays claims against you and your legal defense costs, when you are legally responsible for an accident in which you have injured another person or damaged his or her property.
These are the three main types of coverage available in an auto insurance policy. Liability pays other people if you've injured them or damaged their property. Collision pays to repair damage to your car caused by (what else?) collisions. Comprehensive pays you for your losses due to theft and other calamities that are unrelated to collisions -- like damage from hail, fire, vandalism, floods, etc. For full protection, you need all three types of coverage. But if your car is so old that its book value is less than the cost of repairing it, you should consider dropping collision and comprehensive coverage, because no policy pays you more than the car's book value for repairs or replacement.
Anyone who has the legal right to take and hold or sell your vehicle to satisfy and obligation or debt. In other words, the organization that holds the loan on your vehicle.
The maximum amount a policy will pay for a covered loss. For example, if you have a $5,000 loss and the limit on your policy is $3,000, then the insurance company will only pay $3,000. If you have a $3,000 loss and the policy limit is $5,000, the company pays the entire $3,000.
A limited pay policy is a type of whole life insurance designed to let the policyholder pay higher premiums over a specific period, such as 10 or 20 years, and then not pay any premiums for the rest of his or her life.
This is a legal document that specifies what medical treatment you want - - and what medical treatment you don't want - - if you can't speak for yourself. It's often used in conjunction with a health care power of attorney. (see Powers of Attorney for Healthcare.) This is an important document because your family doesn't have the legal right to make these decisions for you if you're unable to make them yourself. In the absence of a document clearly stating your wishes, all decisions about your medical treatment will be made by the hospital and doctors.
This policy pays you a fixed, daily benefit (typically amounts ranging from $50 to $150 a day) to cover the cost of extended medical, custodial, and social services either in your own home or in a nursing home. This type of care isn't covered by regular medical insurance policies or by Medicare -- and it can be enormously expensive. The average cost of a year in a nursing home today is $40,000; in some parts of the country, it runs to more than $80,000.
A loss is the basis for an insurance claim. For example, you've had a loss if the value of your car is reduced because another car smashed into it. (Bet you already knew that.)
A loss assessment is an expense you may incur as a member of a condominium or co-op owners association. The association itself typically owns an insurance policy, but can assess its members for damage or liability claims that exceed its own policy's limits. For example, your building's roof needs to be replaced after a violent storm. The new roof costs $500,000. Unfortunately, the association's policy limit for damage to the property is $250,000. The cost difference would be split among the members of the association.
Your own loss assessment coverage will pay for assessments the association makes against you because it is underinsured. The standard limit in the policy is $1,000, but you can purchase amounts up to $50,000.
Loss of income coverage provides a small payment to you, your family, or occupants of your car, if you or they are unable to work due to injuries suffered in an accident.
Different names for coverage that pays benefits to replace income lost because the insured person is unable to work as a result of disability resulting from a covered auto accident. Read your insurance policy to learn the specifics about what loss of income benefits coverage includes and what it doesn't include.
Different names of coverage that pays benefits to replace income lost because the insured person is unable to work as a result of disability resulting from a covered auto accident. Read your insurance policy to learn the specifics about what loss of income benefits coverage includes and what it doesn't include.
This insurance is also called additional living expenses coverage. It's an important, often overlooked feature of homeowner's and renter's policies, that reimburses you for additional living expenses you incur if your house is uninhabitable.
If you were forced to live somewhere else because your house had been damaged by a fire, for example, you would almost certainly have living expenses above and beyond what you normally pay. (A few examples: you'd eat out a lot, pay to park your car at night, and pay to have your laundry done at a laundromat.)
Loss of use coverage provides money for expenses that exceed your normal living expenses. (It even replaces lost income: if you normally rent a room in your house to a tenant, this coverage can pay for the rental income you lost because your tenant had to move out while the house was being repaired.)
The standard limit for loss of use coverage is 20% of dwelling coverage in homeowner's policies, 20% of the personal property limit for renter's policies, and 40% of a condo owner's personal property limit. In other words, if you're a homeowner with a $100,000 dwelling limit, your loss of use limit would be $20,000.
A full marital deduction allows you to transfer unlimited assets to a spouse who is an American citizen, free of estate taxes. But estate taxes may be due on assets owned by you which you leave to others, depending on the total value of those assets. It's important to be aware that the marital deduction merely defers estate taxes on property you leave to your spouse until he or she dies. When that happens, any assets transfered to your children may be subject to estate taxes, depending on their total value.
Insurance that reimburses you for covered medical expenses you incur as the result of an auto accident. Coverage varies by state. Read your insurance policy to learn the specifics about what medical benefits coverage includes and what it doesn't include.
Medical expenses are reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, prosthetic devices, and funeral expenses. (The insurance company defines what's reasonable.)
If you're like most people, you have group medical or health insurance as an employee benefit through your job; but it's also available in individual policies you can buy directly from an insurance company. Medical coverage pays for your doctor and hospital bills, typically above an annual deductible amount that you must pay yourself. Often, you must also pay a portion of each bill yourself; your share (typically 20%) is called coinsurance.
Medical payments insurance is an auto policy that reimburses you and your passengers (whether or not they're members of your family) for medical or funeral expenses stemming from an accident, regardless of who was responsible for the accident.
Medical payments insurance is a homeowner's policy that compensates people who sustain an injury while on your property, or whom you injure accidentally. (Like a delivery boy who slips on a banana peel in your kitchen, or a guest your child accidentally hits with a badly pitched ball.) This coverage excludes the people who live in your house. In other words, it won't pay if you're the one who slips on that banana peel.
Medigap insurance covers those doctor expenses which Medicare deems as "excessive." There are 10 standard Medigap plans available. Medigap insurance is a good idea for anyone over the age of 65 as doctor bills can easily far exceed what Medicare will cover.
The following coverages and/or policies have been added to this proposal as we deemed necessary, due to your unique business operation and exposures requirements.
A modified premium policy (sometimes called graded premium policy) is a type of whole life insurance for people who want to buy more whole life coverage than they can currently afford. It allows you to pay a lower rate for three to five years, after which the rate jumps to a higher level. (An alternative would be to purchase a convertible term insurance policy. Term insurance typically is much less expensive than whole life coverage. See convertible.)
The amount of monthly income lost because you were unable to work due to a disability arising from a covered auto accident. Coverage varies by state. Read your insurance policy to learn the specifics about what monthly work loss coverage includes and what it doesn't include.
Named perils are the specific dangers a policy insures you against - - such as fire, windstorm, and hail in a homeowner's policy, for example. These perils are "named" or listed in the policy.
An insurance company's premium income obtained from policies originated by the carrier or premiums assumed from other companies less payments made for premiums transferred to other companies.
Your net worth is what you'd have left if you paid all your bills and debts. It's the value of everything you own (assets like investments, retirement accounts, houses, cars, furniture, clothing, etc) minus everything you owe (liabilities like your mortgage, home equity loans, credit card debts and taxes.)
No-fault insurance is designed to speed up claims payments to accident victims and to lower the cost of auto insurance by reducing the number of lawsuits for minor claims. Under no-fault insurance, a person's own insurance company pays for financial losses like medical expenses and lost wages due to an accident, regardless of who caused it. (In a fault system, your expenses won't be paid by the other party's insurance company until he or she has been proved negligent.) In exchange, the right to sue may be restricted in some cases.
Insurance that reimburses you for covered non-medical expenses you incurred because of an auto accident (such as loss of income) due to your inability to work because of injuries suffered from a covered auto accident.. Coverage varies by state. Read your insurance policy to learn the specifics about what non-medical benefits coverage includes and what it doesn't include.
Non probate assets are property that is inherited by your heirs without having to go through the legal processing of your will (probate). Non-probate assets include: jointly held property; property owned by a trust; property with a designated beneficiary, such as a savings account or an insurance policy.
A vehicle gauge above the steering wheel that measures the number of miles the car has been driven.
Optional Personal Injury Protection coverage that, if purchased by the insured, you may elect to purchase and is applied after the initial basic economic loss has been exhausted. Coverage varies by state. Read your insurance policy to learn the specifics about what optional basic economic loss benefits coverage includes and what it doesn't include.
Original age is the age you were when you bought the policy. Some convertible term life policies let you exchange the term coverage for a permanent policy during the first few years, for the same premium you would have paid if you had bought the permanent policy in the first place.
Separate structures on your property - - like utility sheds, guest houses, gazebos and pool houses - - are covered under other structures coverage. Dwelling coverage in a homeowner's policy only protects your house and attached structures.
The term 'other vehicles' refers to any other vehicles you by over the next year. (Just make sure you register them with your carrier through InsureMarket within 30 days of purchase.) You don't need to buy a new policy to insure other vehicles you may own; you can add them to your existing policy with a policy endorsement.
An insured is a person (or an institution) covered by an insurance policy. If you are filling out these forms for yourself, you would be the named insured on the policy. An owner other than insured would be someone (either an individual or a company) who is purchasing the policy for you, or you if you are purchasing the policy for someone else.
A paramedical exam is required by the insurance company prior to the issuing of a policy.
A specific risk covered by an insurance policy, such as fire, flood, hail, theft, windstorm, or hail. A homeowner's policy is often called a multi-peril policy because it covers you against many specific risks.
This Personal auto Policy is designed to protect both you and your car in the event of accident, theft, injury and other damages.
This is a special form of insurance that pays for your medical expenses and loss of income because of an automobile accident. PIP pays for expenses you've actually incurred, up to a specific, per-person dollar amount.
PIP is a broader form of medical payments insurance. It's also an integral part of the no-fault insurance concept. In fact, states that have no-fault laws require drivers to buy PIP. It's also offered as an optional coverage in some states without no-fault laws. This coverage varies greatly from state to state.
The amount you must pay out of your own pocket before your Personal Injury Protection coverage kicks in.
Most of the contents of your house are covered by homeowner's insurance, but if you're like most people, you won't be able to remember everything you own after a major loss like a fire - - let alone what you paid for everything! That's the information you should list in a personal inventory.
This part of your homeowner's policy protects your belongings anywhere in the world, but there are a few limitations you should know about: 1) There are restrictions on the amount a standard homeowner's policy will pay on some items - - jewelry or furs, for example (you can buy additional coverage for them separately). 2) The standard reimbursement for items that are damaged, lost, or stolen is their actual cash value - - (original value minus depreciation). If you want to be reimbursed for what it will cost to replace them, select the replacement cost option. 3) Although the policy covers your possessions everywhere, it pays less for losses incurred off your property. For example, a homeowner's policy might pay only 10% of its usual limit for loss on an item that your child took away to college.
There are some important exclusions and limitations on the coverage for personal property. A homeowner's policy does not cover:
Coverage for other personal items is also limited. It is important to read the list of exclusions and limitations on your individual policy. You may want to purchase additional insurance for items you own that have only limited coverage in a homeowner's policy.
Don't assume everything you own is adequately insured by a standard homeowner's policy. The typical homeowner's policy provides only limited coverage for many expensive items - - you'll have to buy it separately. Here's the most you can expect to collect from a standard homeowner's policy for:
| Property Description | Limit in Dollars |
|---|---|
| Money, Bank Notes, Bouillon, Coins, and Metals | $ 200 |
| Securities, Manuscripts, Stamp Collections and Valuable Papers | 1,000 |
| Watercraft Including their Trailers, Equipment and Motors | 1,000 |
| Trailers | 1,000 |
| Grave Markers | 1,000 |
| Loss of Jewelry, Watches, and Furs by Theft | 1,000 |
| Loss of Firearms by Theft | 2,000 |
| Loss of Silverware, Goldware, and Pewter by Theft | 2,500 |
| Property on the Residence Premises Used for Business Purposes | 2,500 |
| Property Away from the Resident Premises Used for Business Purposes | 250 |
Your funeral arrangements should be personally suitable and tasteful. Consider the various costs involved in a funeral. Caskets range in price from $150 to $20,000. Other expenses may include a burial vault or a grave liner, which can range from $575 to $8,700.
Physical damage coverage insures you against damage to your car. The physical damage section of an automobile policy can include both comprehensive coverage - - which protects you against theft and vandalism, among other things - - and collision coverage.
Pledges are formal promises you make to your church, synagogue, school, or other charitable beneficiary.
A policy is a contract that sets forth the rights and obligations of both a policyholder and an insurance company. The policyholder pays a premium and in exchange, the insurance company promises to pay for losses covered in the policy.
Like all contracts, an insurance policy is valid only if both parties are competent to sign it - - you're not legally competent if you're a minor, for example - - and it doesn't cover anything that's illegal; you can't insure a shipment of narcotics.
A policyholder is a person who pays a premium to an insurance company in exchange for the protection detailed in an insurance policy.
The amount by which an insurance company's assets exceed its liabilities, as reported in its annual statement.
A power of attorney for health care document is an important legal document in which you name someone you trust to make your health care decisions for you, should you be unable to make them yourself. Health care powers of attorney, or proxies, are often used in conjunction with living wills. (See living wills.)
If you were terminally ill, would you want extraordinary measures taken to prolong your life on life support systems? If not, you should say so in a living will and/or a health care proxy. These documents can spare your family from having to fight with a hospital staff over what you would have wanted. (Both documents are revocable - - you can change them anytime you want to.)
A premium is the annual amount paid for an insurance policy. Depending on the type of insurance, a premium may consist of just the pure cost of insurance (term) or include a cash value account.
Premium flexibility is the policyholder's right to vary the amount of premium paid each month towards a universal life policy.
A primary policy is the insurance policy that pays first when you have a loss that's covered by more than one policy. Let's say you buy an umbrella policy, in order to get more liability insurance than is provided in your homeowner's policy. Your homeowner's policy is your primary policy. The umbrella policy would start paying for a loss only after your homeowner's policy had paid for that loss up to its limit of coverage.
Principal is a sum of money you invest, on which you earn interest. Or alternatively, it's a sum of money you borrow, on which you'll owe interest.
Probate charges are the legal fees and other costs incurred in the probate process, which is the legal processing of your will. Assets that you leave to other people through your will can't be distributed until the will is probated. Some types of assets don't have to go through probate, because they pass directly to your named beneficiaries without being mentioned in your will. Examples of non-probate assets include: jointly held property, property that's owned by a trust, and property with a designated beneficiary, such as a savings account or an insurance policy. Even if you die without a will, state law provides you with a "No Will" Will.
Probate process is a legal procedure in which a court presides over your assets according to the terms ofyour will. If you die without a will, state law provides you with a "No Will" Will.
Probate property are assets owned in your individual name only, which you transfer to a beneficiary through your will. For example, stock investment you own solely in your name is probate property. A house you own jointly with someone else is not probate property. If you die without a will, state law provides you with a "No Will" Will.
Property damage liability is insurance coverage that pays to repair or replace other people's property that has been damaged by you or someone else who is covered in your policy. Keep in mind, property damage liability coverage does not pay for damage to your vehicles. Liability (BI) and property damage (PD) together are often referred to simply as liability insurance. Most state laws require that all drivers carry liability insurance or offer other proof that they are financially able to pay any damages for which they might be found liable.
Property damage - Liability is insurance coverage that pays for your financial loss if you are found liable for damages to a third party - - i.e., anybody who isn't also covered by your policy. Members of your family who are covered by your insurance policy are not considered third parties.
Property damage uninsured or underinsured coverage protects you in situations where your vehicle has been wrecked by another driver who doesn't have adequate coverage or no insurance at all, and can't pay for your losses. With this coverage, your own insurance company would pay up to the limit of your policy, to have your car fixed or replaced.
This policy is designed to protect your company's building(s) and business personal property.
Unique benefits you receive as a preferred commercial client include our Client Service Plan and Insurance Review. These reports are designed to keep you abreast of your business insurance program throughout the year and will help avoid unnecessary losses.
We would appreciate having the opportunity to serve as your business insurance advisors.
Because you provide a professional service, claims may arise due to your failure to render those services properly, resulting in suit against you or your business. This coverage would provide protection in the event you are held liable for damages due to "malpractice" of those provided services.
Our professional liability policy provides liability coverage for claims arising as a result of alleged negligence, dishonesty, errors or omissions while performing or rendering professional services.
A qualified retirement plan is a retirement plan which has been filed and approved by the IRS, which does not discriminate on employee participation. The contributor (usually the employer) receives a tax deduction for plan contributions, and the investment income is tax deferred until paid out.
Insurance paying benefits to cover a portion of the cost of retraining and rehabilitation for a disabled wage earner (as a result of a covered auto accident) return to work. Coverage varies by state. Read your insurance policy to learn the specifies about what rehabilitation benefits coverage includes and what it doesn't include.
Renewable means that as long as you pay your premiums, the insurance company must renew your term life insurance policy each year. At your option, your life insurance continues regardless of your health and without requiring a physical examination. Your premium will increase with each renewal to reflect your current age and life expectancy.
A renewable option guarantees your life insurance protection even if you become ill, take up bungee jumping, or become a helicopter pilot - - all developments that otherwise could substantially increase the cost of your coverage and might make you uninsurable.
A renewable term policy is renewable only until its expiration date - - typically when you turn 65 or 70. If you still need life insurance before the policy expires, you should consider exercising the term policy's conversion option. The conversion option lets you exchange a term policy for a permanent policy with the same amount of coverage.
A renewal is a new policy or a standard certificate from an insurance company, stating that the conditions of your old policy will stay in effect for a specified period of time.
A renter's policy is a homeowner's policy that's been adapted to the needs of people who rent. It provides coverage for both your personal property and/or personal liability, but excludes damage to the structure itself, since that belongs to the landlord. It's also called a tenant's policy.
Replacement cost is an essential concept to understand. A policy covering your belongings for actual cash value sounds fine - - but it won't pay enough to replace them if they're destroyed or damaged. Why not? Because an item's actual cash value is its value minus depreciation. Let's say you bought a new television 5 years ago for $600. Could you sell it for the same $600 today? Of course not. Considering its age and wear and tear, and all the new features available on TV's now, you'd only get around $150. If your television was stolen or damaged, that $150 is all you would get from the insurance company with an actual cash value policy.
If you want enough money to be able to replace your television with a new set, you need replacement cost coverage.
This is how much it would cost you today to replace an item that was stolen or destroyed. Any item has three basic values: original cost, actual cash value, and replacement value. When you buy a homeowners or renters policy, you want your possessions to be covered for replacement value. Maybe you originally paid $400 for your living room couch, for example; its actual cash value -- what you'd get if you sold it today -- is $175. But if it's destroyed in a fire, replacing it will cost you $800.
The term resident has a special legal connotation. It isn't necessarily limited to the people currently living in your house. A son or daughter away at school or in the military may still be considered a resident of the household, if he or she intends to return and considers it their home.
A retirement plan pay out is a retirement benefit paid by an employer. This could be a fixed monthly check from a traditional pension plan, for example, or a lump-sum payment or installment payment from a 401(k) plan to which you contributed while you were working. Technically, Individual Retirement Accounts are also considered retirement plans, even though they aren't sponsored by employers. Don't forget to include any anticipated IRA income in estimating your total income from retirement plans.
From your point of view, risk is the chance of injury, damage or loss. But insurance companies sometimes refer to their policyholders as risks - - as in, "Because of her good driving record, she's a good risk."
At Mathes Insurance Group, our entire commercial lines staff has been thoroughly trained and educated so that they may provide our clients with the most successful risk management techniques available.
We will:
1) Identify those exposures of your business and measure the potential loss
of property and assets
2) Provide the broadest available coverage wherever possible.
3) Help determine the amount of risk you could assume in the event of financial
loss
4) Discuss ways on how to prevent losses
5) Market your business insurance needs and purchase the necessary coverages
at a reasonable price
These important services can result in fewer losses and claims and therefore reduce the cost of your business insurance program.
Serious diseases, sometimes called 'dread diseases' are those that are likely to result in long hospital stays, and are very often fatal -- illnesses like cancer, heart disease, and Alzheimer's disease. If you have a family history of a serious disease that increases the likelihood you'll need nursing home care in old age, you should consider buying a long term care policy.
Some life insurance polices offer short term guaranteed interest for a specified amount usually for one year, at the beginning of your policy year - - the same way a Certificate of Deposit does.
A policy with a single limit of liability pays up to a single maximum amount for any type of liability loss. By contrast, a policy with split limits pays different maximum amounts for different types of losses.
A single premium policy is a whole life policy designed for people who want to buy a policy for a one-time lump sum, and then be covered for the rest of their lives without paying any additional premiums.
Some of this property is property in which the ownership is pre-determined, either because it has a designated beneficiary (such as a retirement account or savings account, or insurance policy, or property owned by a living trust) or because it is jointly owned.
Split limits restrict the maximum amount that a policy will pay for a specific type of loss, such as property damage and bodily injury. A split limits auto insurance policy, for example, might pay $50,000 per person and $150,000 per accident in bodily injury benefits, and $50,000 in property damage per accident. By contrast, a single limit policy might pay up to $200,000 for all property damage and bodily injury resulting from a single accident. Although the total amount of coverage is the same, the single limit policy is more flexible, because it doesn't cap the amount that can be paid for any type of loss.
An important insurance industry rating service, Standard & Poor's has a service that rates a modest number of companies on their claims paying ability (CPA). Approximately 256 life and health insurance companies have a CPA rating. A rating of "BBB-" or better indicates that an insurance company has secure claims paying ability. The highest rating awarded by Standard & Poor's is "AAA".
The expenses you incurred because you had to hire someone to perform tasks customarily done free of charge by a family member who is unable to perform them because of injury or illness arising from a covered auto accident. Coverage varies by state. Read your insurance policy to learn the specifics about what substitutive services coverage includes and what it doesn't include.
Benefits available to pay surviving family members for a portion of income they would have received from the deceased wage earner. Read your insurance policy to learn the specifics about what survivors benefits coverage includes and what it doesn't include.
In a qualified retirement plan, your contributions are tax-deductible and your money grows on a tax-deferred basis. But there are tax-deferred investments that are not qualified retirement plans. These include non-qualified annuities. Your contribution to a non-qualified annuity isn't tax-deductible; but your money will grow on a tax-deferred basis. When you withdraw it, you owe taxes only on your earnings. Your principal is not taxed when you withdraw it.
Each company or corporation has a Tax ID number. However, if Tax ID is asked of any individual, social security number should be entered in the place of Tax ID.
Delayed payment of taxes. A tax-deferred cash value account has two advantages. First, you can keep money in your account that otherwise would be paid in taxes. Second, the income generated from your cash value account can be recognized when tax conditions are relatively favorable. For example, you might be in a lower tax bracket when you retire allowing you to reduce your overall payments.
Term life is the least expensive and most immediate way to provide a cash pay out to your financial dependents at your death.
What it does:
What it doesn’t do:
Tort is a legal term meaning a wrongful act, resulting in injury or damage, on which a civil action may be based.
Real estate holdings, stocks, bonds and other securities, cash, mortgages, deferred and unpaid premiums of an insurance company that the state insurance department or other regulatory authority includes in determining the insurance company's financial condition. Usually, assets must be convertible into cash and a portion must be quickly convertible.
Total annuity is an investment in which you receive fixed payments for a lifetime or for a specified period of time. At the end of the period, nothing is left because the benefit payments have included both principal and interest.
Assets of an insurance company include real estate holdings, stocks, bonds, and other securities, cash, mortgages, and deferred and upaid premiums.
Total retention is a method of providing life insurance which assumes that your beneficiary will receive only the interest earned on the principal investment. At his or her death, the principal will pass to another beneficiary - - your children, church, synagogue, hospital, community.
A trust is a legal entity that can own, buy and sell assets, just like a person. A living trust, for example, is one to which you transfer ownership of your assets - - money, stocks, land, or other personal property - - during your lifetime. Legally, the trust owns the assets, but you can still control them by naming yourself as trustee. (A living trust is revocable - - as trustee, you can change its terms.)
Why would you want to transfer your assets into a living trust? Basically, for two reasons: 1) a living trust makes it easy for a co-trustee to take over your financial affairs with a minimum of legal fuss if you are disabled, and 2) after your death, assets in the trust pass to the beneficiaries without going through the legal processing of your will (see probate process). Depending on how much you own and where you live, this could save time and money. Many people think a living trust also reduces your estate taxes - - but they are wrong. Everything owned by a living trust is subject to estate tax law when you die, exactly as if you had retained ownership yourself.
This policy will protect your business from potential "catastrophic" losses. The umbrella policy picks up payment when your underlying coverage limits are exhausted. It also provides coverage of most liability exposures, regardless of their exclusions in other policies, unless specifically excluded in the umbrella.
This policy also includes Worldwide Coverage so you are insured regardless of where the claim is originated.
Your home and auto policies both provide liability coverage -- insurance that pays other people if you're responsible for injuring them or damaging their property. Umbrella liability is extra coverage -- a policy that pays for liability losses in excess of those covered in homeowners and auto insurance. A $1 million umbrella policy can increase your total liability protection from say, $300,000, to $1.3 million. It also covers risks not insured in auto and homeowners policies -- like slander, invasion of privacy, and liability for property that you don't own while it's in your care. Umbrella coverage would pay, for example, if you hurt somebody while driving a motor boat that didn't belong to you.
Un-insured motorist coverage pays for injuries sustained by you and passengers in your car that are caused by an uninsured motorist or a hit-and-run driver. Your own under-insured motorist coverage pays for your medical treatment, rehabilitation, losses from pain and suffering and funeral costs when you or your passengers are injured by someone with insufficient liability insurance to cover your losses. The definition of an under-insured motorist varies from state to state.
Uninsured motorist coverage pays for injuries sustained by you and your passengers and damage to your property, that are caused by an uninsured motorist or a hit-and-run driver. Underinsured motorist coverage pays when you or your passengers are injured as a result of negligence by someone with insufficient liability insurance to cover your losses. The definition of an underinsured motorist varies from state to state.
Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.
What it does:
What it doesn’t do:
Universal Variable life is the type of insurance which gives you more control of cash value account policy features than any other insurance type.
What it does:
What it doesn’t do:
Variable life insurance provides permanent protection for you and is the type of life insurance with account flexibility for the more risk-oriented policy holder.
What it does:
What it doesn't do:
This number uniquely identifies your vehicle, the same way your Social Security Number uniquely identifies you. (Note that a structured VIN system was put in place in the early 1980s, so vehicles manufactured before this time may not have been assigned a VIN.)
Insurance companies want to know how you're using your car. They give you fairly straightforward choices:
Waiver of premium is a provision of your Life Insurance policy which continues the coverage without further premium payments if you become totally disabled and are unable to continue making your premium payments.
Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages your policy’s various accounts.
What it does:
What it doesn’t do:
Our personnel are not only licensed and trained in the field of insurance, they are also friendly, courteous and responsible.
After all, servicing our clients is what has made our agency one of the most prestigious agencies in mason City, Iowa.
Because we are substantial in size and strength, the placing of large or difficult policies is handled quickly and Accurately by our commercial staff lines.
This is the legal document in which you state how you want your assets distributed after your death. Your will must prove to be valid, and its terms carried out in a legal process within a probate court. The cost and delay of probate varies widely depending on state law and on the size of your estate.
State law requires every employer to provide Worker's Compensation insurance for its employees. Benefits are paid to employees who suffer work related injury. A percentage of expenses is paid for lost wages, medical expenses and permanent disability or disfigurement.
| Mathes Insurance Group 120 W. State Street Mason City, Iowa 50401 |
Phone: 641-423-4663 Toll Free: 877-421-4663 |
| E-Mail: rickmathes@rickmathes.com | |
