Miscellaneous Insurance Questions Answered

Everyone has a question regarding insurance at some time during their lives and we don’t always know where to get the answer. We could ask a friend or a co-worker, but would they give us accurate information or just tell us what they thought was the correct answer to appease us. There is always an answer if you use the internet. If you just go on the internet and type in a few key words you will get detailed answers to your questions. Some of the questions and answers received by a well know website follow.

A condo owner could not get a clear answer from their condo association board about what was actually covered by the association’s insurance policy and asked the website where they could find the answer. The website answered: that they believed the condo’s policy should cover the outside of the building and some of the interior including floors, walls, and plumbing; and, it would not usually cover interior items such as carpets, light fixtures, furniture, etc.

The website told the questioner that they should get two things from the insurance agent: 1) a statement in simple language stating exactly what was covered and what was not, a homeowner is entitled to clear advice; 2) a detailed guideline to determine how much individual coverage a homeowner should purchase on their own.

Another question received by the website regarding insurance was regarding car insurance. The question was how does auto insurance work and how much do I need? The website answered: 1) you need to purchase at least the mandatory minimum coverage that your state requires for your own vehicle and probably more if you want to be adequately covered; 2) if you do not have a vehicle of your own but often drive a friend’s car you should discuss with the owner of the vehicle if you are covered to drive their vehicle and what you are covered for, you might need to purchase a separate policy for your own protection; 3) if you ever rent a car you should always purchase the auto rental agencies’ insurance so that you are not held personally responsible for any damage done to the vehicle or any other vehicle if you get into an accident while driving the rental car.

The following is a question regarding life insurance policies. The question to the website was what can be done if a relative has passed away and we can’t find their insurance policy. The answer received was to try and find the deceased relative’s canceled checks or check book regarding payments made to an insurance company; if the relative had a lawyer, talk to them regarding the lost policy; you can always get information from the Medical Information Bureau’s information base to locate anyone who may have requested the deceased relative’s medical records.

The last question was when an accident with an underinsured driver happens, how does the payment work? The answer is that it is quite complicated especially if your health insurance has paid for all of your medical costs because they have to be paid back when all is said and done. So, whatever your total claim is worth, you will only receive the portion due you after your health insurance group has been paid in full.

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