imsumit18/insurance_training_data huggingface dataset:
Yes, a minor can be a beneficiary on life insurance. However, until they reach the age when they are legally considered old enough to manage their own money (which is either age 18 or age 20, depending on the state in which you live), someone else will need to be named to manage their money for them. 1) This can be someone you specify in your will. Some people even name two guardians: one to take care of the money (guardian of the estate) and one to take care of the children (guardian of the person). 2) You can create a trust to be the beneficiary of the policy, with the trust spelling out how you want the money to be used on the minor's behalf. 3) If no guardian is specified or trust created, the court may have to appoint a guardian at the time after death when the policy proceeds are collected. You may want to visit with your lawyer and life insurance agent to be sure that you have your policy set up in the way that you want it to, if a tragedy should happen.
Employee Retirement Income Security Act (ERISA) of 1974 requires employer sponsored plans to accept fiduciary responsibilities for compliance under 404c and the newest regulation for fee disclosure, 408(b)(2). ERISA requires employers to design a written plan, a trust fund to hold the assets, an accounting system for the retirement plan and written notifications and updates to plan participants.
Most homeowners policies provide some form of coverage for the "additional" costs a family incurs should their home be damaged by a covered loss and not fit for occupancy. I wouldn't call it "Loss of Use" but it's fairly close. The coverage limit is usually a separate amount of insurance and is based on a percentage of the amount of insurance you carry on your home, 20% or more is common.
You should first look for a competent agent. Get referrals from reliable friends. Friends who have experienced a loss are frequently the most informed. Setting coverage limits is critical as this will determine how the company protects you in the event of a loss. Make sure that the agent provides accurate information to the company and to you. Make sure that you are comfortable with the agent and his or her office staff.
Death claims are handled quickly. The company needs a death certificate and in some cases a simple form. When the death is under investigation, or the body has not been recovered, the claim can take a long time. Ultimately a court will decide when the insurance company should honor the claim and to whom the proceeds should be paid.
There are two key words, damage and lawsuit. If you suffer damage and it is the result of a specified peril you can claim the loss of personal property up to the limits of the policy. The adjustment will be the cash value of the property lost minus the deductible. When you actually replace the property, there can be a further adjustment if you have replacement coverage If you are sued for property damage or bodily injury the renters policy will defend and pay judgment up to the limit of the policy (that is why it is so important to take the highest limit offered!)
The cost of long-term care insurance is based on many factors including your age,health conditions, average cost of facilities in your area and the type of coverage you want. An experienced broker is ideal to review the best plans with you at the best prices. But don't work with anyone unlicensed or a part-time worker. Any person that spends any significant amount of time in the media side of the business will not be your best resource. Once again, a full-time broker is going to provide the best information.
Yes generally term insurance policies end or expire at a certain age. The exact age depends on the particular policy, but age 85 is common. Term insurance polices are often renewable and convertible. That means that they renew for a higher premium at the end of each term 10,20,or 30 for example. It also means that up tp a specified age you can convert them to a level premium permanent insurance plan that does not expire before you do. An independent life insurance broker representing several companies can help you find the right policy at the right price.
Whetherit be State Farm or another insurance carrier if you purchased property protection with your renters policy you would be covered for theft on or off yourpremisesminus your deductible. Contact your local agent to discuss any potential theft loss. Also this is a good time to review your policy to make sure youcoverage'sare adequate for ever changing needs.
Renters insurance in Iowa is a tremendous value for the coverage you get. While policies from different insurance companies vary slightly, the basic coverages are very similar. The primary coverage pays for damage/loss to your personal property and pays for injury or damage you cause to others or their property. To start, you need to add up the cost to replace all of your personal property (clothes, furniture, wall hangings, books, CDs, personal records, etc.) and that is the amount of insurance you need to purchase. In most cases, the personal property items are covered while inside your rented unit and while with you away, however there may be some limitations to coverage while away from your unit. You'll have to look at specific policies to know that. Liability coverage is very important because it pays if you are found to have injured or damaged other people or property, unless that injury or damage was caused by a motor vehicle, in which case your auto policy handles it. Liability coverage under the Renters policy protects you if someone gets hurt in/on your rented property, but also from damage you cause while out and about. A common example is you hit someone with an errant tee shot while playing golf. One thing to remember is that you want to make sure you get your personal property covered for replacement cost. If you don't you won't get much for property that is over a couple years old.
The cost of a typical long term care insurance policy depends on gender, age and health condition. Sometimes where you live can affect the cost as well. A typical male and female, each age 60 nonsmoker on a joint long term care policy with a good company will pay around $300 a month for long term care coverage.
This is a difficult question to answer because all companies are different in what makes up their ideal market. Some companies specialize in 30+ year olds, others in young drivers. Local has a lot to do with car insurance rates as well. In addition, insurance rates are based off the type of coverage an individual is seeking. So to say one company is the best and cheapest is really impossible to do. I would suggest contacting an agent in your state and provide them information specific to you. They should be able to narrow companies down that will suite your individual needs. Then compare coverage and rates to find the best company for you!
That is more of a question for your accountant actually. Under normal circumstances, no. However, if you own a business and use your car at least in part for that business, then your accountant may tell you that at least a portion of the premiums that you pay may be deductible as a business expense.
No, Medicare is not considered welfare. When most people are talking about welfare, they are talking about food stamps, Medicaid, unemployment benefits, housing assistance, child care assistance, etc. Medicare recipients have paid Social Security taxes for at least 10 years in order to receive health care coverage through Medicare.
Most people go on Medicare at age 65. You cannot get on Medicare at a younger age unless you meet the guidelines for qualification while having Lou Gherig's Disease or End Stage Renal Disease, or if you have been receiving Social Security Disability benefits for at least two years.
A standard renters policy will offer minimal coverage for stolen cash, if any. You may have zero coverage or as much as $200-$300 depending on the insurance company and policy. It would be surprising if you had more coverage than that without specifically requesting a higher limit via an endorsement to your policy. Read your policy coverage forms under the insured property definitions to see what you have specifically.
It may if your roof was damaged by a covered incident less your policy deductible. Many homeowners policies have a different deductilbe for wind, hail, or roof claims. Please remember every policy is different. Read your policy completely to understand the coverage provided and any exclusions that there may be.
There is no objective answer to your question. The term "best" means different things to different people. In general terms states that have more health insurance carriers offering their services will have more competition and more choices for consumers which may translate into lower average costs and more options than a state with more limited competition within its boundaries. But no one can really say, for example, that California has better health insurance than Florida, just that you will have different options and different price points (even from a national health insurance company like AETNA or CIGNA).
Many different Insurance Companies offer Lifetime Annuities. The best thing to do is to use an independent agent to shop the current rates to find the best current rate for you. It is important to use a company with strong financial ratings. For a Lifetime Annuity I recommend at minimum an A rating.
Generally speaking a registered representative is restricted on advertising. Firms that are known to handle securities probably have one or more registered representatives. Some life Insurance agents are also registered representatives. If an organization deals in mutual funds they would have registered representatives as well.
Individuals who qualify for their states Medicaid program, and those who are covered by a family members policy. Medicaid is a federal program that is managed and implemented on the state level, it has been traditionally provided to low-income individuals who fall below the poverty line. However it looks as though it will be expanded by PPACA to include those who fall below 200% of the Federal Poverty Line (however there is quite a bit of time between current guidelines and January 1st. 2015). The only other way that you can be exempt is if you are listed as a dependent on someone elses policy.
In 2013 the contribution limits for qualified plans like 401(k), 403(b), most 457 plans and the federal governments Thrift Savings Plan are $17,500. The catch-up contribution limit for age 50 and older is $5,500 per year. The limit on annual contributions to a traditional Individual Retirement Accounts (IRA) is $5,500.
You can request the maximum coverage which may differ from company to company and sometimes by state because the price for assisted living and nursing home confinement costs differ. In Arizona my long term care insurance policy pays 7,000 a month for a total benefit of $420,000 or 60 months of coverage.
To find the best renters insurance policy for you, I would suggest that you talk with your friends and family about their experiences and knowledge of the carriers in your area that handle renters insurance. Insurance policies are as unique as the people that purchase them. Your best bet is to find yourself a good local agent and they will help provide you with the information that you need to make an informed decision.
You can sign up for Medicare Part A by going to the social security website, ssa.gov, and go to Medicare under the benefits tab. From there, there will be instructions provided to guide you through the sign-up process on the website. You can also go down to your local social security administration office as well.
Another part to this answer is that not all life insurance policies ever pay a death claim. Most life insurance is not designed to be in force when you die unless you die younger than average. Term Life Insurance only pays a death claim if you die while it is in force. That's usually 20-years when you are in your 30's and 40's and often up into your low 60's. But most people don't die that young. Other insurance is tied to your employer and only covers you during your working years. Most people don't die during your working years. So the insurance company gets to keep all those premiums. Whole-life insurance is priced much higher than the others because it will pay a death claim 100% of the time unless you cancel the policy. All insurance is priced based on the likelyhood of it ever paying a death claim. That's why a healthy 35 year old man can buy a million-dollar 20-year term policy cheaper than a 70-year old would pay for a $10,000 whole-life policy. One is very unlikely to ever cost the insurance company anything. The other will certainly be paying a death claim within the next couple decades if not sooner.
Assuming the question is referring to a participating whole life insurance product with a term rider, you need to determine you suitability for such a product and it's design. If you're seeking death benefit coverage, guaranteed universal life may be less in premiums. If your coverage is only temporary, then you should consider term life insurance.
Blue Cross / Blue Shield is the name of the network association for a number of health insurance companies (includes Anthem and CareFirst). Many health insurance companies do also offer life insurance programs, however, it's typically not the type of coverage they specialize in and the products may therefore not be as competitive as insurance companies who feature life insurance programs as the main type of insurance they offer. Insurance companies specializing in life insurance tend to have more aggressive underwriting and can offer lower rates because they want to secure that type of business more than others. Please let me know if I can be of further assistance. Thanks very much.
If your car insurance lapses....pay that bill! Often, you have time where the insurer will accept your premium payment (but possibly with a lapse incoverage). If your policy has lapsed for a longer period of time, obtaining a new policy quickly is important. You should contact an experienced broker or a very reputable website with the idea of getting coverage that day. After reviewing multiple quotes, you can apply and purchase a policy (online, if you wish).
The smallest premium I have seen for single premium life insurance is $1,500. The highest is in the millions. The amount of coverage that you can get for any given single premium depends on your age, health history, tobacco use, gender, height-weight, etc. Your independent agent can give you rates for many companies and help you understand which companies will approve you.
Typically yes you can borrow from a whole life policy if the conditions are right. First locate your policy and find the illustrations page. This is a chart of cash values at different years in the policy. Depending on the time the policy has been in force, this will give you an idea of how much you may borrow and the interest rate you are charged until repayment.
Your homeowners insurance policy covers damages that are caused by specific perils. While it is possible that damage to a swimming pool could be caused by fire or another of the covered perils, I doubt that is the point of this question. Most swimming p0ool difficulties arise from earth movement and that is an excluded peril in most policies.
The are three basic tax deferred annuity crediting methods: interest rate crediting, indice crediting and separate accounts using equity and bond investments: Once you determine your risk tolerance, and time horizon for distributions, you can prepare to purchase one of these types of annuities for income during retirement.
The question is a little vague. If you are asking what do I need to get a price for homeowners insurance, then you will need several pieces of information. You will need to know the year the home was built, the square footage of the home, the physical characteristics of the home and your personal information. If you are asking about coverage, call a local agent and they can help you decide what policy and endorsements are right for you.
Yes, State Farm does offer three types of annuity products at this time (June 27, 2013). The titles and descriptions of these three products are: Future Wealth Builder" (a flexible premium deferred life annuity), "Future Income Plus" (a single premium deferred annuity), and "Guaranteed Income" (a single premium immediate annuity).
This is impossible to answer with the limited information provided here. Rates for renters insurance can vary greatly from area to area and carrier to carrier.Eachcarriersets their own rates for each area that they do business in. Contact local agents in your area to find out about available of coverageand pricing for the carriers in your area.
To cancel Scotia Life Insurance or any other life insurance policy, the best way to cancel it is to call, email, or write the company to inform them that you are cancelling it. Their website lists their life insurance contact number as 800-387-9844. However, if you are unable to reach them, you can simply quit paying your premium and the policy will lapse by itself after one month of unpaid premium.
In most cases, life insurance proceeds, the death benefit, are received income tax free by the beneficiary in most cases. This is a key feature of life insurance. Common exceptions include business-owned life insurance issued, or materially modified, after August 17, 2006 which may be taxable unless specific steps are taken during time of application and annually thereafter to meet conditions which allow the proceeds to be income tax-free. Another exception is a tax trap where life insurance contracts with three parties involved may also have unexpected taxable implications.
Car rental agencies offer insurance coverage for the duration of the rental period. Check with them as to coverages and premiums. If this is a rare occurrence it might actually make good sense. The good thing about insurance through the rental company when if an accident occurs, their insurance relieves you of further responsibility.
Some financial counselors recommend spending a certain percent of your income on life insurance. However, there are so many different uses for life insurance, and the price varies so much based on age and health and the type of policy purchased, that it doesn't always work to use a rule of thumb. If you are a retired person with a high income and net worth, you may want to purchase life insurance to avoid and/or pay estate taxes, and to transfer your wealth to your heirs. The cost of this type of policy could be pricey, but it would save you a lot of money. In contrast, you may be a young newlywed who can only afford to spend only $20 per month on life insurance. This could possibly buy $250,000 of term insurance for you and your spouse. At that time in your life, that expenditure would be appropriate.
is not always the best idea. What you really should do is sit down with your finances (or financial planner if you have one) and figure out how much discretionary income you have each month. The reason you should do this is you have to figure out how much of adeductibleyou are comfortable paying in the even of an accident. Even though it is nice to save
Under the affordable care act, a health insurance company cannot deny you coverage for any pre-existing medical condition or other related illness. Please note, you can only apply for a health insurance plan during the annual enrollment period unless you have a qualifying event (e.g. getting married, having a baby, coming off of group coverage, etc.) for a special enrollment period. I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.
There are situations where Medicare will cover Ptosis. Your eye care provider will measure the amount of droop and advise you if the surgery is a covered expense or not. They can also tell you if there may be any excess charges that are part of your treatment that may not be covered by Medicare.
That is really up to the party that owns the vehicle. If they allow you to drive the vehicle and you do not have insurance and are involved in an accident while driving the vehicle; (they (there insurance carrier)) could be held responsible for any damages during that accident. It would count as a claim on their insurance record and could potential affect there rates in the future.
If youre addressing existing non-qualified annuity and you desire to use in funding an 401(k), the following cautions are advised. Your name may be the same on the annuity as well as the IRA, but it reality, your changing ownership registration. If that happens your annuity, if effect, is being surrendered and that surrender will trigger an ordinary income tax event on the gain in the policy. If youre under age 59 an additional 10% penalty will be assessed as well. And dont forget non-qualified annuity basis is tax free, by inserting it into an IRA; you give up the tax free status of basis because all IRA distributions are an ordinary income tax event. Before moving forward with any changes consult a tax advisor or CPA.
Homeowners Insurance is a contract whereby a homeowner transfers his/her risk to an insurance carrier in return for a contract and a small premium. Homeowners Insurance Premium will usually increase from year to year; however, by chance a decrease may be seen once in a while. Insurance companies increase the Dwelling Coverage each year to keep up with the increasing cost of reconstruction; after all, homeowners insurance's primary purpose is to rebuild a home in the unfortunate event of a total loss. The small increase of dwelling coverage each year is usually the purpose that draws attention when the premium rises; however, this is very insignificant. Insurance companies are audited each year and are obligated to comply with State Department of Insurance regulations in each and every State where they underwrite risk. Each year, insurance carriers calculate the necessary premium to maintain a safe financial condition and offer security to all homes insured; the largest reason for premium increase would be 'loss experience' during the prior year, another reason may be due to increased operational cost including but definitely not limited to reinsurance premium paid. Insurance Companies either have an internal actuarial department or hire an independent actuarial firm who are charged with the responsibility of calculating premium based on underwriting factors and prior loss data. For this reason, carriers only offer annual policies and are unable to predict risk on a longer term basis. Since carriers experience different loss results each and every year, insurance rates and increase percentages are never the same from one year to the next. Since paid losses continue to grow, claim frequency is showing growth and litigation is becoming more commonplace, insurance companies raise premium to keep up with the outflow of payments. It is important to recognize that claims and operational expenses are paid from the pool of collected policy premium. For a more detailed explanation or financial report from your current carrier, contact your carrier representative to receive a report. Also, data is available as published by the Department of Insurance in most States.
This is not legal advice. Anytime you intend to defraud a company or an individual you are subject to being sued. For example if you said you were operating your car when it struck a tree when the truth was your brother was driving the car, his license was suspended and you had signed a form excluding him from coverage, you could be sued, particularly if the company had settled the claim before they discovered your deceit.
In most cases, a life insurance policy will pay out the full death benefit at the insured's death. there could be a few adjustments however. If there is an outstanding loan on the policy, the loan balance will be deducted from the death benefit. This assumes you do not have a "graded benefit" policy, which will pay less than the full benefit if death occurs in the first couple of years.