Thursday, September 30, 2010
Right Auto Insurance Limits
Insurance policies do not supply endless amounts of coverage. In fact, there is a limit to how much all of your insurance policies will pay for an insurable event-including your health insurance, home insurance and auto insurance. These caps are called limits and they protect your insurance company from committing an endless supply of dollars toward the reimbursement of your insurance incidents.
Imagine how difficult it would be to develop auto insurance rates if you had no idea how much you might possibly have to spend on a particular accident. It would be almost impossible. From medical expenses to emotional damages, from property damage to auto damage-there is no end to the amount of money you could be responsible for without limits to your benefit set.
When you get your auto insurance rates and quotes, you are asked to decide what kind of limit you want on your policy. The lower the limit you choose the less the insurance company knows it will have to spend per insurable interest-and that means the lower the rates you are quoted. But if you choose a limit that is too low in your eagerness to get cheap auto insurance rates then you run the risk of hurting yourself. Why? Well what do you think happens if it costs more to fix your car after an accident than the limit in your policy provides? That's right-you have to pay it out of pocket. Any expense that exceeds your limit must be paid by you and if you don't have the funds available then you run the risk of having your car in the shop and unrepaired much longer than you intended.
Tuesday, September 28, 2010
the junk junkies just never learn, do they?
This morning, this article popped up on Inman and I am simply amazed but I guess shouldn't be surprised that folks just don't get what credit underwriting is
the junk junkies just never learn, do they?
This morning, this article popped up on Inman and I am simply amazed but I guess shouldn't be surprised that folks just don't get what credit underwriting is
Wednesday, September 22, 2010
the dangerous dangling lot
A recurring problem surfaces in foreclosure. If a title agent only places a mortgage upon the lot on which the house sits but doesn't consider discussing the adjacent
the dangerous dangling lot
A recurring problem surfaces in foreclosure. If a title agent only places a mortgage upon the lot on which the house sits but doesn't consider discussing the adjacent
Thursday, September 16, 2010
question to settlement agents
Interesting, huh?
question to settlement agents
Interesting, huh?
Tuesday, September 14, 2010
interesting observation on RESPA 2010
interesting observation on RESPA 2010
Monday, September 13, 2010
query via email: Is it legal to have a simultaneous closing?
My question concerns methods of closing. Is it legal to have a simultaneous closing?
In other words on an A to B and B to C purchase where the bank is A, I am B, and an end buyer is C.
At closing is it legal for B and C to sign papers, with the funds from C put into escrow, and then A and B close using funds from escrow on first signing to fund that transaction?
I hear some Title
query via email: Is it legal to have a simultaneous closing?
My question concerns methods of closing. Is it legal to have a simultaneous closing?
In other words on an A to B and B to C purchase where the bank is A, I am B, and an end buyer is C.
At closing is it legal for B and C to sign papers, with the funds from C put into escrow, and then A and B close using funds from escrow on first signing to fund that transaction?
I hear some Title
speaking of escrows
I was thinking about that lately and it makes sense to me.
speaking of escrows
I was thinking about that lately and it makes sense to me.
abandoned escrows
Each year I work with a different person at the Department. Most are just happy to get the
abandoned escrows
Each year I work with a different person at the Department. Most are just happy to get the
Saturday, September 4, 2010
Hello to fast reader in the Netherlands. :) May I help you find something in particular?
Hello to fast reader in the Netherlands. :) May I help you find something in particular?
Friday, September 3, 2010
Universal Life Insurance
Cash values accumulate and earn a fixed rate of return in a universal life insurance policy. They are not subject to the volatility of the stock market and there are no sub accounts for you to choose. While the premiums of a universal life insurance policy may be flexible, there is a maximum that you can pay. If you exceed this maximum then you may accumulate cash values too quickly and a modified endowment contract (MEC) may occur. In a modified endowment contract, the value of your cash values rises too close to the value of your death benefit and the policy cash value becomes taxable. One of the great benefits of a universal life insurance policy is the tax-free accrual of cash values and the ability to take tax-free loans, so this is definitely something to avoid.
Unlike a term life insurance policy, universal life insurance policies offer a death benefit that is valid over the entire course of your life as long as you pay your premiums on time and keep the policy in force. There is no need for further underwriting as the years go by and no reason to find additional insurance. In a term policy, since the death benefit only covers you for a pre-determined term (or period of time) you might need further underwriting and could be at risk for a higher premium as your health deteriorates. Like all life insurance policies, riders can be added to the universal life insurance policy in order to increase its value. Souse riders, accidental death riders, child riders and accelerated benefit riders are just some of the choices you have.
Thursday, September 2, 2010
Benefits of Buying Auto Insurance Online
The worldwide web has made our lives much easier and with just a simple click, we can have all the information we want. If you like to have many quotes for comparison purposes, just go to the different websites of car insurance companies and accomplish a data form. After which, the quotes you have requested will be delivered within a few seconds.
The biggest advantage of obtaining quotes online is that you will be able to compare the policies and coverage that the insurance companies have in store for you. In this kind of process, you will not be pressured by insurance agents. After you have chosen an insurance provider, just call or email them.
When you prefer gathering quotes online, you have to bear in mind one important thing. Be honest! You have to tell only the truth when you're filling up auto insurance application form online. If, from the start, you gave wrong information, you will, in return, get a wrong quotation. If in case, you'll meet a car accident in the future, your claim will not be granted.
Online application forms of car insurance companies have a space intended for additional information that you want them to know, which might help you get a better deal. Let's say, you were never involved in a car accident for the past 20 years, it would be a nice idea to mention that.
The rates that appear on the auto insurance quotes are dependent on a lot of factors. There's no such thing as standard insurance quotes. There are some car insurance companies that offer a better deal to women because it is assumed that women are more responsible drivers. Higher insurance rates are, however, given to young drivers and to those who have old cars.
Wednesday, September 1, 2010
Steps to Filing Your Auto Insurance Claim
Evaluate whether or not you should file a claim
Did you know that just when you call your insurance company with a question about possibly filing a claim it is often recorded on your insurance record? It is important to keep your insurance record clean and one way is deciding whether or not you should file a claim. It doesn’t matter if the accident is your fault or not, you should ask yourself first if you can pay for the damage. Simply put, if you can pay for it yourself without financial hardship, don’t file the claim.
Fill out your What to do After an Auto Accident Worksheet
This worksheet, which when you click on the title is provided for print-out, will help you keep track of the information you will need to file your auto insurance claim. It is important to get every detail of the accident documented and to try to find witnesses that would be willing to talk to your insurance company to back-up your story.
File the claim ASAP
You will want to file the claim as soon as possible with your insurance company. Even if it is not your fault, your insurance company will handle the claim process as your advocate.
Prepare for a possible call from the other insurance company
If there is a dispute between the two parties in the accident, you may get a call from the other driver’s insurance company asking for your version of what happened at the accident scene. If this happens make sure you document everything you say and the name of the customer service agent you talked too.
Finally, getting your car fixed
If you had body damage to your vehicle this is when you will finally get it fixed. After your claim is approved, you will likely get a call from your insurance company about sending an insurance adjuster out to assess the damage or asking you to send your car to a pre-approved shop to get it fixed.
Understanding Health Insurance Terms
Help is here! Below is a list of common health insurance coverage terms to help everyone understand more about what their health insurance plan has to offer.
You may also be interested in the Health Insurance Reform Definitions
Deductible
The deductible refers to the amount of money that the insured would need to pay before any benefits from the health insurance policy can be used. This is usually a yearly amount so when the policy starts again, usually after a year, the deductible would be in effect again. Some services, like doctor visits, may be available without meeting the deductible first. Usually there are separate individual deductible amounts and total family deductible amounts.
Co-insurance
This is usually a percentage amount that is the insured's responsibility. A common co-insurance split is 80/20. This means that the insurance company will pay 80% of the procedure and the insured is required to pay the other 20%.
Co-payments
The co-payment is a fixed amount that the insured is required to pay at the time of service. It is usually required for basic doctor visits and when purchasing prescription medications.
Out-of-Pocket
This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is. Also, when the term annual out-of-pocket maximum is used, that is referring to how much the insured would have to pay for the whole year out of their pocket, excluding premiums.
Lifetime Maximum
This is the most amount of money the health insurance policy will pay for the entire life. Pay attention to individual lifetime maximums and family lifetime maximums as they can be different.
Exclusions
The exclusions are the things that the insurance policy will not cover.
Pre-existing Conditions
This is something someone had before obtaining the insurance policy. Some plans will cover pre-existing conditions while others may completely exclude them and, in addition, some health insurance plans will cover pre-existing conditions after a certain time period.
Waiting Period
This is the time one would have to wait until certain health insurance coverages are available.
Coordination of Benefits
If the insured has available two or more sources that would cover payment for certain conditions, such being under a spouse's insurance plan along with their own, the insurance company would not pay double benefits. In this case the health insurance company would coordinate benefits to make sure each plan pays a portion of the service.
Grace Period
This is the amount of time one has to pay their health insurance premium after the original due date and before insurance coverage would be canceled.