Homeowners may be eligible for a mortgage insurance refund if they meet certain criteria, such as not defaulting on their mortgage, and submit a specific form with supporting documentation. The US Federal Housing Administration and Department of Housing and Urban Development have specific requirements, and similar processes apply in other countries. Online applications can expedite […]
Second death insurance covers two people, usually a married couple, and pays a death benefit only after both have passed away. It is commonly used for estate planning and to pay estate tax, but can also be used to build assets or provide for heirs with special needs. It is available from most life insurance […]
Insurance pooling allows multiple companies to collectively provide high-risk insurance by pooling their assets. Claims are paid from the pool, not individual company coffers. Bundling is used to provide coverage for perils not covered by standard policies, and can be government-mandated or voluntary. Examples include earthquake, hurricane, and environmental liability insurance. An insurance pool is […]
Professional indemnity insurance protects professionals from client claims, covering legal fees and payments. It is required by law for some professions and recommended for others. Different policies cover negligence, breach of duty, civil liability, intellectual property disputes, and loss or damage to data or records. It is beneficial for professionals in all fields, and insurance […]
Trade credit insurance covers business debts, not consumer debts. The withholding amount is the minimum debt that must be defaulted before coverage begins, and the insurance limit covers debts beyond that amount. This insurance can help companies extend more credit and may include collection services. Trade credit insurance covers debts owed to one business by […]
Filing a fire insurance claim involves a lot of paperwork and proper protocol. It’s important to gather all necessary information, consult with a professional, and understand your policy. Your insurance agent can help guide you through the process and keeping copies of everything is crucial. Acting immediately can speed up the process and ensure the […]
Renter’s insurance covers losses for tenants in the event of a disaster, as property insurance purchased by owners does not cover renters. Some leases require renters to obtain insurance, especially in disaster-prone areas. Failure to obtain insurance may result in the loss of the tenant’s rights to the property. Renter’s insurance covers losses inherited by […]
A SWOT analysis for insurance companies involves identifying strengths, weaknesses, opportunities, and threats. Strengths include premium rate increases and a diverse range of products, while weaknesses may include a lack of policy options or slow response to market changes. Opportunities include new markets and favorable policies, while threats may include competition and unfavorable government policies. […]
Credit risk insurance covers extended credit risk, such as trade credit or received credit. Trade credit insurance is the most common type and covers potential loss from non-payment for goods delivered. Consumer credit risk insurance ensures repayment of personal loans. Monthly premiums are charged, and there is a limit on the credit that can be […]
Business life insurance provides coverage for key individuals in a company, helping to manage the difficult situation of their unexpected death. It can be especially important for small businesses, providing financial resources for finding and training new employees. The cost is usually a small fraction of the total death benefit and is excluded from federal […]
Term insurance provides coverage for a set period of time with a fixed face value, and premiums can be guaranteed or subject to increase. Premiums vary based on individual circumstances and coverage needs, and a medical exam is often required. Term insurance is generally less expensive than permanent insurance policies and should cover at least […]
International trade insurance protects importers and exporters from various losses, including damage to goods, non-payment, and product liability. Insurance agencies work with banks and governments to develop products that facilitate international sales, such as export credit, cargo, and product liability insurance. International trade insurance indemnifies importers and exporters for various types of losses, including damage […]
Consumer credit insurance pays a consumer’s debt if they are unable to pay due to job loss, illness, or disability. It benefits the creditor and can help consumers avoid debt collections and bankruptcy. Mortgage insurance can also help borrowers secure a mortgage. Consumer credit insurance is a type of insurance that a consumer can purchase […]
Accident insurance, also known as liability insurance, protects businesses or individuals from damage caused to another party. Malpractice insurance is a type of liability insurance that specifically protects professionals, such as doctors and lawyers, from client claims. Other types of liability insurance include professional liability, directors and officers liability, and errors and omissions insurance. Accident […]
An insurance consultant assesses clients’ insurance needs, suggests policy types and rates, completes paperwork, and reviews policies annually or after major life changes. An insurance consultant works with clients to assess their personal financial needs when it comes to insurance. The consultant may own their own business or work for an insurance agency. Once the […]
The insurance industry is divided into three segments: life insurance, health insurance, and liability insurance. Policyholders pay regular premiums to receive coverage for losses. There are two types of ownership: shareholder ownership and mutual owned insurance companies. The insurance industry refers to a collection of companies that manage risk to individual health and property by […]
Theft insurance, also known as crime insurance, is important for small businesses to offset the costs of damage and loss due to theft. It is often included in travel, home, or personal property insurance and requires evidence of ownership. Rates depend on crime rates and previous thefts, and insurance companies may drop clients who are […]
Kidnap and ransom insurance covers the costs associated with extortion or kidnapping, including ransom, injuries, and death. It is commonly used in high-risk areas and industries where employees are perceived as financially superior. The insured must pay upfront, but the insurance company can claim the money later. Kidnap and ransom insurance is a type of […]
Cash value life insurance is a more expensive type of permanent insurance where some of the premiums paid are invested or saved, and the policyholder can access this value over time. While it offers security, critics argue that it is not a good investment strategy compared to buying term insurance and investing the difference. However, […]
Unemployment insurance in the US includes regular and extended coverage, interstate and Combined Wages Claim (CWC) insurance, Disaster Unemployment Assistance (DUA), and ex-military unemployment insurance. Eligibility and coverage vary depending on the circumstances of unemployment. Unemployment insurance helps people earn income when they no longer have a job, and there are several types of insurance […]
