Your Insurance Policy

Top FAQs for Your Insurance Policy

What is an Insurance Policy | Insuropedia by Lemonade

An insurance policy is a contract between you and your insurance company - it lays out what’s covered, what isn’t, and other details of your agreement.

An insurance policy – also called a contract of adhesion (yeah, like glue) because you agree to stick to the contract terms and conditions – is an agreement between you and your insurer outlining the coverage they’ll provide you, others in the policy, your stuff, and your place.

After you sign up and pay for your policy (yay!), you’ll receive your personalized insurance policy in your mailbox, or, in some cases, your inbox. Open it up, and you’ll see all of the ins and outs of your insurance agreement.

For example: say bad weather causes flooding and you want to file a claim… unfortunately you’ll be out of luck as no policy – homeowners, renters, or condo/coop – covers flooding. Alternatively, say there was a short circuit and your place catches fire destroying your stuff – you can file away as damage due to fire is covered on both policy types.

All coverage deets can be found under the ‘property coverages’ section. And if you’re looking to see the total worth of the stuff you’re covering, you can find that information on your Declarations Page (honest… that’s what it’s called), which is typically found on the first page of your policy. You can also learn more about the breakdown of your premium, as well as your deductible, and the total duration of your coverage.

As with most legal contracts, insurance policies can be a bit difficult to read. If you take a look at your policy, you’ll see that it’s full of confusing exceptions, and Middle English words like ‘pewterware’ and ‘smudging.’ This can make it pretty hard to understand what’s covered under your insurance policy.

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Understanding Your Insurance Policy | Department of Insurance, SC - Official Website

An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs. Many insureds purchase a policy without understanding what is covered, the exclusions that take away coverage, and the conditions that must be met in order for coverage to apply when a loss occurs. The SCDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss.

It is important to understand that multi-peril policies may have specific exclusions and conditions for each type of coverage, such as collision coverage, medical payment coverage, liability coverage, and so on. You will need to make sure that you read the language for the specific coverage that applies to your loss.

This page is usually the first part of an insurance policy. It identifies who is the insured, what risks or property are covered, the policy limits, and the policy period (i.e. time the policy is in force).

For example, the Declarations Page of an automobile policy will include the description of the vehicle covered (e.g. make/model, VIN number), the name of the person covered, the premium amount, and the deductible (the amount you will have to pay for a claim before an insurer pays its portion of a covered claim).

This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit. There are two basic forms of an insuring agreement:

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YourPolicy | Home, Auto and Life Insurance Quotes

Your life is unique. Why should your insurance be ordinary? Find the best insurance coverage that adapts to all parts of life.

Choosing your auto insurance is one of the most important decisions you’ll make when purchasing a car because every state requires some level of auto insurance to protect you and other motorists. Our reliable carriers can help you understand the coverages you need in your state, as well as available discounts and safe-drive programs to help you save money. Get an online quote so that you can start saving now.

Protecting your home is protecting your way of life – the life that you and your family have created, the memories you’ve made, and the milestones you’ve achieved. Homeowners insurance is the best way to protect one of your most expensive personal a-sets. We all know that life is not free of trouble. Having homeowners insurance will lessen your financial impact, get you through the tough times, and help you and your family return to normal. Your peace of mind is worth it.

Life insurance can be complicated, but Your Policy is here to make it simple. You put life insurance in place to protect your family financially when you no longer can. It pays the mortgage, college tuition, and final expenses. Most importantly it provides you with peace of mind knowing that your family can move on without financial hardship. Let us customize a life insurance plan that gives you and your family the comfort of knowing you made the right decision.

Commercial Insurance is designed to provide business owners with protection from risks that are common to almost every business. This type of insurance can be tailored to your specific industry and everyday activities. Our reliable commercial agents understand the risks a-sociated with your specific industry. Your company will be protected from legal fees and financial loss, and you’ll have the peace of mind that your company and your employees will be guarded against unexpected loss.

Insurance has always been an intimidating. It’s like you have to pass an endurance test to protect yourself, your family, and your a-sets. With Your Policy you get ease, simplicity, and convenience. We help you find the right insurance with less hassle and more happiness.

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5 ways an insurance company can legally cancel your policy

9:49 - 2 years ago

In this video, I go over the different way an insurance company has the right to cancel your insurance policy. Through the "grey" ...

What's in Your Insurance Policy? 3 Insurance Policy Pitfalls to Look For

Did you know that not all home inspector insurance policies are created equal? Or that policies can exclude some business practices? If you don't know the ins and outs of your policy, you could end up buying less coverage than you need. In this article, we go over three of the most common insurance policy pitfalls plaguing the home inspection insurance industry. Look for these pitfalls when shopping or renewing insurance to ensure you're getting the coverage your business really needs. Your insurance carrier doesn't cover it. Exclusions are the portions of your policy that define what you are not

Did you know that not all home inspector insurance policies are created equal? Or that policies can exclude some business practices? If you don’t know the ins and outs of your policy, you could end up buying less coverage than you need. In this article, we go over three of the most common insurance policy pitfalls plaguing the home inspection insurance industry. Look for these pitfalls when shopping or renewing insurance to ensure you’re getting the coverage your business really needs.

Exclusions are the portions of your policy that define what you are not covered to inspect. Some exclusions are permanent while others can be modified with an endorsement. (More on endorsements in the next section.) Exclusions allow the insurance company to offer more competitive rates by eliminating business practices that go beyond the policy’s intent. Common non-endorseable exclusions in home inspection errors and omissions (E&O) and general liability (GL) policies include:

Basic policies state what’s covered, and anything that isn’t listed is an uncovered inspection. These policies tend to be easier to read because they’re shorter, but they often offer less coverage.

On the other hand, broad policies offer more open-ended coverage than basic policies. If an exclusion isn’t on the list, then it’s automatically covered. These policies are a tough read but much more comprehensive. (In case you’re wondering, InspectorPro offers broad policies.)

Keep in mind that there are insurance carriers that advertise to property inspectors but explicitly exclude home inspection services in their policies. If you receive a quote for hundreds or thousands of dollars less than that of a specialized home inspection insurance provider, be sure to study the policy to make sure home inspections aren’t excluded.

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Understanding Your Insurance Policy

Category: Your Insurance Policy Your Insurance

An insurance policy is a legal contract between the insurance company and the person, business or entity. Understanding your insurance policy is key to ensuring that you have the correct protection in the event of a loss. These legal contracts are understandably difficult to read, because they are developed by lawyers and meant to be legally binding. They are very specific in verbiage pertaining to coverage and limits.

When you choose to work with Bancorp Insurance, your dedicated agent team will ask you a series of questions based on your unique business or personal situation and help to find a policy to fit your budget and needs. They can also help explain the policy and why you need the coverage that is being recommended.

The agreement is the best place to start with understanding your insurance policy. It is going to contain a high-level overview of what is covered by the insurance agreement, including who qualifies as an insured, the basic coverage areas and limits of the policy, and the term.

The insured is the business or person(s) covered under the insurance policy. A commercial policy can contain multiple levels of insureds including the named insured, the extended insureds, automatic insureds and additional – by endorsement – insureds. Be sure to verify for your specific type of insurance that your policy notes all of the applicable insureds that could be involved in an accident or event. Understanding your insurance policy coverage listing the proper amount of insureds can save you from a claim not being covered in the event of a loss.

The basic coverages and limits listed in the agreement will vary slightly from a personal or business policy. For example, a personal home or auto policy would note the liability and comprehensive coverage limits along with any additional dwelling or personal effects coverage. The limits would also include the coverage area and term of coverage.

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YourPolicy Insurance Agency | YourPolicy

We want to make insurance simple, transparent, and convenient by challenging the traditional methods of shopping for auto, home, life, and commercial insurance.

YourPolicy is not an ordinary company. We want to make insurance simple, transparent, and convenient by challenging the traditional methods of shopping for auto, home, life, and commercial insurance. As a technology-enabled, direct-to-consumer distribution platform, we make it easy for our customers to shop the nation’s leading insurance carriers. We remove the friction and give you a smooth process from beginning to end.

If you want to take the uncertainty and frustration out of searching for insurance, you’ve come to the right place. YourPolicy wants to help you find the right insurance for the right price with less hassle and more happiness.

As an insurtech company, we solve the complex problem of shopping for insurance by connecting technology and live agents. By offering a direct-to-consumer distribution platform, we give you easy access to over 100 trusted carriers who understand your insurance needs. When you shop for insurance with YourPolicy, we eliminate the friction and frustration by giving you a problem-free experience.

The agents at YourPolicy will clearly explain the different types of insurance and find the best fit for your lifestyle. They can answer your questions, and they know how to save you money. Whether you’re settling into your first home, looking for that spectacular new car, or protecting your family and your lifestyle, we’re here for you.

When you purchase a car, auto insurance is not an option - it’s a must. Accidents happen, and you want to be protected. At YourPolicy, our team of expert agents will find the right policy to fit your needs and your budget. Don’t compromise on quality and risk financial run with inadequate coverage. Trust us to make sure the medical bills, lost wages, and legal fees are covered.

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Your insurance policy

Category: The Insurance Coverage Insurance Coverage

Policy means the written contract between you and us that describes the insurance coverage on a Life Insured. Unless otherwise stated in writing, this Policy includes insurance coverage …

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Your Insurance Ease

At Your Top Insurance (hereinafter "Company"), we take our ethical responsibilities and your privacy seriously by recognizing that your privacy is important. We have a strong commitment to providing excellent service to all our customers and visitors of this Website, including respecting your concerns about privacy. This Privacy Policy discloses how we collect personal information, the types of personal information we receive and collect, our use of current and former consumer information about, as well as the steps that we take to safeguard your information. If you use this site you explicitly agree to the terms and conditions of the Privacy Policy in effect at the time of your use. We hope that this disclosure will help increase your confidence in our website and enhance your experience on the Internet. Therefore, in compliance with industry standards and regulations enforced typically by the Federal and State Governments, we abide the following privacy policy.

Welcome to yourinsuranceease.com (referred to as "Company", "we," "us," or "our"). yourtopinsurance.com is part of YourTopInsurance. Before you begin to use the best cheapins.com website ("Company Website"), please take a moment to review this Terms & Conditions Agreement ("Agreement"). The Agreement describes the terms and conditions applicable to your use of the Company Website and the products and services provided through or in connection with the Company Website (collectively, "Service"), which may be updated by Company from time to time without notice to you. Company may also offer other services that are governed by a different Terms of Service. You must read and agree with all of the terms and conditions contained in this Agreement and the Company Website Privacy Policy then in effect ("Privacy Policy"), which is incorporated by reference, before you use the Service. By accessing the Company Website, you agree to abide by the Terms & Conditions and Privacy Policy. If you do not agree to be bound by the terms and conditions of this Agreement, you may not use or access the Service.

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The latest statistics from the National Funeral Directors A-sociation show that an average US funeral or burial costsover $7640. This figure symbolizes an increase of about 30 percent from the past decade, and will almost certainly go higher after the pandemic. Also, your price may change for yourself because of preferences you select or your location in the country. The sole purpose of your final expense insurance is to send off a loved one with dignity and upon their wishes. When a loved one dies, families usually have to take care of many final expenses besides a memorial. Fromserving guests to paying off bills, transferring the body, taking time away from work, clearing the home, all require finances. It’s harsh to burden your remaining family about money during their period of mourning. Hence, final expense insurance is a necessity.

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An Insurance Company For Your Car And More | GEICO

Get insurance from a company that's been trusted since 1936. See how much you can save with GEICO on insurance for your car, motorcycle, and more.

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GEICO Insurance Agency, Inc. has partnered with to provide insurance products. When you click "Continue" you will be taken to their website, which is not owned or operated by GEICO. GEICO has no control over their privacy practices and a-sumes no responsibility in connection with your use of their website. Any information that you directly provide is subject to the privacy posted on their website.

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5 Insurance Policies Everyone Should Have

Category: Insurance Policy

The right insurance policy helps protect your a-sets and saves you money. Read our tips for buying health, life, car, home, and disability insurance.

Eric is a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance. He has worked more than 13 years in both public and private accounting jobs and more than four years licensed as an insurance producer. His background in tax accounting has served as a solid base supporting his current book of business.

Protecting your most important a-sets is an important step in creating a solid personal financial plan, and the right insurance policies will go a long way toward helping you safeguard your earning power and your possessions. In this article, we discuss five policies you shouldn't do without.

The prospect of long-term disability (LTD) is so frightening that some people choose to ignore it. While we all hope that "nothing will happen to me," relying on hope to protect your future earning power is not a good idea. Instead, choose a disability policy that provides enough coverage to enable you to enjoy your current lifestyle even if you can no longer continue working.

Long-term disability provides a monetary benefit equal to a portion (e.g., 50% or 60%) of the insured's salary for covered disabilities. Long-term disability typically begins when short-term disability ends. To receive benefits, the disability must have occurred after the policy's issuance and then, typically after a waiting period. Medical information, often confirmed by a physician, must be provided to the insurer for consideration.

Most long-term disability insurance policies categorize disabilities as own occupation or any occupation. Own occupation means the insured, due to disability, is unable to perform their regular job or a similar job. Any occupation means the insured, due to disability, is unable to perform any job for which they are qualified.

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Understanding Your Life Insurance Policy - Policygenius

Once you officially have life insurance, you’ll get a policy that goes into the nitty-gritty of your coverage. We’ve broken down what it all means.

Nupur Gambhir is a licensed life, health, and disability insurance expert and a former senior editor at Policygenius. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service Cake.

Getting life insurance coverage is an important step in securing the financial health of your family if you die and can no longer provide for them. Once you sign your policy papers and pay your first premium, you’ll get either get a physical or electronic copy of your policy which lays out the fine details of your coverage.

Your life insurance policy is a binding document, and as such it has a lot of legalese, but it’s nothing you can’t handle — still, we’re here to break down some of the nitty-gritty for you. Each insurer's policy will look a little different, but this article lays down what you should expect.

This section goes by a few different names — it’s often also called either policy specifications or schedule of benefits —but the content is the same: you’ll see the executive summary of your policy and all the important details.

This is usually the same person — you — but you could be buying a policy for someone else, in which case you’re the policy owner and they are the insured. Essentially, the policyholder is defined as the person who owns the policy and pays the policy premiums, while the insured is the person whose death would prompt the death benefit payout.

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How to Review an Insurance Policy

Category: Your Insurance Policies Insurance Policies

It is important to conduct an insurance policy review on policies that you may not have looked at for years. Here's what to look for.

Dana Anspach is a Certified Financial Planner and an expert on investing and retirement planning. She is the founder and CEO of Sensible Money, a fee-only financial planning and investment firm.

Hans Jasperson has over a decade of experience in public policy research, with an emphasis on workforce development, education, and economic justice. His research has been shared with members of the U.S. Congress, federal agencies, and policymakers in several states.

It is important to review your insurance policy on a regular basis. All too often we set insurance policies aside in a file drawer and forget that some items in them need to be updated from time to time. Then when the time comes to make a claim, pay a bill, or renew, we're left scrambling or hunting through files for policy details.

The easiest way to organize and review your insurance policies is to create a one-page summary for each policy. Most insurance policies contain a page in front of the contract that is called a "declarations page" or "policy summary." It will contain most of the information you want to review.

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How to Sell a Life Insurance Policy | The Motley Fool

Category: Insurance Policy

Selling your life insurance policy, called a life settlement, is possible but not always easy. We explain how it works, pros & cons, and options to consider.

Editorial Disclosure We have not reviewed all available products or offers. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Life insurance can help protect the policyholder's family members after they pass and sometimes it even offers benefits to the living. But if the policyholder no longer wants or needs the coverage, they may wonder whether they should sell the life insurance policy. In this article, we'll look at how these life settlements work and who they make sense for.

Selling a life insurance policy to a third party is known as a life settlement. The amount the policyholder receives can sometimes be more than the cash surrender value of insurance, but it's usually much smaller than the policy's death benefit.

The policyholder enlists a broker who helps them find a buyer. That buyer pays the policyholder a lump sum, and the broker takes a cut of that as their payment. Then, the buyer continues to pay the policy's premiums and receives the death benefit when the original policyholder dies.

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How to Read Your Insurance Policy - Cornerstone Insurance Brokers Edmonton

Did you know you have responsibilities when it comes to keeping your coverage. It's important to know what's included, what's excluded, and what you need to do to stay covered when it comes to insurance, or you risk losing a claim.

What goes into an insurance policy? Unless you’re in the insurance industry, you’ve probably never read through an entire policy. In fact, most people don’t know more than their basic coverage levels.

It’s not essential to understand every line of your policy. In most cases, your trusted broker will be able to handle questions or claims as they come up. However, it can benefit you to know a few basics beyond how much you’re covered for; in particular, it helps you make sure you aren’t doing anything that unknowingly impacts your coverage.

An insurance policy is essentially a contract between two parties: you (the insured) and your insurance company (the insurer). The contract explains what your insurance covers, what the insurer pays in case of an accident, and what your obligations are. This last part is important; most people don’t realize they have responsibilities when it comes to maintaining their policy and coverage.

Some policies have very specific coverage. For example, a medical insurance policy may provide coverage for specific types of medical conditions, but not others. Remember, for your insurance claim to be valid, your condition or situation needs to be included in the insuring agreement and not listed in the exclusions (see below).

You might be familiar with a word and its meaning, but that doesn’t mean you should skip over the definitions page! When it comes to insurance details, the interpretation of specific words can greatly impact your coverage.

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Homeowners Insurance When Selling a House | Progressive

Category: Your Insurance

Learn more about the importance of maintaining homeowners insurance when selling your house.

The process of selling a home may be complicated and time-consuming, which leaves many sellers wondering when they can cancel their homeowners insurance. You should wait until the closing has officially finalized before canceling your homeowners insurance policy.

The home you sell is considered yours until the closing process is finalized. At closing, once the buyer officially owns the home, you can cancel your coverage. Until that time, your homeowners insurance policy should remain in place to provide protection should anything happen to the home.

If you cancel homeowners insurance too early, any damages incurred will not be covered, and you will need to pay the repairs out of pocket. Moreover, a buyer could back out of the purchase at any time. Learn more about how homeowners insurance is paid.

Homeowners insurance can't be transferred from one property to another. You’ll need to start a new policy with your insurance provider before you close on a property, especially because you want it to take effect immediately upon buying the home.

If you temporarily own two homes (e.g., you buy a new home before you finalize the closing on your old home), you’ll maintain two insurance policies until the old home has been sold. Though the policies may overlap, the important thing is to have both homes properly insured while you’re the owner of both.

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How to read (and actually understand!) your auto …

Category: The Insurance

Aug 01, 2021 · Your policy is a legal contract binding the insurance company to perform specific actions under certain circumstances for an agreed upon …

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North Carolina Flood Insurance: Compare Costs in 2022

Sep 21, 2022 · Here are the average flood insurance rates in areas with a high risk, moderate to low risk, and undetermined risk, according to an analysis of NFIP premium data. Flood zone. …

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Can you cash out your life insurance policy? - CBS News

Category: Your Insurance Policy

Sep 08, 2022 · Your policy may allow you to take out a loan on the cash value of your insurance policy. Getting a loan from your insurance policy may be easier than through a bank or credit …

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All About Car Insurance Policy Number: Detailed Guide

Sep 23, 2022 · Your insurance policy number is used by insurance companies to find your account, and you will need it if you are in an accident or need to talk to your insurance provider …

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