Also, decide if the personal property and personal liability limits are adequate for your needs. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death. Answer: This is a difficult question — one whose answer will vary depending on your personal circumstances. Answer: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. Answer: The personal umbrella liability policy is designed to increase your liability protection. How can the ISO rating on my building affect the insurance premiums? What insurance covers my jewelry for theft? Does my business need employment practices liability? Be sure to ask us about any discounts for which you may qualify. * Weight of ice, snow, or sleet Answer: [Note: this answer is based on the Insurance Services Office’s HO-3 policy.]. However, once the lease has terms to compensate for upkeep of the property that normally would be done by the owner, a policy is required, whether the tenant is compensated separately or by reduced rent. When an insurance company is deciding whether or not to offer automobile insurance to a potential customer, it will want to know about the person’s previous driving record, whether they have any recent accidents or tickets, and what type of car is to be insured. An independent insurance agency like Warwick Agency has access to all of the best carriers! What is New York state short term disability insurance? In an effort to repay your trust and support our local community, we would like to introduce you to our Local Partner Program. Question: Why do some apartment complexes require tenants to have renters insurance? What is employers liability on a workers compensation policy? B. These short solved questions … A fire destroyed Ethan's store. Be prepared with examples of your work 7. Why does it take longer to get a business insurance quote than an auto insurance quote? The Top 30 There is no such thing as a stupid question. We've got the answers to all of the most commonly asked car insurance questions right here. image credit: http://society6.com/PatrickDOttinger/Question-XlJ_Print. Credit life insurance is frequently more expensive than traditional term life insurance. Answer: A renters policy provides named perils coverage. There is no such thing as too simple or too silly a question. When should I purchase a personal umbrella policy? Final Report of Multiple Traffic Offender Workgroup, Visit Us on Facebook General Insurance questions answers are applicable for any kind of Insurance related exam preparation in India like LIC, IRDA Agent. Can an employee sue my business if I have workers comp? Answer: Yes. How does an umbrella insurance policy work? In a dual-earning household, it is important to protect the income earning capacity of both spouses. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. Question 27. “What type of life insurance policy should I buy?”. It is not surprising to find quotes on homeowners insurance that vary by hundreds of dollars for the same coverage on the same home. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies. However, many factors should be taken into account when determining the right amount of life insurance for you and your family. In order to find out what people are saying about Warwick Agency. What is a high deductible health insurance policy? In addition, you will be asked a number of other questions which will be used to determine how likely you are to make a claim. Is my employer sponsored life insurance plan enough? 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