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Why would someone need or be required to have insurance?
The purchase of insurance is usually done voluntarily based on an individual determination of need. In some instances, however, there may be a legal or contractual obligation to have a certain type of insurance. However there are exceptions, most of which are shown in adjoining sections. Auto insurance covers your legal liability which could arise if you injure another person or damage another person's property with your vehicle. Auto insurance also pays the cost of your defense.
Unlike automobile insurance, there usually is no law that requires a homeowner to have insurance. However, if you borrow money to buy a house, the bank or loan company will take a "mortgage" or "deed of trust" to protect its interest until the loan is repaid. The mortgage or deed of trust will require that you have an adequate amount of Property Insurance to cover the repair or rebuilding of the house in the event it is damaged. Normally you will be required to name the mortgage company as a "loss payee" on your policy, which means that if the house is damaged, the insurance payment will go to the loan company, or jointly to both you and the loan company, to assure that the money is used to repair, rebuild or pay off the loan. Businesses must provide Workers' Compensation coverage for the benefit of their employees, injured while on the job. |
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Are there legal limitations on insurance company business practices?
Are there any limitations on what an insurance company can charge for insurance?
Can an insurance company cancel my policy for any reason it chooses?
Can I cancel my policy at any time and will there be a penalty?
What happens when there is a claim?
If I am sued, does my insurance company defend me in court?
If I am sued, can my insurance company settle the case without my consent?
What is a ‘reservation of rights’ letter?
What can I do when an insurance company refuses to pay a claim?
Lawsuit for ‘bad faith’
Are there any options for resolving a dispute with my insurance company other than suing the company in court?Arbitration
Complaint to department of insurance
What are ‘exclusions’ and ‘limitations’ and how do they affect my coverage?
Are there any government agencies that regulate how insurance companies operate?
Why would someone need or be required to have insurance?
Is a business required to provide health, life and other insurance coverage for its employees?
What is an insurance policy?
What is an ‘insurable interest’?
What am I required to do when I have a claim?
Can an insurance company refuse to sell me insurance for any reason it chooses?
If I miss a premium payment and get a cancellation notice, is there anything I can do to be able to keep the policy?
If I think certain words in my policy mean something different from what my insurance company says they mean, how do we resolve it?
How does an insurance policy ‘protect’ me?
I have a friend who is an avid motorcycle rider and who particularly enjoys driving while drunk. Can I take a out a large insurance policy on him? My odds of collecting are higher than the lottery!
We have a policy limit of $100,000. Does this mean that any medical bills, damages, legal fees, etc. That exceed that limit are my responsibility?
Why does it matter that I give an adjuster my social security number?
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