Personal Insurance

While most individuals and business owners purchase insurance to cover specific losses, they often do not consider indirect loss. This type of loss can significantly impact personal or business...

While most people know they need to carry certain types of insurance, many do not understand the economic importance of this financial tool. Insurance impacts several aspects of an economic system.

Understanding why you need insurance, how it works, and why it is a safe investment will help you decide which type(s) of insurance to purchase.

As we approach 2010, there has been much talk of a government takeover of health insurance in the United States. When a government becomes an insurance provider, it is responsible for covering the...

An insurance policy is issued for a limited time, and, at the end of that period, the insurance company renews the policy. Renewal dates are important times for insurance companies and policyholders.

If you are looking for insurance coverage, you may have heard that some agents can "bind" policies. Understanding this term will help you know which options you have available.

When you purchase an insurance policy, an underwriter reviews your application for acceptability and rating. You may wonder: Who ensures that underwriters are acting ethically and fairly?

An insured annuity is a combined prescribed life and term life insurance policy. An insured annuity guarantees a regular income stream, whereas term life insurance provides you with an option to...

Insurance agents sometimes use a tactic called twisting to increase commissions. Understanding how twisting works can help you know when your agent is not acting in your best interest.

When you apply for a homeowner's or auto insurance policy, your insurance company will likely order and review your CLUE report. Knowing about CLUE reports will help you understand how your...

When you purchase an insurance policy, you may receive several endorsements in addition to your policy book. It is important to study policy endorsements so you know how your policy protects you.

When you apply for an insurance policy, most companies use insurance scoring to determine acceptability and premiums. Insurance scoring can dramatically affect your ability to get insurance...

Educators Employment Liability insurance, also known as EEL insurance, provides educators with protection against any liability stemming from employment-related lawsuits. Universities and schools...

Replacing an insurance policy, in most cases, should only be done in cases of duress, such as if an insurance policy raises your premium or deductible to much higher rates than it had before....

Insurance companies fight hard to retain their customers. Most customers prefer the convenience of doing all of their insurance business with one company, so a single customer can be worth...

The insurance claims adjuster hired by your insurance company will not always act in your interest. The adjuster has two diametrically opposed incentives acting on his behavior. He wants to keep...

An annuity is an insurance product that provides a lump sum or annual payment after the policy reaches its maturity date in return for premium payments. Annuities are sold as tax-deferred...

The timing for investing your savings in an annuity is a personal decision, but it's better to purchase an annuity earlier in life than in your last years. Annuities function by paying out a set...

Insurance policies are used to protect yourself against risks to the financial and personal well-being of you and your family. Insurance companies make profits based on probability. They expect to...

All insurance policies have certain information that is in common, regardless of the type of coverage it is. Understanding the basic information and sections of your insurance policy will give you...

Choosing the right insurance policy is a mixture of evaluating the insurance company, determining your risk tolerance and evaluating your opportunity cost--meaning how much you give up when paying...

You may have heard from a friend or relative that they are paying for forced place insurance. What is this type of insurance, and what does it do?

While more people today are shopping for car insurance online, many people still prefer working with an agent. Several types of car insurance agents can provide various services.

Insurance agents can only sell and service policies as long as their licenses are in good standing. There are several reasons a state could revoke an agent's insurance license.

Most insurance companies use credit-based insurance scoring to evaluate applicants. Credit-based scoring affects your ability to obtain coverage as well as how much you pay.

Insurance companies cover a broad range of losses, depending on the type of insurance you buy. You may wonder who chooses what types of losses an insurance company will cover.

Although most people take for granted that they need insurance, few people understand the principles on which insurance is based. There are several economic theories of risk and insurance that can...

The period during which you renew your insurance policies annually is an excellent time to renegotiate your policy with your current company. During renewal, you have a short window of opportunity...

Purchasing insurance of any kind, be it health, auto or life, can be difficult for anyone. For someone who has never purchased an insurance policy before, it is an especially daunting task. With...

A certificate of insurance is issued by a private insurance company or broker to provide proof of insurance. The person named on the certificate of insurance is known as the holder.

Fighting your insurance company for a larger settlement is usually an exhausting, intensive process that lasts months or years. You will need to file multiple appeals, request the assistance from...

An annuity has several contractually significant titles: owner, annuitant and beneficiary. The annuity is a contract between the owner and the insurance company where the owner pays the premium(s)...

A certificate of insurance is a document verifying the holder has insurance coverage. Insurance companies and brokers issue certificates of insurance as proof of protection.

An umbrella insurance policy works with your home and auto insurance to provide you with additional liability insurance. If you injure someone or are sued, your auto and home liability limits may...

Insurance premium increases are a fact of life. There are numerous reasons why an insurance company may raise your premiums, even if your coverage levels remain the same.

Although the use of credit scoring in insurance has its critics, the insurance industry claims there is a correlation between credit and insurance risk.

Insurance companies use several methods to express how much business they gain and the premium they derive from policy sales. One of the most common methods is written premium.

Your insurance policy likely contains a subrogation clause that can seem very confusing. Subrogation is a critical element of insurance, and knowing how it works can help you better understand how...

If you have read your insurance policy book, you may have encountered the term "liberalization clause." Although this may be unclear at first, a liberalization clause is actually a simple addition...

Most people don't think too much about their insurance policy until they must file a claim. When trying to understand a settlement offer from your insurance company, patience is key. Take the time...

People often get intimidated when it comes to negotiating with insurance companies, but there are a few things you can do to make your negotiations go smoother. First, keep in mind that you are...

USAA Insurance is an insurance company specializing in providing insurance to those who are, or have been, in the U.S. military. It began by offering only auto insurance but now offers nearly all...

The insurance claims process is often lengthy and slightly mysterious. Understanding what goes into processing a claim can help a policyholder know what to expect.

Although most insurance companies handle applications, policy changes and claims in a fair manner, some consumers will encounter unfair insurance practices. A few insurance companies engage in...

In tough economic times, it's important to get the best insurance rates possible. Auto insurance and, if you own a house, homeowner's insurance are mandatory, so it makes sense to spend as little...

Independent insurance brokers can offer a variety of products with quotes from several different carriers and are sometimes preferred over captured agents who write policies for only one carrier....

Long-term care insurance is insurance that covers individuals for medical, nursing care, assisted living facilities and/or nursing home fees when they become unable to take care of themselves.

Statements are an important tool used by insurance claims representatives in evaluating who is at fault for an accident or who is liable for a loss such as a house fire or a theft. A written...

Term life insurance and long-term care insurance are two different types of insurance. Term life insurance pays when the insured dies. Long-term care insurance pays as the insured recovers.