Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. 1. As independent agents, we are unbiased advisors that will help you avoid buying too much, show you appropriate optional coverages for your need and recommend a company that will best serve your interests. Since they are even less able than a wealthy individual to pay large damage awards, they recognize the need to have coverage limits greater than what can be obtained from their homeowner or auto policies. A standard renters policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. Ans: The Insured Declared Value (IDV) is the value of sum assured provided by the vehicle insurance policy. What does it cover? Easy general knowledge questions and answers by questionsgems. Answer: When you apply for an insurance policy, you will be asked a number of questions. Adults with good driving records will generally pay less for auto insurance than will a young driver with traffic tickets. I informed her that my insurance allows me to go to any workshop but … For example, the agent might ask you your name, age, gender, address, etc. “What type of life insurance policy should I buy?”. From car to home to business, you have the insurance policies for everything. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Is credit life insurance a good buy? Question: What are some practical things I can do to lower the cost of my homeowners insurance? The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your automobile insurance will cost you. So, if you have not made any claim in your previous policy year, you can claim the NCB while renewing your policy. *The information provided on this website/page is only for information sake. Learn faster with spaced repetition. Question: What if I share my apartment with a roommate? Question: How does mortgage protection term insurance differ from other types of term life insurance? In other words, a general insurance policy helps you to protect you and your valuable items. Prepare these questions and do well in exams. It is of utmost importance that the income-earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance. Ans: Insurance plans that do not come under life insurance are known as ‘General Insurance’. Answer: Personal property (except property that is specifically excluded) is covered anywhere in the world. 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. In standard vehicle insurance policy, the rate of depreciation depends on the % of IDV ranging from 0 to 50%, and it also depends on the age and makes of the vehicle. * Vehicles Insurance Interview Questions and Answers will guide us now that Insurance in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. 2. Below mentioned are the current rates of the premium as per the cubic capacity of the vehicle: Own damage premium – (depreciation + No Claim Bonus) + Liability Premium. However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Question: Where and when is my personal property covered? The dwelling and other structures on the premises are protected on an “all risks” basis up to the policy limits. * Whether or not you are married and, if so, what is your spouse’s earning capacity Final Report of Multiple Traffic Offender Workgroup, Visit Us on Facebook * Freezing We recommend contacting us for help determining the right amount of coverage. In a dual-earning household, it is important to protect the income earning capacity of both spouses. 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. It is the IRDAI that decides the third-party insurance premium of the two-wheelers. Question 4: How insurance premiums are calculated? a) Personal property such as car or house. Question 30. Question: How does a renters policy protect my personal property? Connecticut Insurance Dept This as well covers the cost of repairing of the glass, plastic, rubber parts, and fiber. Although the face amount decreases over time, the premium usually remains the same. Question: What kinds of questions should I be expected to answer when I am applying for an insurance policy? *All savings are provided by the insurer as per the IRDAI approved insurance plan. Highway Loss Data Institute When you shop, be careful to make sure each insurer is offering the same coverage. For example, the amount of life insurance that you need may be so large that the only way you can be afford is through the purchase of term insurance, since term insurance has a lower premium. Most of the insurance companies like National General Insurance use this formula to calculate the premium. However, normal breakdowns and wears and tears are not covered in a zero dep insurance policy. The below-mentioned chart will give you a clear understanding of the NCB rate that is given to you: In this way from first to five years, you can gradually improve the percentage of your No Claim Bonus and get the discount of up to 50% at the end of your fifth claim free year. We recommend that you purchase renters insurance regardless of what your landlord requires. * Riots The policy limit on the coverage is equal to 50% of the policy limit on the dwelling. IC 38 GENERAL INSURANCE AGENT QUESTION BOOK Hello Reader, We are here providing the IC 38 questions pdf for the General Insurance Agent Exam. Question: What is a personal umbrella liability policy? Timely News from FEMA Answer: A number of factors can affect the cost of your automobile insurance — some of which you can control and some that are beyond your control. *All savings provided by insurers as per IRDAI approved insurance plan. How to Download Tata AIG General Insurance Policy? Answer: The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. This single policy acts as an “umbrella” over all of your other personal liability policies — home, auto, boat, RV, etc.

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