Life Insurance General Insurance FAQs
13 views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Scooped by RR Financial Consultants
Scoop.it!

General Insurance FAQs

General Insurance FAQs | Life Insurance General Insurance FAQs | Scoop.it
RR Financial Consultants's insight:

What is the difference between "actual cash value" and "replacement cost"?

Covered losses under a personal possessions or household contents policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property. Under the "replacement cost" coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.

What are the advantages to using an agent to purchase insurance?

By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and can prove absolutely necessary when filing a claim. As a local, independent agent we are able to deliver quality insurance with competitive pricing and local personalized service.

 

For more information please visit:- https://www.rrfinance.com/Insurance/General%20Insurance/Default.aspx

more...
No comment yet.
Scooped by RR Financial Consultants
Scoop.it!

Know your Life Insurance policy!

Know your Life Insurance policy! | Life Insurance General Insurance FAQs | Scoop.it

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Today, insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market off .

RR Financial Consultants's insight:

What is a cash value life policy?

A cash value life policy covers you for your lifetime. "Cash value" means that premiums generally stay level during the premium payment period. The policy not only provides insurance benefits when you die, but it also builds up a dollar value from your premium payments and investment returns. You can borrow against this value with a policy loan or redeem it for cash at any time before the policy matures. Whole life, universal life and extra value life are some of the more popular forms of cash value life policies.

What kind of life insurance should I buy?

If you have long-term needs - for example, if you require life-long protection for premature death, retirement income or cash to settle your estate - then you should consider cash value insurance. Likewise, if you need protection for a specified period of time, perhaps to pay off a loan or mortgage in the event of your death, term insurance may be the right choice for you. Apply now to get a free quote on term life insurance at affordable rates.

Can I increase my life insurance coverage?

Usually, you can increase your coverage with a new policy or by adding a rider to your existing policy. However, a universal life policy can be increased without a rider or new policy. All coverage increases require you to provide evidence of insurability to your insurer.

What are the definitions of "convertible" and "renewable

Convertible" and "renewable" are provisions in a term insurance policy. With a convertible policy, the policyowner has the option to exchange the policy for another insurance plan without evidence of insurability. However, term policies can only be converted to cash value policies. With a renewable policy, the policyowner can renew (or extend) the policy at the end of its term without evidence of insurability. When a policy includes both provisions, they continue until specified ages and then stop. Premium rates increase at each renewal, based on the insured's age

 

For more information please visit:- https://www.rrfinance.com/Insurance/Life%20Insurance/Default.aspx

OR

https://www.rrfinance.com/Insurance/General%20Insurance/Default.aspx

OR

https://www.rrfinance.com/faq.aspx

more...
No comment yet.