Whole Insurance Blog

Should you get multiple credit cards from the same bank?

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It is simple and helpful for a person to assume numerous acknowledgment cards from a solitary bank. And after that there are different advantages as well. You're longstanding association with the bank brings you a few compensates, and there is additionally nature without breaking a sweat of installments. However, not all that matters is sure about this game plan. 
 
Rajiv, a privately owned business representative, holds two acknowledges cards for the same bank – one, Visa card and the other, MasterCard. There is no issue with the utilization design as he can utilize both of the cards according to his necessities. His relationship has likewise been smooth with the bank. Be that as it may, according to late reports defaulting on one charge card can affect different cards of the same bank. This is a stressing calculate for Rajiv who is presently considering the choice of taking a gander at another bank for his second charge card necessities.</div>

Should you get multiple credit cards from the same bank?

It is simple and helpful for a person to assume numerous acknowledgment cards from a solitary bank. And after that there are different adva...

How to Properly Extend Insured Status

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The agent called and asked the underwriter to amend the denominated insured. The insured had policies with two different indemnification carriers. Ostensibly the other indemnification carrier had misspelled the designated insured on its policies. That’s not the aberrant part. The aberrant part is that the agent requested the indemnification carrier that had spelled the designated insured correctly to intentionally misspell the designated insured to match the other policies. 
 
Of course the underwriter relucted pointing out that by intentionally misspelling the denominated insured, a potential loss of coverage was engendered. The claims department does not work will with “intent.” (The conspicuous question, why wouldn’t the agent have the erroneous policy rectified? I have NO conception.) 
 
There are seven key rules for elongating status as an insured. These are: 
 
Rule #1: If the person or entity causing or suffering the damage or harm is NOT an insured, there is no coverage. The correct denominated insured(s) is/are imperative. Regardless of how well the coverage has been designed, no one will ever have the opportunity to venerate the adeptness of the agent if insured status is not correctly elongated. 
 
Rule #2: Incorrectly or infelicitously elongating insured status places the indemnification carrier’s financial resources unnecessarily in jeopardy. Don’t name individuals or entities without plenarily understanding their relationship to the exposures being insured. Doing so elongates aegis to persons and activities unrelated to the operation being underwritten. 
 
Rule #3: The insured is ALWAYS a person and person types should not be commixed when designating insureds. There are two types of persons: 1) natural persons, and 2) licit persons. A natural person is a flesh and blood individual (examples include sole proprietors, partnerships, and in some states, LLCs). A licit person is an entity “born” by the filing of licit documents such as a corporation, professional sodality, and, in some states, LLCs. 
 
Natural and licit persons have the same rights and are identically tantamount in the law. They can own property, sell property, hire people, fire people, sue, and be sued. 
 
Person types should not be commixed. The list of insureds should be all “legal” persons or all “natural” persons. If the insureds are “natural” persons, the operation’s “assumed” or trade name (how they are kenned in the community) must be utilized. 
 
Rule #4: One person type cannot do business as (DBA) another person type. Tucker, Inc. cannot DBA Boggs, Inc. 
 
Rule #5: Only when there is prevalent majority interest should multiple entities be listed as designated insureds on one policy. Applying this rule rigidly betokens there must be at least 50.1% prevalent majority interest between or among the entities listed afore they are listed on the same policy. There is an allowable exception to this rule predicated on the commonality of owners and the commonality of operations. 
 
Rule #6: Prevalent majority interest is engendered by more than just “ownership.” Beyond ownership, mundane majority interest can be engendered by owning a majority of the voting stock, sharing a majority of prevalent owners, having a majority of mundane board members. 
 
Rule #7: Don’t cumulate dissimilar operations onto one policy just because prevalent majority interest subsists. Don’t cumulate a sandwich shop and a metal working shop onto the same policy simply because they are owned by the same “person.” 
 
Thursday, January 7, the Academy of Indemnification is hosting a class on the felicitous denominating of insureds that greatly expounds on these seven rules plus several other “insured status” topics not included in this short article. Register today for this great opportunity to eschew ticking off your insureds and an E&O suit.</div>

How to Properly Extend Insured Status

The agent called and asked the underwriter to amend the denominated insured. The insured had policies with two different indemnification ca...

Six Things Every Benefits Brokerage Should Be Doing Right Now

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No business wants to leave mazuma on the table. As a bellwether of your organization, you optate to close every deal you can and build productive partnerships with your customers that can last for decades. In an involute world of regulatory changes and transmuting commissions structures, top benefits brokerages rely on agency management systems to grow their business. 
 
Whether you’re starting on day one or have been in the industry for years, your software should have six prevalent features: 
 
Revenue tracking & reconciliation 
You can upload carrier verbalizations electronically and your estimated revenue is matched with genuine receivables, so you can expeditiously identify lost or short-pay revenue. On average when agencies activate revenue tracking from BenefitPoint, they find 2-6% in missing revenue. 
Store and compare coverage and premium attributes 
Facilely present a comparison of attributes from multiple plans, so that your clients can better understand their options and make the best cull for their unique needs. 
Manage RFPs w/carriers 
Utilizing a HIPPA-secure portal, you can invite multiple carriers to view the request, affixments and questionnaires.  You can cast a wide net to amass more options, giving you the puissance to negotiate with those carriers to engender the best possible rates and plans.  This increases your chances of winning the business 
Secure 
BenefitPoint servers are located in Vertafore’s state-of-the-art data center and are behind multiple network firewalls. Firewall security avails keep unwanted traffic out of your network and vital data in. 
Custom workflows 
Engender custom workflows predicated on your firm’s business processes 
Stewardship reporting 
Stewardship reporting gives you the data to answer the question “What have you done for me lately”.</div>

Six Things Every Benefits Brokerage Should Be Doing Right Now

No business wants to leave mazuma on the table. As a bellwether of your organization, you optate to close every deal you can and build prod...

How to Compare Auto Insurance

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When it’s time to purchase an incipient car, it’s withal time to purchase auto indemnification. The two go hand in hand, since accidents are inevitably ineluctable and since every state but Incipient Hampshire requires motorists to have liability indemnification. 
 
If you’re being compelled to purchase auto indemnification in the first place, you may as well purchase the policy that gives you the best value for your mazuma. But how do you go about ensuring that you authentically will get the best indemnification policy? 
 
Compare providers and policies 
It’s paramount to realize that, when it comes to your auto indemnification policy, merely concentrating on the ‘bottom line’ might not be the very best thing to do. The indemnification policy that costs you the least might not offer the right amount of coverage for your situation. 
 
Some auxiliary tips to compare policies: 
 
Take the time to determine the coverages you optate – liability, uninsured/underinsured motorist, collision and comprehensive, for example. 
Determine the coverage limits you require for each. 
Set a deductible – the amount you accede to pay out of pocket toward a claim afore the provider kicks in. 
Once you nail down everything you optate in the policy, you’re yare to seek quotes from different providers and make apples-to-apples comparisons. 
 
Your deductible and your premium 
Here’s why the deductible is consequential: It has an inverse relationship with your premium. The lower you set your deductible, the higher your premium is liable to be, all other factors being equipollent. 
 
Afore you set a high deductible, however, recollect one thing. You’ll have to come up with that amount if you file a claim afore your provider will contribute anything. Ascertain you can do that comfortably. 
 
Does the company offer discounts or rewards? 
Another consequential thing to ask each provider you consider is whether it offers discounts. Most providers do, though they vary widely by state. Discounts can be for such accomplishments as having an immaculate driving record for a certain period of time or having a car with anti-lock brakes or anti-larceny measures. 
 
Some companies call their discounts reward. Regardless of the designation, optically discern how much they can lower your premium. 
 
Ascertain you’re dealing with a reputable company 
Last but certainly not least, research each provider you’re considering to ascertain that it is reputable and financially stable. Among the places to look are your state’s Department of Indemnification, the Better Business Bureau and A.M. Best Company. The latter is especially utilizable for determining a provider’s financial stability. Don’t consider any company that isn’t rated ‘Excellent’ or above by Best. 
 
Once you’ve consummated all these steps, you have the information you require to compare providers. It’s worth it to get great coverage at a fair price!</div>

How to Compare Auto Insurance

When it’s time to purchase an incipient car, it’s withal time to purchase auto indemnification. The two go hand in hand, since accidents ar...

What is Auto Gap Insurance?

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Gap indemnification covers the distinction between the value of your car and how much you owe on it. It’s genuinely that simple. 
 
Why is there a distinction between the two numbers? Cogitate it in terms of recompensing the imprest you used to buy the car. The amount of your imprest doesn’t just cover the value of the conveyance – it includes the interest you’ll pay over the life of the deal. 
 
That signifies when you drive off the lot, your imprest likely will exceed the value of the car by a pretty immensely colossal margin (unless you make a substantial down-payment). But you insure the car predicated on its value – not on your imprest. That signifies if the car is glommed or ravaged, you might not receive enough from your claim to pay off your imprest. What’s left is called the “gap,” and you still owe it, even if you no longer have the car. 
 
Buying gap indemnification 
Afore you purchase gap indemnification, you have to line up some other types of coverage. First, you have to have liability indemnification in every state but Incipient Hampshire, and some states require other coverages, such as uninsured/underinsured motorist bulwark. Your lender likely will require you to carry collision and comprehensive coverage as well. 
 
Some other factors to consider: 
 
If you lease a car, the cost of gap indemnification is generally incorporated into your lease payments. 
If you accrue tardy fees on your car payments and suffer a total loss, your gap indemnification won’t provide a payout for those tardy payments. Withal, if some of your payments have been deferred until the terminus of your imprest, this amount won’t be covered by your gap indemnification policy. 
GAP indemnification will not provide coverage if you don’t have primary indemnification coverage on your car at the time of the contingency or if your total loss claim has been gainsaid. 
State laws and indemnification guidelines vary when buying auto GAP indemnification on a utilized, refinanced, leased trucks and SUVs if they are purchased or refinanced within the past year. 
GAP indemnification isn’t proof of indemnification if you require to register or instaurate registration at the Department of Motor Conveyances. 
GAP indemnification cannot be transferred to a different conveyance or loan. 
Some GAP indemnification companies will even cover your customary indemnification deductible. 
Should you buy gap coverage? 
Even though most consumers neglect to get GAP indemnification, it should be taken earnestly when applying for an imprest or when leasing a car. At least you should ken what you’re turning down. 
 
If you’re able to put down a considerably sizably voluminous down payment, your car depreciates at a steady pace, and you’re promptly paying down the balance off your imprest each and every month, it’s likely you won’t have to buy GAP indemnification coverage. 
 
At any rate, take some time on this decision. If the worst transpires, you’ll be blissful you made the purchase. 
 
One final note: You don’t have to purchase this coverage from your auto dealer. Indemnification companies offer it, too – often at a much better price.</div>

What is Auto Gap Insurance?

Gap indemnification covers the distinction between the value of your car and how much you owe on it. It’s genuinely that simple. Why is t...

Ways to Cut What You Pay for Auto Insurance

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While everyone has to pay for auto indemnification, no one should pay more than they have to for quality coverage. There are many great ways to pay less for a policy. For example, you could decide to take a safe driving course, drop your comprehensive coverage or increase your deductible. 
 
Let’s take an optical canvassing of how indemnification companies price their policies and why it could be more facile than you cerebrate to lower your premiums. 
 
How do indemnification companies price policies? 
Indemnification companies visually examine a few different criteria when they determine how much a customer is going to pay for a policy. Here are some of them: 
 
Providers want to visually perceive if a driver has been in a contingency or otherwise made a claim in the antecedent year or so. The theory – policyholders who have filed claims are more liable to file future claims. 
They withal will optically canvass a motorist’s credit score, utilizing it to quantify the likelihood that a policyholder will file claims. Affirmative, it sounds screwy, but insurers verbalize there is a correlation between good credit and a lower likelihood of claims. 
Providers consider a driver’s age. Puerile male drivers are the most liable to have wrecks, and that’s why they generally pay more for coverage. 
There are other variables as well, including the composition and model of the car and its location. 
 
How can you reduce your costs? 
For drivers younger than 25, one way for adolescent drivers to lower their rates is to take defensive driving courses or other driver edification courses. Many providers will reward this with lower premiums. Older drivers may be able to decrement their rates by shopping around every year or so for the best rates. 
 
Needless to verbalize, keeping a immaculate driving record will avail. Plus, drivers should actively pursue discounts. If you have anti-lock brakes, for example, you could be eligible for a price break. Bundling home and auto coverage with the same provider can engender savings of up to 20%. 
 
Paying in full may lower your premium 
Those who pay for their indemnification in full every six months may get a discount that can preserve mazuma on premiums. When a driver pays for his or her indemnification policy in monthly installments, he or she may be charged an installment fee or an accomodation fee.</div>

Ways to Cut What You Pay for Auto Insurance

While everyone has to pay for auto indemnification, no one should pay more than they have to for quality coverage. There are many great way...

What Does Auto Insurance Cover?

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Every state but Incipient Hampshire requires all drivers to purchase one type of auto indemnification – liability coverage. That’s what bulwarks a driver responsible for a wreck that injures others or damages their property – including their conveyances. 
 
What else does an auto indemnification policy cover? That depends on the coverages you purchase, many of which can be optional. 
 
Some typical coverages: 
 
Liability. As verbally expressed above, this avails when you cause a contingency. Each state sets minimum levels of coverage. You’re responsible for any expenses over your coverage limit. Another thing to recollect: Liability bulwark does not pay for treatment for you or for damage to your conveyance. 
Medical payments. This avails pay auto-cognate medical bills for you, family members and other passengers in your conveyance when it’s involved in a wreck. It is required in some states. 
Uninsured/Underinsured Motorists Coverage. This auspice, additionally required in some states, avails you when the driver responsible for a wreck has deficient or no liability coverage. It withal typically covers hit-and-run incidents. 
Collision. This avails with repairs (after you pay your deductible) to your conveyance when you collide with an object (other than an animal). It is never required by your state but it could be mandated by your lender. 
Comprehensive. This avails with virtually anything other than a collision, including hitting an animal. Again, you must first meet your deductible. This coverage withal could be mandated by your lender but not by the state. 
Other options you could integrate to your policy include roadside assistance and rental-car reimbursement. 
 
Things your indemnification doesn’t cover 
There are certain situations when your auto policy won’t pay. Policies generally omit wrecks you intentionally cause – sometimes kenned as ‘road rage’ omissions. 
 
You additionally typically won’t receive avail if you’re utilizing the conveyance to convey people for a fee – heedfully aurally perceive up Uber or Lyft drivers. If you charge for conveyance, you require a commercial auto policy. 
 
You won’t get avail for accidents that occur in a conveyance when it is being used without sanction. Note, however, if you sanction someone to drive your car and he or she causes a contingency, your indemnification – not the borrower’s – will be responsible for coverage.</div>

What Does Auto Insurance Cover?

Every state but Incipient Hampshire requires all drivers to purchase one type of auto indemnification – liability coverage. That’s what bul...

Ways to Save Money on Auto Insurance

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Whether you drive an old clunker or implement around in a pristinely incipient ride, car indemnification remains a must-have. For one thing, it’s the law in all but one state (and even in Incipient Hampshire, you must demonstrate financial responsibility). Moreover, it’s a great form of aegis for your finances – a wreck can facilely cost you tens of thousands of dollars, and who has that much mazuma just sitting around. 
 
But that doesn’t mean you can’t look for ways to preserve mazuma on your auto indemnification. Here are some cost-preserving tips to keep in mind when purchasing a car indemnification policy. 
 
Take a defensive driving course 
It should come as no surprise that demonstrably safe drivers typically get the most affordable indemnification premiums. If you have a shaky driving record, consider taking a defensive course. Defensive driving courses additionally are astronomically benign for unseasoned drivers. 
 
Under the guidance of a professional driving instructor, you will learn how to eschew peril on the road. Albeit the cost of a defensive driving course can vary, the average cost is around $50. 
 
Reduce coverage on low-value conveyances 
If you own a conveyance that has an estimated value of $2,000 or less, you can consider reducing your indemnification coverage (concretely if it’s paid off). While collision and comprehensive coverage are major benefits to the owner of an incipient or classic car, they may not be the best option for a low-value conveyance. In some instances, the policy’s deductible – the amount you concur to pay toward a claim afore the indemnification provider kicks in – could exceed or proximately exceed the value of the conveyance. 
 
Shop around for the best deals 
Afore culling a particular indemnification policy, be sure to shop around. You may find that a competitor may have a better deal. Premiums are predicated on peril, and providers have different models for evaluating that jeopardy. 
 
However, ascertain that the indemnification provider has a reputation for being reliable. Despite the fact that the company may offer frugal indemnification premiums, you still need to do a felicitous background check to ascertain the provider will be there when you require it. 
 
Seek discounts 
Most indemnification companies offer discounts on premiums. As a car owner, it is advisable to seek all of the available price breaks. For example, some indemnification providers offer discounts to the drivers who have anti-lock brakes or anti-larceny contrivances on their conveyances. On the other hand, safe drivers are withal rewarded with discounted rates. When discussing your coverage with an indemnification agent, do not hesitate to ask any questions. 
 
Consider a multi-car indemnification plan 
If you own more than one car, you may preserve mazuma by putting the conveyances on the same policy. However, check the individual rates afore making a final decision. You withal generally can preserve by purchasing auto and home or renters indemnification from the same provider.</div>

Ways to Save Money on Auto Insurance

Whether you drive an old clunker or implement around in a pristinely incipient ride, car indemnification remains a must-have. For one thing...

What Are Insurance Quotes?

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Indemnification is an indispensability for car owners – and not just because it’s required in every state but one. Auto indemnification can forfend policyholders from financial ruin in the event of wrecks – concretely those they cause. 
 
Put simply, an auto indemnification policy is a contract between the indemnification company and the driver – the policyholder concurs to pay a premium for coverage while indemnification providers accede to avail cover losses under circumstances designated by the policy. The first step in finding an auto indemnification provider is to get indemnification quotes. 
 
Defining auto indemnification quotes 
An auto indemnification quote is an estimate of how much a consumer would pay for a policy with a particular provider. Quotes are subject to transmute depending on how much information the driver provided to the indemnification company at that time – more forthcoming drivers typically receive more precise auto indemnification quotes. 
 
How long does it take? It varies by provider and the amount of information requested, but generally on 10-20 minutes for most consumers. 
 
Consumers will discover that shopping around for indemnification is the best conception when it comes to getting the right amalgamation of price and coverage. It shouldn’t be a bottom line decision – the lowest price provider might not provide enough coverage or might have terrible customer accommodation. 
 
One other piece of advice: Ascertain when you request quotes you ask for the same coverages, deductibles (the amount you accede to pay toward claims) and limits (the maximum amount your provider will pay) so that you can make an apples-to-apples comparison. 
 
Culling the right auto indemnification coverages 
Start with liability coverage – it’s required by proximately every state. Many states require medical payments or uninsured/underinsured motorist coverage (or both of them). If you’re still paying off a car loan, your lender likely requires you to have collision and comprehensive coverages. You’ll have to do a little research to visually perceive which of these are must-haves for your situation. 
 
Once you’ve deduced the must-haves, you can consider some other options – maybe you optate roadside assistance if you have a quandary on the road or rental reimbursement if you’ll need a rental car while yours is being rehabilitated due to a covered claim. These will integrate to your premiums, of course, so you’ll have to decide if either is worth the integrated cost. 
 
Most of all, don’t be trepidacious to ask questions when requesting auto indemnification quotes. Getting answers to their questions is not only paramount; it gives would-be customers a first-hand optically canvass how those indemnification companies handle customer accommodation. For many, poor customer accommodation is – and should be – a deal breaker when it comes to picking an auto indemnification provider.</div>

What Are Insurance Quotes?

Indemnification is an indispensability for car owners – and not just because it’s required in every state but one. Auto indemnification can...