You get in a fender-bender and the other party is at fault, but they don’t have insurance. Your insurance company will pay for the damages and seek re-compensation from the uninsured party. This is called?
You lose some valuable furniture when your family is the victim of a house fire. The term for the amount you will be compensated is:
Risk management value
Actual cash value
A claims adjuster:
Sells insurance policies to claimants.
Figures out what the insurance company is liable for when a claim is submitted.
Decides how much your insurance will cost based on your assets and liabilities.
Someone breaks into your car and steals your laptop and camera. Which type of insurance will cover this loss?
True or false? Your insurance company is obligated to provide you with a rental car if yours is being repaired after an accident.
Which of the following are not covered by a standard homeowner’s insurance policy?
Insect and termite damage
True or false: Renters don’t really need separate renter’s insurance because if something happens, the damages will be covered by their landlord’s insurance.
Question 1) Answer: 1
Question 2) Answer: 2 – Actual cash value. This number is calculated by taking the value of the items when they were new and subtracting the cost of deprecation.
Question 3) Answer: 2
Question 4) Answer: 2 or 3. These items may be covered under the personal property portion of your homeowner’s or renter’s insurance. However, some homeowner’s insurance policies will only cover the items if they are stolen from your home.
Question 5)False: There is no provision that requires an insurance company to provide you with a rental car if your vehicle is out of commission. However, many insurance companies will extend this courtesy under the premise of “loss of use,” which is a reimbursement for calculated “lost time” you would otherwise have been able to use the vehicle. Other “loss of use” calculations are applied to on-the-job injuries, when the inability to use an arm or other body part results in lost wages.
Question 6) Answer: All of the above, although supplemental policies can be purchased for flood or earthquake coverage. A basic homeowner’s policy does cover damage due to theft, fire, lightning or hailstorms.
Question 7) Answer: False. The damages to the house or apartment building you live in will be covered by your landlord’s insurance, but it will not cover any of your personal property. Renter’s insurance is extremely affordable, and could save you some real heartache in the event of theft or fire.
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Please be aware that no coverage can be bound and no changes can be made to your insurance program until confirmed by a licensed agent during regular business hours. Martin Insurance Agency provides homeowners insurance, auto insurance, business insurance, life insurance and many other insurance services in Lancaster County, PA.