Salvage and subrogation are two important concepts in the property and casualty insurance industry. They give insurers ways to recover part of the costs of claims they have paid out to policyholders. Understanding how salvage and subrogation work can provide insights into insurance company finances and operations. What is Salvage? In insurance, salvage refers to … Read more
Life insurance comes in many forms, each with their own unique features and level of flexibility. One of the most adaptable types of life insurance is adjustable life, also known as universal life. This policy gives policyholders significant control to change their coverage, premiums, and other factors over time. What is Adjustable Life Insurance? Adjustable … Read more
While intentionally taking out multiple insurance policies on the same asset or risk is called double insurance, there are situations where policyholders can inadvertently end up with overlapping coverage. This occurs when separate policies end up covering the same damage or loss. Double insurance is usually not necessary and leads to wasted premium dollars. Here … Read more
Social Security provides an essential source of income for millions of retired and disabled Americans. According to the Social Security Administration (SSA), over 66 million people currently receive monthly Social Security benefits. As living costs and inflation rise, Social Security recipients depend on annual cost-of-living adjustments (COLAs) to maintain their standard of living. So how … Read more
Seeing your car insurance premium double can be an alarming and frustrating experience. While rate hikes are common, a doubling of your cost seems excessive. But there are a number of reasons why your auto insurance may surge dramatically. Understanding what’s behind the increase can help you determine if the price spike is justified or … Read more
As an insurance agent, maintaining proper records for your clients is a crucial part of running an ethical and compliant business. But with boxes of old files and documents piling up, you may wonder just how long you’re legally obligated to hold onto all that paperwork before hitting delete or taking it to the shredder. … Read more
Life Insurance Corporation (LIC) of India is the country’s largest life insurer, providing coverage to millions of policyholders. If you have an LIC policy, it’s crucial to pay premiums on time to keep your valuable coverage active. But what happens if you miss payments or stop paying LIC premiums altogether? There can be serious consequences, … Read more
Seeing a series of numbers like 100,000/300,000/100,000 on your auto insurance documents can be confusing. These numbers actually refer to your liability coverage limits – one of the most important parts of your car insurance policy. Understanding what those policy limits mean is key to ensuring you have adequate protection in the event of an … Read more
Getting into an accident while driving someone else’s car can be a stressful and confusing situation. You likely have many questions running through your mind in the moment – Is the car I’m driving insured? Will the insurance cover me even though I’m not the policyholder? What will happen if I file a claim? These … Read more
Health savings accounts (HSAs) are a powerful savings tool and provide valuable tax benefits when paired with a high deductible health plan (HDHP). However, life circumstances may lead you to switch from an HDHP/HSA combo to a more traditional preferred provider organization (PPO) health plan. If this happens, you may be wondering – what happens … Read more