Q. I am closing one house on 31st and my Closing attorney recommands me to take Personal Title Insuarnce ? My question is , Is Personal Title insurance necessary ? I smell something fishy here, does attorney get something if i take personal Title Insurance.
P.S I am first time home buyer.
P.S I am first time home buyer.
A. Typically, when a property transfers ownership and a mortgage is put in place, there are two types of policies issued.
1. Mortgagee Policy (covers the lender's mortgage and insures that it is the first, best lien on the property)
2. Owner's Policy (covers the new owner's interest in the property)
Think of it this way. You carry insurance on your car, in case there is an accident. The insurance pays for damages that may occur to your car in the future.
You (hopefully) will carry homeowner's insurance, which will pay for damages to your house in case of a fire, etc in the future.
Your Owner's Policy of Title Insurance protects you against things that may have happened in the past. You pay a one-time fee that is collected at closing, that insures that no one else holds any interest in your new property (except for the lender on your new mortgage). It is your proof that the chain of title was clear up until the date and time that you deed filed, and no one can claim that they are "owed" something from your home.
Examples:
1. A previous owner died, and one of the heirs did not get their portion of the proceeds from the sale of the property.
2. A previous owner divorced and their spouse did not get their half of the proceeds from the sale of the property.
3. A lien was filed against a prior owner that was never paid off and released.
If, in the future, you decide to refinance or sell the property, a new title search may be done. Chances are that a different examiner will do the search. If they come across something that shows a problem with your title prior to the date/time your deed filed, the owner's policy protects you against that claim. You can file a claim against the underwriter who issues the owner's policy for payment of any losses incurred.
Get an owner's policy, and keep it with your important documents.
1. Mortgagee Policy (covers the lender's mortgage and insures that it is the first, best lien on the property)
2. Owner's Policy (covers the new owner's interest in the property)
Think of it this way. You carry insurance on your car, in case there is an accident. The insurance pays for damages that may occur to your car in the future.
You (hopefully) will carry homeowner's insurance, which will pay for damages to your house in case of a fire, etc in the future.
Your Owner's Policy of Title Insurance protects you against things that may have happened in the past. You pay a one-time fee that is collected at closing, that insures that no one else holds any interest in your new property (except for the lender on your new mortgage). It is your proof that the chain of title was clear up until the date and time that you deed filed, and no one can claim that they are "owed" something from your home.
Examples:
1. A previous owner died, and one of the heirs did not get their portion of the proceeds from the sale of the property.
2. A previous owner divorced and their spouse did not get their half of the proceeds from the sale of the property.
3. A lien was filed against a prior owner that was never paid off and released.
If, in the future, you decide to refinance or sell the property, a new title search may be done. Chances are that a different examiner will do the search. If they come across something that shows a problem with your title prior to the date/time your deed filed, the owner's policy protects you against that claim. You can file a claim against the underwriter who issues the owner's policy for payment of any losses incurred.
Get an owner's policy, and keep it with your important documents.
Need to target health insurance clients, do you have a good model?
Q. I am currently trying to drill down on the best way to target personal health insurance clients, by demographical and psychograpical data. What were the questions you asked to get you to that point. I'm in the Georgia area, so if you are out of state, I won't be competing with you. I have some ideas, but am working on some test marketing pieces and want to make sure I'm hitting the best sample. Thanks for your help.
A. I don't mean to be rude and I hope you don't take it as such... but I think your reasoning is... askew. The whole point of marketing is to find some association with the client on an EMOTIONAL level. Then use education and numbers to make sure the association reaches them. Let's look at it that way for a moment. First off, everybody needs health insurance. Then, if you want to sell private health insurance, the only people who will want to buy are the people who don't have it through some other source (work, government aid... etc.) At this point, you will probably find lots of single parents who have a job and make too much for government aid, but don't have health insurance through their work. Then, when you look at their household incomes and household expenditures, you will see why selling private health insurance is so difficult. They don't have very much left. You have several advantages actually. Everybody knows they need it. Everybody wants it and they will search out the most unlikely and far-fetched rumours they hear, trying to get it. But they can't afford it. Now we have your demographic target and your hook (technically called the "emotional recall cue") Now it's time to use the brains and the numbers. What if, instead of your psychographical data... you worked with the accounting dept. to figure out some way that LOW income people could afford your plan. Yes, I know, management wants you to recruit middle class clients. But if you change your program to accomodate lower class clients, you will actually be recruiting the people they want because government subsidy (so to speak) has thrown off your demographic net worth numbers. So, now we have our emotional hook. Amazingly simple... health care that the working single parents can honestly afford. If you can make that happen, you will dominate your industry. I promise you that they will beat a path to your door. You could have the crapiest marketing material on the continent (I wouldn't advise it, but you could) and you will still see double digit growth rates... quarter after quarter. Your problem will be this: the risk of serious illness will be hard for your management to gamble on. They will balk at the idea... I promise that too. The question is: do you want to succeed in your industry or do you want to be a great salesperson. If you just want to sell then throw all that data and all those formulas away and work with a creative marketing consultant on a fantastic viral campaign.
Does a car rental insurance claim affect my normal insurance?
Q. I rented a car recently in London, and failed to notice that there was a small dent in the door when I took it out. Needless to say, they blamed me for the damage.
They wrote up £850 in damages for a one-inch dent, and charged it to the rental insurance. I paid the £100 excess -- Fine, OK, it was my fault for not checking properly, but that's not my question.
Does this claim affect my own personal insurance for my own car? Will I have to pay a higher premium now?
They wrote up £850 in damages for a one-inch dent, and charged it to the rental insurance. I paid the £100 excess -- Fine, OK, it was my fault for not checking properly, but that's not my question.
Does this claim affect my own personal insurance for my own car? Will I have to pay a higher premium now?
A. This will not effect your own normal car insurance, as you have not made a claim. When the car hire company claim off their insurance they will claim against the name of the car hire company not the actual individual driver meaning you.
On most occasions when rental cars are damaged the car hire company will just use the money that they take from you which is called an excess to pay for the car to be repaired. If the damage costs more than the excess amount they may just pay this themselves. This was they are reducing the number of claims they make which in turn helps keep their insurance premium down.
Honestly i would not worry about this at all. Hope the above helps you.
On most occasions when rental cars are damaged the car hire company will just use the money that they take from you which is called an excess to pay for the car to be repaired. If the damage costs more than the excess amount they may just pay this themselves. This was they are reducing the number of claims they make which in turn helps keep their insurance premium down.
Honestly i would not worry about this at all. Hope the above helps you.
A question about language schools in France and personal liability insurance?
Q. I am hoping to embark on a one week French course in Bordeaux at the end of the month. But, most of the language schools in France require me to to get personal/civil liability insurance. What is this and isn't this included with standard travel insurance.
If not then I am not going to bother pursuing the course as this type of insurance sounds pretty expensive.
If not then I am not going to bother pursuing the course as this type of insurance sounds pretty expensive.
A. Every adult in France has to have a personal insurance, covering any damage that person could do. If you break a window your personal insurance will cover it, if you hurt someone your personal insurance will cover it. Children at school also have one, cheaper than adult insurance of course.
You standard travel insurance might not cover it all but you have to check this yourself as it depends what kind of travel insurance you have, or if any personal insurance you have at home would cover you abroad.
This has not to be a very expensive insurance but it is mandatory in France. Ask the school if they can give you the name of an insurance or two and ask them for the price. The name in French is "assurance responsabilité civile".
You standard travel insurance might not cover it all but you have to check this yourself as it depends what kind of travel insurance you have, or if any personal insurance you have at home would cover you abroad.
This has not to be a very expensive insurance but it is mandatory in France. Ask the school if they can give you the name of an insurance or two and ask them for the price. The name in French is "assurance responsabilité civile".
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