Q. I want to start an insurance company, but I need to know what kind of insurance I need to purchase for my own company. I have done research and can't find this. (Please do not tell me how to start one, or anything else besides what insurance I need, if any.)
A. Do you want to start an insurance company or an insurance agency? There is a difference. I'm guessing you want to start an agency because if you had the millions of dollars needed to start an insurance company you'd have the knowledge already or at least the money to hire someone who knew.
For an agency you'll need E & O insurance. Also, depending on your situation you'll need a business general liability and property coverage. You'll need business auto or at least a business classification on your auto insurance if you have vehicles. If you hire someone you'll need workman's comp and possibly health insurance, disability, etc. for the employees.
For an agency you'll need E & O insurance. Also, depending on your situation you'll need a business general liability and property coverage. You'll need business auto or at least a business classification on your auto insurance if you have vehicles. If you hire someone you'll need workman's comp and possibly health insurance, disability, etc. for the employees.
How is mandating insurance companies to insure children with preexisting conditions called insurance?
Q. If the government is telling insurance companies that they have to giving insurance to children with a preexisting conditions; isn't this simply telling insurance companies to pay for all children with a sickness? How is that legal?
A. Health insurance companies are not actually insurance companies. They are Health Maintenance Organizations (HMO), they were created by the federal government. If we had real health insurance, just like we have car insurance, then it would be cheap and competitive.
I don't know if everyone in the federal government is mentally retarded or just evil. They create all of these horrible problems (they caused rising rates by creating HMOs), and then the "solution" to the problem they created is always for the federal government to take over and eliminate the private sector.
If America does not wake up, there will be no private sector left.
I don't know if everyone in the federal government is mentally retarded or just evil. They create all of these horrible problems (they caused rising rates by creating HMOs), and then the "solution" to the problem they created is always for the federal government to take over and eliminate the private sector.
If America does not wake up, there will be no private sector left.
Is the auto-insurance claim information shared if I switch the insurance company?
Q. Hi!
I am with auto-insurance company X right now and due to few number of insurance claims that I had made, my insurance is going up. I am wondering if I try to switch to some company Y, will X share my claims information with Y?
Thanks!
I am with auto-insurance company X right now and due to few number of insurance claims that I had made, my insurance is going up. I am wondering if I try to switch to some company Y, will X share my claims information with Y?
Thanks!
A. Most of the time, yes they will find those prior claims.
Many insurance companies participate in a national database that tracks claims. They will also check you MVR records of any tickets or accidents. It is very difficult to slip one past an insurance company.
Fraudulently stating fewer claims than you actually have is not a good idea. If you filed another claim and the prior ones were discovered, they could deny the new claim, back charge you a higher rate, and/or cancel the policy on the spot.
Because your rate went up due to the claims, it's not a bad idea to shop around, just make sure they are rating you with knowledge of those prior claims.
Many insurance companies participate in a national database that tracks claims. They will also check you MVR records of any tickets or accidents. It is very difficult to slip one past an insurance company.
Fraudulently stating fewer claims than you actually have is not a good idea. If you filed another claim and the prior ones were discovered, they could deny the new claim, back charge you a higher rate, and/or cancel the policy on the spot.
Because your rate went up due to the claims, it's not a bad idea to shop around, just make sure they are rating you with knowledge of those prior claims.
How can insurance companies not refuse insurance for people with pre existing conditions?
Q. Under Obama's health plan, insurance can't be refused because of a pre existing condition (at least that's what I heard). How would that work? Why would anyone get insurance before getting sick? How would that not bankrupt the companies?
A. Only stupid people would buy insurance before they need it. It would bankrupt companies, or more likely, drive prices through the roof.
Just like, why would you buy a lottery ticket good for the drawing, BEFORE you know what the numbers are, if you can also buy it AFTER, for those exact numbers?!?
This concept is called "adverse selection", and the politicians have been working VERY HARD to ignore it.
Just like, why would you buy a lottery ticket good for the drawing, BEFORE you know what the numbers are, if you can also buy it AFTER, for those exact numbers?!?
This concept is called "adverse selection", and the politicians have been working VERY HARD to ignore it.
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