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Durable Medical Equipment
Durable medical equipment (DME) is medical equipment that is intended to last for more than one use, and oftentimes is intended to last for months or even years. Examples of durable medical equipment include crutches and oxygen tanks. Many health insurance policies provide coverage for durable...
Free Consent
Free consent refers to an agreement when both parties knowingly and willingly enter into a contract of their own will. This includes agreeing to all of its terms and conditions and a mutual level of understanding of the subject matter in the contract. For a contract to be enforceable and sound,...
Principle of Indemnity
To indemnify someone means to “make someone whole.” The principle of indemnity is one of the fundamental principles of insurance because it is the part of an insurance contract that ensures the insured has the right to compensation and sets limits on how much they can get. The principle...
The Key Elements of an Insurance Contract
Understanding the basic terms of an insurance contract will help you make an informed choice when buying a policy.
By: Mark Cussen | CFP, CMFC
A Look at Uninsurable Risk
Uninsurable risk refers to those things insurance companies won't cover. Knowing what is uninsurable will help you plan for the future.
10 Ways to Prevent Theft and Break-Ins in Your Apartment
Make sure you prevent theft and break-ins in your apartment. Just because you don't own your space doesn't mean you can't take steps to secure it!
Is the date of inception of the insurance policy different than the effective date of the policy?
The date of inception and the effective date of the policy are terms that generally refer to the same thing. They refer to the date at which coverage under the terms described on the insurance policy begins. It signals the start of the contract and, from then until the expiry date, both parties are...
Do I need proof of purchase for stolen items to file a burglary insurance claim?
To put it simply: no. You only need to show proof of ownership to have a valid claim. For example, if you received a gift from a friend and that item was stolen, you would still have a valid insurance claim as long as you could show that you owned the item in question. In general, there are 6 ways...
If I receive a quote, does the insurance company have to honor it?
Great question. As an insurance agent, I deal with different variations of this issue a lot. Here's the typical scenario. A client comes to get a quote for coverage. They take a few days to mull it over. When they're finally ready to buy, they come back, only to find out that the quote is no longer...
