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Personal Lines
Parental Liability: When You're Responsible for Another's Actions
By: David Hughes | Writer/Researcher
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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,...
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...
Risk Retention
Risk retention is an individual or organization’s decision to take responsibility for a particular risk it faces, as opposed to transferring the risk over to an insurance company by purchasing insurance. That means the individual or organization has chosen to pay for any losses out of pocket...
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...
How do insurance companies calculate exposure?
Different insurance companies will have their own ways of calculating risk exposures and it will vary for different types of insurance. Most of this actuarial information is complex, proprietary, and not generally available to the public. The actuaries at large insurers use complicated risk models...
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...
