Jacques Wong

Q&A by Jacques Wong



First, lets have a quick refresher on the difference between the two types of cancellations: pro rata and short rate (we'll ignore flat...


Let's first take a look at what an insuring clause is. An insuring clause is one of the most important—if not the most important—elements...


First, lets start off by talking briefly about the differences between an insurance agent and an insurance broker. The key difference is...


You can think of your insurance agent as your insurance salesperson. In general, their job is to work with you to help you understand your...


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...


There are a few common scenarios in which an insurance company might reevaluate a piece of business and make adjustments.Have you ever had...


First, lets start by talking about what "guaranteed insurability" is. Having a guaranteed insurability option on your insurance contract...


Let's start this off by first talking about what it means to flat cancel an insurance contract. To flat cancel an insurance contract means...


The easiest ways to reduce your premium despite being deemed a substandard risk is to either increase your deductible or reduce your...


Clients who are concerned about this problem generally fall into one of two categories: building owners and tenants. The likely concern...


To put it simply, tenant improvements and betterments are all renovations that are paid for by an insured who does not own the building or...


First, let's talk a little bit about how aviation exclusions work in a life insurance context. It works in different ways depending on your...


Like the name implies, vandalism and malicious mischief (VMM) policies cover losses caused by vandalism. They are a default feature of most...


The short answer is "yes." But it depends on a few factors, like how often you use it for work, distances traveled, and the type of work...


Different insurance companies will have their own ways of calculating risk exposures and it will vary for different types of insurance....


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...


A partial loss refers to property that has been damaged but is still functional. Despite the differences between them, insurance claims on...


Let's start by going over what "vacant" means. A vacant building is one that is without regular occupants and whose former occupants have...


In some sense, yes it does. There is no difference in premiums paid for choosing different payment methods (cash, check, credit card)....


Under normal circumstances, changing insurance companies will not affect your credit score. People and businesses change insurance...


In general, the answer is no. However, there are situations where premiums may be higher due to factors incidentally related to a...


Insurance companies audit the businesses they insure for a variety of reasons, most of which are entirely benign so there's no need to...


To put it simply, an independent insurance agent is someone who works for you. Your independent agent will help you determine what kind of...


First, let's talk about the main difference between the two: actual cash value factors in depreciation, whereas replacement cost does not....


First, let's define subrogation: subrogation is one of the fundamental concepts in insurance and it means to "place oneself into the shoes...


In general, your credit score has no direct effect on your insurance premiums. However, depending on your insurer, there are two...


Actual Cash Value (ACV) is one of the ways insurers determine the insurance value of something (find out How Auto Insurance Companies Value...


Replacement Cost is one of the 3 methods of calculating something's value. The other two are Actual Cash Value and Book Value. Book Value...


To put it simply, flood damage, by itself, is usually not covered by your typical homeowners insurance policy. Flood, as a standalone peril...


To put it simply, living in a flood zone affects your flood insurance premiums by influencing your level of exposure to a flood-related...


The get a sense of how whole life and term life insurance policies differ, let's look at a few key features commonly seen in each kind of...


In short, yes, they still can. Workers Compensation is offered on a no-fault basis, meaning that the employee doesn't need to prove that...


Umbrella insurance is an additional liability policy on top of existing insurance. It cannot be purchased as the primary policy. The...


Yes, debris removal is typically automatically covered under a homeowner insurance policy (learn more about your coverage in Breaking Down...


The simple answer is: no, a homeowners insurance policy will not cover nuclear explosion because it is explicitly excluded by the wording...


In my work as an insurance salesman, I hear this question a lot. The short and easy answer to this question is a resounding yes! You will...


A standard home insurance policy will typically provide coverage for your jewelry, watches, gems, and furs (learn more in Breaking Down...


A coinsurance clause is a common clause in many policy forms that requires an insured to purchase a minimum amount of insurance based on a...