Insurance FAQ's
Insurance is the best gift you can to your family & yourself. Its like a protection racket that will help you in unpredictable crisis.
Here are some questions & their answers that can help you in understanding insurance:
1. Why should I do financial planning?
Life is uncertain and it is not possible to predict exactly the different events that can occur. However, there is always a need to earn income to support yourself and your dependents. Financial planning is required to understand the impact of different events on our lives and on the quality of life for our families. It is like scenario building and understanding what financial requirements we would have at various stages in our lives and hence trying to reduce the financial risks that we are exposed to by proactively taking steps to guard against at least some of these risks. These could include buying insurance cover, investing in mutual funds, fixed deposits or government bonds etc.
2. Why should I buy insurance?
It can take years and a great deal of hard work and money to acquire your family’s personal possessions. Where would the money come from to replace your property if it were destroyed? What would you do if a court ordered you to pay thousands of dollars because of damage to someone else’s property or injury caused by you. Insurance policies protects you against financial loss when these kinds of personal disasters happen. And they happen to people just like you every day.
3. Will filing one claim on my homeowners insurance cause my rates to go up?
No. In most cases, once an insurer reviews your loss history and finds none, one claim should not affect your rates. If the claim exposes some greater risk on your property, however, such as owning a trampoline or new swimming pool, then you may face a rate increase. For more details, see One home insurance claim? Not a problem!
4. Can I insure my parents' home for them?
No. You have to own the property that you insure. However, there are two ways for you to take charge of paying for the insurance premiums on your parents' home. Your name can be added to your parents' homeowners insurance policy as an additional insured, and then their agent could request that the bills come directly to you. Or, you could ask that the bills simply be mailed to your address.
5. I already have life insurance policies. What should I do?
Your need for protection is not fixed – as life progresses, there are new developments that happen and these developments impact the extent to which you need protection. Hence the requirement for life insurance should be reviewed periodically and if there is a shortfall, it should be covered as soon as possible by buying additional insurance cover. You should consult your financial advisor / insurance agent if any events similar to the ones mentioned above have happened to evaluate if your need for protection has changed.
6. Can I get a loan against my insurance policy?
Insurance companies / Banks have different guidelines for different products when it comes to allowing you the facility to get a loan against your policy . Usually, the facility is available, but you should check the policy terms and conditions carefully.
7. Do all insurance companies use insurance scoring?
More than 90 percent of insurers use some form of insurance scoring. In addition to an insurance score, Erie Insurance also considers other underwriting factors. For example, your auto insurance premium is based on criteria such as your driving record, the type of car you drive and how far you drive. Your homeowners premium is based on the cost to replace your home and the distance to the closest fire department, among other factors. Insurance scores are just one factor Erie Insurance uses to determine your rate. Like all insurers, Erie Insurance cannot deny an applicant insurance coverage based solely on an insurance score.
8. Do you need auto insurance when you have a learner's permit?
Your parents need insurance on the car, or anybody you drive with over the age of 25 needs car insurance on their car. You do not need insurance until you receive your own license and car.
9. Why do rate quotes vary depending on the insurance company?
An insurance company’s claim experience, the types of people they insure, and cost for doing business vary from company to company and may cause rates to differ - even by hundreds of dollars.
10. Are other people who drive my car insured under my insurance policy?
To ensure coverage, you should list those individuals on your policy who regularly use your car. However, in general, those who are given permission to drive your car are covered.
News block
| 03/10/2010 04:01 PM |
| Contractors 'divert Somalia aid' |
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Up to half the food aid in Somalia is routinely diverted to corrupt contractors and militants, a leaked UN report says.
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| 03/10/2010 06:10 PM |
| Greeks stage fresh general strike |
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Thousands of Greek workers are expected to bring the country to a halt with a second strike in a month over austerity measures.
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| 03/10/2010 05:01 PM |
| Mexican shakes up world rich list |
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Mexican Carlos Slim overtakes Bill Gates as the world's richest man, according to the Forbes "rich list", with a fortune of $53.5bn.
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| 03/10/2010 07:00 PM |
| DR Congo mines 'hit by extortion' |
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Former rebels in DR Congo, now in the army, are running mafia-style extortion rackets in mines, campaigners say.
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| 03/10/2010 04:06 PM |
| Scientists to review climate body |
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The UN secretary general asks the world's leading science academies to review the UN's climate science body.
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| 03/10/2010 02:17 PM |
| Haiti situation 'dire', Obama says |
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Barack Obama warns that the crisis in quake-hit Haiti is not over, as he meets the country's President, Rene Preval.
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| 03/10/2010 12:29 PM |
| Israel under pressure over homes |
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Israel comes under growing international pressure following its approval of new building in occupied East Jerusalem.
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| 03/10/2010 12:15 PM |
| Berezovsky wins poison libel case |
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Businessman Boris Berezovsky wins his libel case over claims he was behind the murder of former Russian agent Alexander Litvinenko.
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| 03/10/2010 04:55 PM |
| Google to scan old Italian books |
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Italy signs a deal with Google to put online the contents of its two national libraries, including works by Dante and Galileo.
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| 03/10/2010 04:05 PM |
| Israel supermarket uses parody film of Dubai assassins in advert |
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An Israeli supermarket chain uses spoof surveillance footage, parodying that of the alleged assassins of a Hamas commander in Dubai, in a TV advert.
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| 03/10/2010 10:14 AM |
| Baby elephant shocks Sydney zoo with 'miracle' survival |
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An elephant in a Sydney zoo shocks vets by giving birth to a live baby elephant who appears to have survived labour in a coma in the womb.
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| 03/10/2010 03:35 PM |
| Classy Man Utd crush sorry Milan |
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Wayne Rooney scores twice in another irresistible display as Manchester United beat Milan 4-0 on the night and 7-2 on aggregate to ease into the Champions League quarter-finals.
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| 03/10/2010 03:41 PM |
| Real crash out of Champions League |
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Lyon draw 1-1 in the Bernebau to earn a 2-1 aggregate win over Real Madrid.
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| 03/09/2010 06:24 AM |
| Can US broker Middle East peace? |
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Joe Biden is in the region to encourage talks between the Palestinians and Israel. What can be achieved?
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| 09/29/2009 06:16 AM |
| BBC World News |
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| 03/10/2010 06:18 PM |
| Powered pedal |
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Beijing's silent invasion of electric bicycles
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| 03/10/2010 02:37 PM |
| Afghan anxieties |
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Why the UK fears politics and force are out of synch
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| 01/20/2010 04:36 AM |
| Earth Watch |
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Will review of UN climate change body be unbiased?
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| 03/10/2010 04:27 AM |
| Fighting the tide |
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Church authority at risk as scandals spread in Europe
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| 03/10/2010 05:38 AM |
| Jumbo job |
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It's a big task, but how do you recycle a plane?
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| 03/10/2010 09:09 AM |
| Tough task |
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Challenges ahead for new president in quake-hit Chile
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| 03/10/2010 05:38 PM |
| US reports record budget deficit |
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The US government records a budget deficit of $221bn (£147.6bn) in February - the largest monthly deficit in its history.
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| 03/10/2010 04:38 PM |
| BA strike talks end without deal |
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Talks between British Airways and Unite aimed at averting strike action by cabin crew break down without agreement.
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| 03/10/2010 06:07 PM |
| UK snow insurance claims at £650m |
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Insurers paid out £650m from 335,000 claims made as a result of damage caused by the wintry weather in the UK.
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| 03/10/2010 10:57 AM |
| Internet up for Nobel Peace Prize |
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The internet is among a record 237 individuals and organisations nominated for this year's Nobel Peace Prize.
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| 03/10/2010 06:53 AM |
| Mobile phone allows boss to snoop |
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Mobile technology that could allow prying bosses to monitor every movement of their staff is developed in Japan.
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| 03/10/2010 05:19 AM |
| Facebook calls for 'iconic games' |
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Facebook calls on game designers to make an iconic title, such as Mario or Halo, specifically for the social network.
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| 03/10/2010 08:44 AM |
| Lost Boys actor Haim dies aged 38 |
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Lost Boys actor Corey Haim dies at the age of 38, the Los Angeles coroner's office confirms.
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| 03/10/2010 04:19 AM |
| Academy defends Fawcett snub |
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Actress Farrah Fawcett was not in the Oscars memorial segment because she was more known as a TV star, the Academy says.
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| 03/10/2010 02:57 PM |
| EU to back bluefin tuna trade ban |
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EU nations decide to support a ban on international trade in Atlantic bluefin tuna until stocks recover.
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| 03/09/2010 07:26 PM |
| Ring may be giant 'impact crater' |
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Deforestation has revealed what could be a giant impact crater in Central Africa, according to Italian scientists.
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| 03/10/2010 07:08 PM |
| GPs 'lax' on cholesterol targets |
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Many lives could be saved if GPs followed guidelines for reducing cholesterol in those at high risk of heart disease, a study suggests.
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| 03/10/2010 11:49 AM |
| Nigeria charges over Jos killings |
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Police say 49 people are to be charged with murder following communal violence that left scores of Nigerian villagers dead.
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| 03/10/2010 09:24 AM |
| ANC seeks Winnie Mandela answers |
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South Africa's ANC asks Winnie Mandela to clarify a media report in which she apparently fiercely criticised ex-husband Nelson.
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| 03/10/2010 04:43 AM |
| Insurers 'face $7bn Chile bill' |
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The earthquake in Chile may cost the global insurance industry as much as $7bn (£4.7bn), Swiss Re estimates.
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| 03/10/2010 11:19 AM |
| Biden steps up pressure on Israel |
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The US vice-president renews criticism of Israel over an East Jerusalem building project and calls for bold steps for peace.
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| 03/10/2010 07:07 AM |
| 'Bali bomber' killed in Indonesia |
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Indonesia's President Yudhoyono confirms security forces killed Bali bomb suspect Dulmatin in raids in Jakarta on Tuesday.
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| 03/10/2010 02:36 AM |
| China's exports see big increase |
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China's exports surged 46% in February, figures show, raising hopes of a strong recovery in global trade.
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| 03/10/2010 04:11 AM |
| Ashton sets out diplomatic vision |
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The EU's foreign policy chief, Lady Ashton, tells MEPs how she will shape Europe's new diplomatic service, as officials vie for influence.
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| 03/10/2010 05:48 AM |
| EU leader 'pities' UKIP's Farage |
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EU president Herman Van Rompuy says he pities Nigel Farage, the British Eurosceptic MEP who called him a "damp rag".
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| 03/10/2010 04:34 AM |
| Egypt's top cleric dies aged 81 |
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Egypt's top Muslim cleric has died suddenly in Saudi Arabia at the age of 81.
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| 03/10/2010 07:33 AM |
| Iran attacks US over Afghanistan |
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Iranian President says it is the US, not Tehran, that is playing a "double game" in Afghanistan.
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| 03/10/2010 12:17 PM |
| Pakistan attack kills aid workers |
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Militants attack the office of a Western aid agency, killing six people and wounding others, the agency and police say.
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| 03/10/2010 01:56 AM |
| Pakistan bans for Yousuf and Younus |
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The Pakistan Cricket Board issues indefinite bans to former captains Mohammad Yousuf and Younus Khan for "infighting".
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| 03/10/2010 05:15 PM |
| Labour MP facing expenses probe |
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Labour MP Harry Cohen is being investigated by the police over his expenses claims, the BBC understands.
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| 03/10/2010 12:59 PM |
| Pakistan kidnap father returns to UK |
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The father of a British boy kidnapped in Pakistan returns to the UK against the wishes of the country's police, the BBC learns.
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| 03/10/2010 02:01 PM |
| Ex-chief warns over defence funds |
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Ministers will have to cut back all but the most essential projects to meet a funding shortfall, a former defence chief warns.
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| 03/10/2010 04:06 PM |
| Tories allege plan to cut police |
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The Tories allege ministers plan to cut the number of uniformed officers despite a pledge to protect front line police.
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| 03/10/2010 07:09 PM |
| Fire College 'failed fire safety' |
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The UK Fire Service College failed to comply with fire safety laws when part of its own premises burnt down, the BBC learns.
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| 03/10/2010 06:01 PM |
| Schools offered gang trouble tips |
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Schools in England are being issued with new guidance on how to spot signs that children are involved with gangs.
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