|
Follow us on Twitter!
Frequently Asked Questions
Q: Will my rates increase if I turn in a claim?
A:
It will depend on the insurance company, type of policy and the type of claim.
If you discover your insurance policy covers a certain type of damage and the cost to repair
the damage is greater than your deductible and the impact on your insurance policy premium will be less than the cost of the
claim, you should consider turning in the claim.
Homeowners Insurance premiums can increase after a payout of $1 or more in
a claim. Insurance companies are generally more concerned with frequency of claims than the severity of the claim.
Your individual health insurance carrier will not raise your rates due to claims. If you apply to change
plans or carriers, your application may go through medical underwriting and your rate may be surcharged based on current medical
conditions and recent medical history.
Your auto insurance carrier may raise your rates if you are at fault
in an accident. Typically auto insurance policies allow you to turn in claims for physical damage to your car not caused
by you without raising your rates.
Q: Can I drive anyone's car and be covered on my own policy?
A: Most quality auto insurance policies will extend coverage for you to drive any private passenger
vehicle. The vehicle's policy is always primary and your auto policy will be secondary.
Q: What is a
homeowners policy?
A: A homeowners policy protects your home against certain perils such as fire, theft and vandalism.
Q. What is HIPAA?
A. The Health Insurance Portability and Accountability Act (HIPAA) was enacted
by the U.S Congress in 1996. The law is very complex, but as it relates to health insurance, it allows individuals
the ability to buy a guarantee issue, individual health insurance plan after coming off their COBRA health insurance plan
sponsored by their previous employer.
Q. What is COBRA?
A. The
Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the
right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain
circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce,
and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the
cost to the plan.
|
