AAA-American Academy of Actuaries

 

TruePoint Insurance LogoKey Insurance Words and Phrases

 

 

The American Academy of Actuaries is a professional association that creates professional standards for credentialed actuaries via several organizations.  The group also works with US policymakers by providing insights and actuarial expertise on risk and financial security issues.

To learn more visit their website at:

http://www.actuary.org/

Who buys renters insurance, the tenant or the landlord?

“Who buys renters insurance? The tenant or the landlord?” is easy to answer: The Tenant.¬†

If you want renter’s insurance, you’ll need to contact TruePoint Insurance in Fisherville, KY to get a quote because it’s unlikely that your landlord is going to cover your personal property for you.

Do you¬†need¬†renter’s insurance?

The short answer is: It depends on what you want to be covered. You might not have much going on in your apartment. If it’s a small studio and most of your stuff is in storage or back at mom and dad’s house, what do you need renter’s insurance for? You might not want to bother getting an air mattress and a TV covered if this is just a temporary place.renter's insurance, renter's insurance in ky, ky rent insurance, rent insurance, insurance for renters, insurance for renter's, insurance for apartments

But before you say no it’s important to consider the liability risk.¬† Lots of things can happen that could expose you to a lawsuit.¬† You have friends over and one gets hurt.¬† You may think your friends aren’t going to sue you.¬† I hear you, they may not.¬† What happens if your friend brings a friend and they get hurt.¬† Different ballgame.¬† What happens if your negligence leads to fire, you give tricker treaters some bad candy; things can get pretty ugly pretty fast and with the general liability protection included with your renter’s policy you are on your own.¬† No money to pay claims and no one to help defend you.

But you might not have a choice

Apartment renter's insurance, insurance for my stuff, insurance for renter's, rent insurance, ky rent insurance, where to get renter's insuance, best renters insurance, get renter's insuranceIt used to be that rental properties were something of a renter’s market. You could always go somewhere else with your hard earned money. Now, landlords know that renters are¬†desperate. Many landlords may require tenants to have renter’s insurance. It might not be fair to tenants, but that’s capitalism for you. When you have something scarce, you tend to leverage it for whatever you can get, and renters insurance takes some of the pressure off of landlords.

But that doesn’t have to be such a bad thing. TruePoint Insurance can set you up with a solid insurance package at a reasonable price so that you can cover your belongings in your apartment without breaking the bank. Whether you want to stay protected or renters insurance is part of the lease agreement, it doesn’t have to be unreasonably expensive. Contact the agents of TruePoint Insurance in Fisherville, KY for additional information related to renter’s insurance.¬† If you are ready to get started on a quote let TruePoint show how to further reduce your cost.¬† We do this by packaging your auto and renter’s policy which reduces the cost on both.¬† Give us a call at 502-410-5059.

Tackling Insurance Terminology: “What is Libel?”

 

 


Insurance Terminology

August 30, 2018

Libel

Defaming another via some permanent source.  Damaging the reputation of an individual or entity by publishing false statements.  Unlike slander which is considered to occur when the defamation is spoken, libel is generally created through published, written, broadcast or streamed medium or media.

 

 

Related Terms and Phrases

  • Slander¬†
  • Personal Insurance Coverage for Libel & Slander
  • Business Insurance Coverage for Libel & Slander¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Understand the implications of waiving the right of subrogation

TruePoint Insurance Logo

  Risk Management  Raising Awareness
    
August 29, 2018

STOP! VERY LOUD STOP!

Before you agree to a Waiver of Subrogation

If you are a vendor, supplier, sub-contractor, third-party provider or tenant, you may have been asked to sign a Waiver of Subrogation.  It may have come in the form of an endorsement/stand-alone document or it may have been part of a broader contract.  WARNING: Do Not Take These Lightly!

By waiving the right of subrogation, you are signing a court-tested, legal document which will make it impossible for your insurance company to recover money they are due from an At-Fault third party.¬† While the Waiver of Subrogation may be required before you can get a job, rent a commercial¬†space, or provide materials or products, you aren’t authorized to grant this Waiver.

Am I prohibited from entering into a contract that contains a Waiver of Subrogation?  No, you may very well be able to enter into such an agreement.  However, before doing so you need to provide the information to your insurer.  The will either authorize the waiver or provide you with guidance regarding the language that would be acceptable.    Return to TruePoint Home Page

What happens if I already have entered into a Waiver of Subrogation?  DO NOT HIDE or OVERLOOK this.  Failure to disclose this information could result in cancelation or denial of coverage.

 

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Waive the Right to Subrogate

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

August 18, 2018

Waive the Right to Subrogation

or a Waiver of Subrogation is legal language found in contractual agreements between the insured and a third party.  This endorsement when appearing in an executed contract relinquishes the right for the insureds insurance company to subrogation against the third party.  There are many negative implications associated with signing a contract containing a subrogation waiver.

We strongly advise that you contact your insurance agent and your attorney prior to signing any contract requiring you to waive the right of subrogation.  The bottom-line is that waiving subrogation is the right of your insurance company, not yours.

 

TruePoint Insurance that's always on target

 Understand the implications of waiving the right of subrogation.

 

Related Terms and Phrases                           Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Subrogation Claim

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

August 27, 2018

Subrogation Claim

Subrogation is the process of one standing in for another.  As it relates to insurance, subrogation is the legal process which transfers authority to an insurance company, allowing them to file a claim against a third party.

The subrogation claim process works along these lines.  In most cases, the actions related to a subrogation claim between the two insurance companies.  Even though the insurance company for the damaged party is not liable, to rectify the situation as quickly as possible, they will most likely work to settle the claim with their customer.

Once they have closed the claim they will seek to be reimbursed.  The At-Fault party is legally responsible and they will now get to the business of getting their money back.  As mentioned earlier, subrogation language in your policy allows the insurance companies to proceed without input.  In most cases, the subrogation process is totally seamless as far as you the customer goes.

In some instances the matters are moved into the courtroom.  At this point, if you are the At-Fault party in an accident, your level of input it matters will most likely increase and you will receive notice of legal action against you.  While most of the actions will still be between the two insurance companies, you could be required to testify among other things.

 

 

Related Terms and Phrases                           Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Subrogation

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

August 26, 2018

Subrogation

Is a legal term that simply means someone stands in for another.  Review the related terms below to learn the role that subrogation plays in the insurance industry and how it might possibly impact you.

 

 

 

Related Terms and Phrases                           Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Subrogation Clause

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

August 25, 2018

Subrogation Clause

Is a legal term that simply means someone stands in for another.  The subrogation clause is the provision in an insurance policy which grants an insurance company the right to subrogate.

 

Related Terms and Phrases                           Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Slander

TruePoint Insurance Logo

Key Insurance Words and Phrases

 

 

August 24, 2018

 

Slander

Defaming another via the spoken word.  Damaging the reputation of an individual or entity by making false statements while speaking to another person.  Unlike libel, which is generally considered to occur when the defamation occurs through published, written, broadcast or streamed medium or media, slander occurs through oral communications.

 

 

Related Terms and Phrases

  • Libel¬†
  • Personal Insurance Coverage for Libel & Slander
  • Business Insurance Coverage for Libel & Slander¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†Return to TruePoint Home Page

 

copyrighted 2015-2018 TruePoint insurance group, llc all rights reserved

Covering Funeral Directors

insurance for funeral homesWe’re born, we live and we die, and how we’re treated in death is surrounded by ritual and ceremony. For those who have suffered a loss, emotions rule and there’s a tremendous reliance on others to help commemorate the passing of a loved one. Funeral directors and morticians have a critical role and, because of their position, are vulnerable to lawsuits should plans go Insurance for Funeral Diectorswrong.

Like any other businessperson, funeral directors and morticians need to have general liability protection to handle losses related to routine circumstances that could happen as easily at a gas station, grocery store, dance studio or tax office. But ‚Äúgeneral‚ÄĚ coverage does NOT handle losses that are directly connected to their professional duties. Professional Liability coverage will differ according to the insurance company providing the protection because coverage is not standardized. Regardless, most policies will likely handle the following:

Bodily Injury РCoverage applies for any professional malpractice error or mistake in the embalming, handling, disposition, burial, disinterment or removal of any deceased human body or any conduct of any memorial service by the insured. Injuries involving burial rights as well as mental anguish are also covered.

Property Damage Рmay cover damage to or destruction of urns, caskets, linings or fittings, casket eases, crypts, mausoleums or similar facilities. Protection is also available for claims connected to loss of damage to property that is in the care (possession) of a funeral director and staff, such as a body as well as personal effects.

Defense Рprovides protection for the costs of providing a legal defense against claims and lawsuits. Care has to be taken about this insuring funeral home directorscoverage. It makes a huge difference whether these costs are provided as separate protection or if payments are deducted from the amount of policy limits purchased.

Exclusions¬†‚Äď typically, such policies will not protect against intentional acts (fraud, misrepresentation and deliberately violating laws or regulations), contractual liability, losses involving motorized or animal-drawn vehicles, losses to property owned by the funeral operation, losses involving medical wastes and chemicals and other sources of loss that are meant to be covered by other types of policies.

Funeral directors and the people who work for them have many, important responsibilities, including the need to contact an insurance professional to make sure they have protection for mistakes that they may make.

Return to TruePoint Home Page

 

 

COPYRIGHT: Insurance Publishing Plus, Inc.2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.