Archive for June, 2009

What Is Risk Management?

I changed my major from Accounting to Risk Management becaus someone told me I should due to my personality not fitting Accounting. The only problem is I do not really know what Risk Management is. My family friend is a Risk Manager and she works for an insurance company… So can someone explain the whole idea to me?

Each business entity is exposed to potential losses from insurable risks. For example, a restaurant can have the building burn down due to fire, employees can get injured on the job and patrons can slip and fall on the premises. All of these events happen often.

A risk manager attempts to find ways of either transferring the risk from these potential losses to another entity (i.e., purchase insurance) or mitigating risks of losses by implementing loss control efforts.

Usually, the risk manager does both of these. At the same time, the risk manager is attempting to find the most cost-effective way of accomplishing it.

For example, the risk manager may decide that it makes the most sense to purchase workers compensation insurance, retain all of the risk of loss from slips & falls, and only retain the first $25,000 of losses from fire damage to the property.

Who pays for the home insurance when you are owner financing it? Also in the state of Texas what insurance c?

Who pays for the home insurance when you are owner financing it? The seller or the buyer? Also in the state of Texas what insurance companies provide mobile home insurance?

Who's name is on the title, at the registrar of deeds? Until the title is passed to the buyer, the house is just a RENTAL, and needs to be insured that way. If this is a land contract, the SELLER should keep the policy to 1. make sure it gets paid and 2. make sure they have coverage in place, should the contract revert to rental. The buyer should THEN carry a renters insurance policy.

If the deed is being transferred immediately, then the BUYER gets the policy. Then the seller just has to hope that the policy gets paid.

Most of the time, owner financing is more hassle than it's worth. If the person isn't credit worthy enough to secure a mortgage on their own, they're most likely going to default on YOUR mortgage, also. Then, depending on the condition of the property, you're left with something basically unsellable.

For mobile home insurance, find an agent that represents Foremost INsurance – www.foremost.com. If the home is more than 20 years old, it's uninsurable. After 20 years, they depreciate to nothing.

If I own an investment property owned under an LLC. Geico says i need commercial ins. Where can I get this?

They say it has to be in my name to get insurance? But most people put it under llc to be protected?

The LLC prevents you from losing your personal property should something happen on the property, it does not prevent your necessity to have insurance. As the owner of the LLC you can get the insurance from any insurance company that issues those policies, I am not sure if Geico does, but All State or State Farm do.

Is auto insurance a ripoff???

I have been driving for 10 yrs (no accidents, no tickets & never been pulled over) i have paid about $125 per month, thats $15,000 that i have been cheated out of. & if i were to get in an accident I would have to pay them a deductible..is it safe to say that Americans are being cheated out of billions ???
Sheesh $15,000….

Basically insurance is the idea that none of us have a million dollars to cover that crazy chance that we seriously injure someone or even $10,000 if we just total someone's parked car. So we all agree we'll put our little amounts of money into this bin and then when one of us do have that accident, we'll take from the bin and pay it.

However maybe you are being cheated because this is my first year with insurance on my own car (I had a company car before so I didn't need insurance) I have 3 speeding tickets on my record, I have full coverage and I only pay about $93 a month. I should be paying more than you if you are a good driver.

How can I file an sr22 form with an insurance company if I currently do not have a car?

This April will be able to get back my license after a suspension due to a DUI about 4 years back, and a reckless driving about 2 years back. I currently do not have a car, and would like to be able to get a quote from a company, but all online ask for vehicle info, I won't be getting a car for another few months, so what is the best way to go about this.

i would ask for quote on car you are thinking about buying. such as a mini van, sedan or a pick up truck. go to progressive.com. they insure high risk drivers like yourself. not to say you are a bad driver, but you are a high risk based on your history.

How do you buy car insurance online if you want to drive your dons vehicle?

He has full coverage but I am excluded on his policy because we have the same address. I no longer have a car so I don't carry insurance anymore but want to be covered if I need to drive my son's car.

all you have to do is have your son add you to his policy….he has to to do this because he is the policy holder….and you having the same address has nothing to do with being on his insurance….i did the same thing with my daughter her car was in my name and i added her as a driver simple as that!

My problem is teeth broken off at gum line and No dental insurance. Solutions?

I have 3 broken teeth (a stub remains) I make fakes out of Sculpy clay. What are crowns etc. made of, and where can I buy it? I know, sounds really weird , but they look pretty good and can last for over a month or more. I figure, if I use the right medium, they will look and last even better. Any suggestions?

You are being very creative but you are putting yourself in a situation to develop a very bad infection. as much as you don't want to hear it but you will eventually need to see a dentist and then you might end up paying more for your treatment. find a dentist and go for a visit before it is too late. there might be a chance that you can use these teeth for a crown and if you wait longer you might not be able to do so and you will loose them.

crowns can be made of metals such as gold or steel or they can be made of porceline or combination of both. you can't just buy a crown from outside bcause dentist has to make some changes to your tooth and then lab will make one special to fit your tooth perfectly. Hope this helps and good luck.

Can an insurance company give a list of your prescriptions to your ex-husband?

I just went to family court and my soon to be ex-husband presented a print out of medications I have been on over the past 7 years. Our insurance company provided him with this list.

Is this legal? I thought there were strict confidentiality laws regarding this!

That is definitely illegal in the UK. Even if the policy were a joint policy, your insurance company does not have the right to disclose personal information without your express permission.

Have you spoken to the insurance company?

When you buy a house do you pay homeowners insurance to escrow or the insurance company for the first year?

I'm buying a house and currently getting the insurance rates.

Escrow. You give your quote to your lender and when you go to close you will pay it there. At least, that is what I had to do.

44% raise in auto insurance premiums for one accident in 19 years with Allstate Insurance company?

I hit a parked vehicle and filed a claim to have my car repaired ($2800 in damages). The owner of the parked vehicle did not file a claim for any damage, even though they were contacted.
Has anyone else had better treatment from other reliable insurance companies and should I look for a change? I thought my loyalty meant something!
I am the only person on this policy and the only driver of my vehicle.

When you’re involved in an at-fault accident you automatically become a risk. The fact that you’re with a preferred carrier, they will raise your rate considerably for the accident was your fault. Loyalty is irrevelant with any insurance company. If you receive an infraction, you will get rated accordingly. Sorry, but it’s the truth.

I would definetely shop around for a better deal. I gurantee you will find a better deal.