It may be that the fact that customers are students may increase the likelihood of a fire loss; but, since the insurer may be assumed to know the facts concerning the occupancy, he would be barred from using the charge of concealment in an attempt to avoid the policy.
Another instance in which the insured is under no obligation to speak results is when the communication of facts has been waived by the insurer or his agent.
The insurance business is conducted for the most part through representatives of insurance companies known as "agents." An insurance agent may be said to be one who is authorized by an insurance company to create, modify, and terminate contracts of insurance between the company and the public.
Whether you hold a policy for whole life insurance or term life insurance, the powers possessed by even cheap life insurance agents are twofold.
First of all, the agent has certain powers which are specifically bestowed on him by the terms of his contract with the insurance company, his principal. He will be told by the company what types of risks and in what amounts he may write.
The second type of powers is the implied powers. Agents are given powers by law which the public may reasonably believe them to have. The legal rules state that the public cannot be expected to know or to inquire into the actual terms of each agency agreement.
If it is reasonable for the public to believe that agents from the best life insurance companies have certain powers, then the best life insurance companies do have those powers; the best insurance company can, so far as the law is concerned, be trusted to not take advantage of the public.
There are two categories of implied powers. One group consists of powers that the agent has exercised and in which the company has acquiesced by failure to protest the agent's action. The second group consists of powers that the agent reasonably may be expected to have because of custom or usage in the business.
It is reasonable to assume that, for whole life insurance, an agent selling affordable life insurance through his company has the power to accept life insurance premiums. If a life insurance company, for quite inexplicable reasons, should not specifically empower an agent to collect premiums, he would be granted the power through the doctrine of implied agency.
Even if the company should state specifically in the agency contract that the agent was not to collect premiums, in the absence of notice to that effect to each and every insured, the courts would hold that insureds could discharge their premium-paying obligations by making payments to the agent.
In all transactions between the prospective insured and the insurance company, the agent is the agent of the insurance company and not of the insured. Knowledge of the agent is knowledge of the company. Anything the agent is told or knows, his insurance company is presumed to have been told or to know.
Comparison Of Insurance Companies
What if I have an accident? Insurance companies have to file their conditions for non-renewal or cancellation with the government. For example, if their policy is "3 tickets and 1 at-fault accident", it doesn't matter if you've been with your insurance company for 20 years or 20 minutes. If you fit into this category, you're out.
Tip: When shopping for a new insurance company ask if they have "Claims Protection." This protects you against your first accident. You should also ask about the company's cancellation policy in regards to multiple tickets or accidents.
Quoted one price, billed another: The only way that your rate should change after you've been quoted is if you failed to report a previous accident or ticket. So make sure you get your quote emailed, mailed or faxed to you before you proceed.
On renewal, will my rate skyrocket? Unlikely. Most rate increases occur because your insurance rep no longer deals with the insurance company they placed you with the previous year. They now have to place you with another insurance company that has higher rates. This being the case, all you need to do is call the original insurance company for the name of another brokerage that they deal with and get them to renew your insurance policy. But always confirm you're with the best rated insurance company by doing a quote online.
I have renewal discounts: Renewal discounts are meaningless if another insurance company has a better rate for you. For example, if you have a home and auto discount, it's the bottom line that counts. The new insurance company, with a better rate, will have home and auto discounts too, which means a better rate for you.
But I'm a "Nine-Star Driver!" So what. You might be a nine-star driver paying a high rate with one company, or a six-star driver paying a low rate with another company. The bottom line is what really matters.
Is there a penalty if I cancel my current insurance early? If you cancel your insurance policy midterm, the insurance company will usually charge you with a penalty fee. But keep in mind that often times, the savings you'll receive with your new insurance company will more than offset any cancellation penalties. If you cancel your policy during its renewal period, there is no penalty as long as you have notified the company ?in writing? in time to cancel your policy.
I've been with my insurance company for long time: "Loyalty" discounts are easily overcome with a better rate from a new insurance company. And if the reason you are not changing is because your parents have dealt with this company forever, then it's time to cut the cord.
The insurance company with the best rates for your parents does not necessarily have the best rate for you.
My insurance rep says I have the best rate: You may have the best rate available to your rep, as their brokerage can't quote you from companies they don't represent. There are a number of insurance companies that offer lower rates and may be better suited for you. Find out for sure by going online to sites like InsuranceHotline.com.
Both Allison Ryan & Lee Romanov are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Allison Ryan has sinced written about articles on various topics from Spa, Finances and Arts. Allison Ryan is a freelance marketing writer from San Diego, CA. She specializes in different types of such as. Allison Ryan's top article generates over 33100 views. to your Favourites.
Lee Romanov has sinced written about articles on various topics from Auto Insurance, Legal Matters and Auto Insurance. Lee Romanov is the founder and president of The InsuranceHotline.com, since 1994. InsuranceHotline.com provides a rate comparison service for auto, home, life and commercial insurance via the internet, now processing over 3,000 quotes a day, international. Lee Romanov's top article generates over 74000 views. to your Favourites.
Aggressive Freshwater Aquarium Fish Wait anywhere from a week to a month before introducing any new fish to the aquarium, allowing the existing fish to become acclimated to their new environment
