Insurance premiums usually have a base calculation. Then, based on your personal information and location, you may have discounts that are added to the base premium that reduces your cost. In order to get preferred rates, or morecompetitiveor cheaper insurance premiums, additional information is us...
What happens if I don’t pay my auto insurance premiums? Should you be unable to pay your auto insurance premium or you forget, your insurance policy will lapse, meaning you won’t have coverage. Proof of insurance is required in all states, so if you get caught, you may get fined. T...
Insurance premiums are essentially the price of your insurance policy. They may apply to health, dental, auto, home, and life insurance — to name a few — and each type of insurance policy has its own rules for determining premium rates. Here’s what to know ahead of open enrollment. ...
what to know about insurance premiumsLaura Dyrda
How are car insurance premiums calculated? Insurance companies consider a variety of risk factors when calculating your car insurance premiums. In most states, insurers are allowed to set your premiums based on your on-road behavior and details about you and your car. ...
Average Health Insurance Premiums If you’re looking for a single standard health insurance price, there’s no correct answer. But it’s fair to say that premiums are relatively costly if you’re getting health insurance on your own, without subsidies or employer help. ...
Property and casualty insurance describes policy types that financially protect losses to your property as well as financially protect you against losses to others that you are liable for. While property and casualty insurance are technically different insurance types, they are typically sold together....
1. Life insurance can be expensive if you’re older or have health conditions Life insurance is most affordable if you’re young with minimal health conditions. Your premiums are determined by your medical profile,family medical history, and age. If you’re older or have serious health issu...
Unexpired insurance premiums are reported as Prepaid Insurance (an asset account). If the retailer has incurred some insurance expense but has not yet paid the premiums, the retailer should debit Insurance Expense and credit Insurance Premiums Payable. Related Questions How do you record a payment ...
Insurance Proceeds and Taxes Insurance proceeds are tax-free in most cases, regardless of the type of insurance or policy. One exception isdisability insurance, which is taxable to the insured as income if the insured used pretax income to pay premiums.2Another is when a homeowner receives insu...