Depending on the domicile of the captive insurance company, there may be potential tax benefits associated with captive insurance arrangements. For example, premiums paid to a captive may be tax-deductible, and captives may be able to accumulate underwriting profits tax-free. However, tax regulations...
A few weeks ago, I had conducted a poll in the Facebook group Asan Ideas for Wealth asking if members would accept such a voluntary deductible. The majority said yes, even though I failed to mention that the deductible is applied per policy year on the total sum insured and not for each...
By including dependents in a health insurance plan, individuals can extend coverage to their loved ones and ensure that they have access to the necessary medical care. Understanding the definition of a dependent and the eligibility criteria is essential for making informed decisions when it comes to...
Learn the key concepts in health insurance plans, so you’ll be ready to sign up for coverage during open enrollment.
Binding is a temporary solution that allows individuals and businesses to obtain immediate coverage, but the insurance company still needs to complete the underwriting process to assess the risks and determine the final terms and conditions of the policy. In summary, the purpose of binding in ...
Your car insurance deductible is the amount of money you’d contribute when your insurance company pays for a covered claim. How do car insurance deductibles work? Here’s an example: Your car slides through an icy intersection and crashes into another driver. No one is injured, but the fron...
What car insurance coverage types do not require a deductible? Liability coverageis required in most states and helps cover injuries and property damage for the other party or parties if you are at fault in an accident. When you buy liability coverage, you will choose a specific amount of cov...
Once you’ve acquired an insurance policy, and you’ve selected to have collision coverage, comprehensive coverage, or both, then you will have to choose the amount of your deductible. “What is a deductible?” You ask. A deductible is how much you, as the bearer of the insurance policy...
You can get this insurance at any insurance agency. It does not have to be with the same company as you are currently dealing with. I suggest you go to a local insurance Managing General Agent for this type of policy. If the insurance agency is not a captive agency, such as State Farm...
When you sign up for a car insurance policy, your insurer asks you to choose a deductible amount for some insurance coverage types, such as collision coverage. A standard deductible is $500, but options range from $0 to $2,000. If you file aclaimrequiring the deductible, you must pay th...