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Purchasing Insurance

Insurance is a contract that promises compensation for a specific potential loss in return for a periodic payment. If a company, person or other entity suffers a financial loss, insurance will protect them from this loss. There are some forms of insurance that the law requires a person to have and there are some forms of insurance that are optional for a person to get. When an insurance contract is signed, this indicates that there is an agreement between the insurance company and the person being insured. The insured person will then make payments called premiums to the company in return for the coverage that the contract states. Listed below are a few questions answered by the Experts on issues that deal with insurance.

When a person’s family insurance ran out, they had to purchase insurance coverage on their own. However, the new company put a rider on their child’s pre-existing condition. Would the new health care reform have an impact on this?

The new health care reform cannot take away an insurance company’s right to exclude a pre-existing condition or get them to remove a rider either. Instead, the person may be able to negotiate with the company to change their current plan to include the pre-existing condition at a higher premium.

In the State of Pennsylvania, if a person takes out a loan to purchase insurance but suddenly dies, would the spouse be responsible to pay the loan back?

There are no laws in the State of Pennsylvania that make it a community property state. Therefore, the spouse would not be responsible for the repayment of the loan as long as they did not sign any of the loan papers.

Is a loan company allowed to withhold a loan until the person purchases insurance on the loan?

In most cases, a loan company can require that a person obtains insurance on the loan before they release the money to the person. But there are many companies that choose to not to do this as well. In such a situation, the person would need to contact the loan company and check if they can purchase an outside, term life policy that would cover the life of the loan and the loan amount. This would probably even save the person some money.

A person rented a storage unit to put away furniture and later discovered that it was ruined thanks to a leaky ceiling. Since they did not purchase insurance, can they get the items replaced or recover the value of the items?

The responsibility of the storage unit depends on the contract that the person signed with the owner of the storage facility. If the contract states that the renter takes responsibility for purchasing insurance m, the person would be responsible for the damaged items as the storage facility has limited liability. If the person takes the issue to court, they may only receive a small amount as compensation. So if the owner of the storage facility is willing to pay more, it would be better to negotiate with them instead.

There are many things in life that a person would need insurance for to protect them against potential future losses. Since there are several kinds of insurance that exist, a person may not know what kind of insurance to buy and what would suit their needs best. In this case, turn to the Lawyers who can offer professional opinions and insights both quickly and at an affordable cost.
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