Life Insurance Company California CA
Reader’s Question:
What should I do if the California life insurance company goes bankrupt?
Florence
Los Angeles, CA
The least thing that life insurance consumers want to happen is for their life insurance company to go bankrupt. Policy holders would probably think that they have lost their money and their family would not receive any proceeds upon his/her death. When this happens to your insurance provider, you don’t have to do anything to ensure that you are still protected.
“Guaranty Association” is almost available in every state in the US just like an FDIC handles bankruptcies of bank. With guaranty funds, you can receive proceeds on a certain limit in case your life insurance company becomes insolvent.
The life insurance company that goes bankrupt will send a letter once the company is placed under regulatory control. The state’s guaranty association or the life insurance company’s rehabilitator may also get in touch with you. If you did not receive any notification, you can contact your state’s guaranty association or department of insurance to know the steps to do.
There are cases when the policy holder receives documents and forms that help transfer policy to another insurance company. Continue paying your premiums in any case to keep you policy in force unless you receive an instruction otherwise. If you don continue paying your premiums, your life insurance policy could be cancelled because of non payments.
Tags: life insurance, life insurance company
Tips On Buying Life Insurance Policy California CA
Reader’s Question:
What are the tips when purchasing a life insurance policy in California?
Gilbert
Los Angeles, CA
When people think of purchasing life insurance, they only think of death. To be more objective, you should also think of the amount that will best fit your situation. There are questions that you need to ask yourself when buying a life insurance policy.
The first thing that you need to ask yourself is whether you want the life insurance policy to cover your burial and funeral expenses or pay these expenses using the accumulated cash. You also need to clarify if the life insurance policy will be used to offset estate taxes. If you want to purchase life insurance that will provide income for your family, there factors that may influence your decision in the amount of the life insurance policy that you will purchase such as household repairs and other day to day expenses. When you purchase a life insurance policy to provide income for your family, you may want to consider whether the proceeds will be paid to your family as lump sum or not. At a certain period, you may want to start up a charitable fund or grant using your life insurance policy. If you have children, a college fund through a life insurance policy can be one of the reasons. Some consider buying life insurance to set up a pension fund.
Whatever the reason is in purchasing life insurance policy in California, you need to evaluate whether this is the best way to do it and the amount fits your situation.
Tags: life insurance
Car Insurance Claimants California CA
Reader’s Question:
My friend’s car was involved in an accident. I was with her when the incident happened. Do I need to file for a separate medical payments claim with my own car insurance provider here in California to cover for hospital expenses to treat my injuries from the accident?
Billy
Los Angeles, CA
If the driver (which in this case is your friend) of the vehicle in which you were a passenger is declared at fault in the incident, then you have every legal right to file for a claim to your friend’s car insurance provider there in California. On the other hand, if the other party was declared at fault in the incident, then it will be your friend who needs to file for a claim for you both against the other party’s car insurance provider. And whenever there are physical injuries sustained from a car accident, it is best to contact a personal injury attorney to represent you in filing for a claim from any car insurance provider.
Just because a citation was issued does not mean that that is final. If a car insurance provider receives a claim against their company, they would usually send out their own people to investigate the incident. If their policyholder is indeed found to be at fault, then the car insurance provider will pay the claim. But if the car insurance provider’s investigation finds the other driver at fault, then they will not pay the claim, and worse, deny liability.
If this happens, then your legal representative will withdraw the lawsuit filed against the second party’s insurer and file the lawsuit against your friend’s insurer instead.
Tags: auto insurance claims, car insurance, Car Insurance Company
Declined Life Insurance Coverage California CA
Reader’s Question:
What reasons could there be for a life insurance company here in California to decline coverage?
Byron
Berkeley, CA
There are a number of reasons why you might be declined for life insurance coverage there in California. All of it would most certainly involved the amount of risk you represent towards a life insurance company’s business. Listed below would be some of the general reasons why someone might find themselves unable to obtain life insurance:
” Prior medical history – an individual may have some immediate or recurring form of illness (history of cancer relapse, for example) that may not be within the experience, policy or interest to approve coverage. Terminal illnesses would definitely fall under this category.
” Age – it would be rare to find a provider who would not be highly reluctant to provide coverage to someone who is already 80 to 90 years old. Life insurance would not be practical or cost-effective for both parties at this point.
” Job or lifestyle – if your job or your lifestyle exposes you to extremely hazardous conditions or situations, you may get declined life insurance coverage by most providers.
” History of fraud – very much self-explanatory.
In these cases you would still have options even if they may be very limited. You could look for a life insurance agent who is very experienced in handling high-risk cases, and would know where to look for someone who will grant you coverage, or you may opt to go with a guaranteed acceptance policy which would not ask too many questions but will be more expensive.
Tags: Life insurance coverage, life insurance advise, life insurance application, life insurance
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