Posted on September 5, 2018
Life insurance is a highly regulated industry and in Kentucky it’s no different. There is a governmental organization designed to regulate life insurance in the state and that is the Kentucky Department of Insurance. This organization is designed to regulate the insurance companies that do business within the state and respond to consumer complaints.
There are also other ways that the state protects consumers and insurers interests. All companies classified as life insurance companies and licensed to sell such policies in the state are required by law to be members of KLHIGA (Kentucky Life and Health Insurance Guaranty Association Act).
Legislation has been enacted setting maximum limits on the amounts that can be paid out by an insurer to one person when that person owns more than one policy on another person. Some types of plans are also outlawed by this legislation. These are inferior products that would not benefit the consumer.
Prior to obtaining a quote in Kentucky, it would be wise to contact the Kentucky Department of Insurance to ascertain whether or not the company is reputable and operating according to the law. You can actually directly contact the department if you have a question or want a little more information on what to watch for and what different insurance products are available.
The major types of plans are: term, whole life, universal, annuities, as well as many other variations and additions to these policies. Additional coverage that’s added to a policy is called a rider, and a common type is commonly referred to as the “long-term care rider.” This is in addition to the death benefit and covers the insured in the event that they need to be housed and cared for in a long-term care facility.
As a Kentucky resident, you have a great deal of rights and you ought to get in touch with the state insurance department if you think you are being treated unjustly in any manner. Once your formal complaint is received, the prevailing body will assess your claim in an expedient fashion and take the proper action as dictated by the circumstances. Just like any other purchase you make, be careful. Do some research before you buy.
Posted on August 30, 2018
Q: While shopping for a cheap Kentucky auto insurance quote, I received one from a company that is quite a bit less than the others. How do I know if this provider is going to cover me properly?
A: We get questions similar to yours quite a bit and it is difficult to tell if the specific quote you got while shopping for a cheap Kentucky auto insurance quote is legitimate or not. In Kentucky, as in most states, the auto insurance industry is fairly competitive. For this reason most companies policies will be similar in price. If the quote you got is substantially less then you have some work to do before you decide if this is a company you would like to do business with.
The low-cost quote you received may well be legitimate and here are a few steps to take to be sure it is:
*Make sure the policy meets the minimum coverage requirement in Kentucky
*If you have significant assets be certain you have enough coverage to protect them
*Call the Kentucky Board of Insurance and be certain the company is licensed
*Ask neighbors, friends, and coworkers if they have any experience with the company
If you follow these steps you should be able to put your mind at ease regarding the cheap auto insurance quote you received.
Comparing auto insurance quotes online is one of the most important things you can do when shopping for coverage. While it does take a few minutes to do, comparison shopping ensures that you receive the best automobile coverage at the lowest price.
Posted on August 24, 2018
Choosing insurance to protect you and your passengers against the cost of accidents and loss after an accident is always a good idea. The state of Kentucky Auto insurance laws actually prescribe the minimum amounts you may insure yourself for.
These limits ensure that you can pay for costs you may incur as the guilty party in an accident. Kentucky laws use a system called the tort system to determine who pays what after an accident happened. The tort system works as follow: the accident investigation will reveal who caused the accident in the first place. This party is then responsible to pay all the other people involved in the accident as far as loss and or costs they may have as a result of the accident.
Keep in mind that this tort system is not in use in all the states of America or countries abroad. Talk to your insurance broker about coverage should you travel in other states or countries.
You may wonder what costs I am referring to. After an accident there could be injuries to yourself or passengers either in your vehicle or should another vehicle be involved those passengers may be hurt as well. The insurance companies refer to these costs that will pay for injury to a person as bodily injury liability.
Federal law in Kentucky determines that you must be able to pay at least twenty five thousand dollars in compensation to a person that suffered bodily harm in an accident you caused. If more than one person was injured, the law puts a cap on the total amount that you may be liable for. This cap is set at $ 50 000 per accident with more than one person injured.
Some accidents result in property damage. Here we think about the car of the second party being destroyed or the items you may hit during an accident – for instance if you drove into somebody’s wall. This property must be replaced or fixed, and again you as the guilty party will have to pay these costs.
The minimum amount you should take out insurance for to cover you against property damage costs was set at ten thousand dollars.
A final item on your insurance list would be personal injury protection – set at $ 10 000 you know that these claims will be taken care of as well.
Insurance not only protect you against being the guilty party in a car accident, it also serves as a way of repairing your own property or payment towards bodily injuries you may suffer when a person with no insurance causes an accident.