How Are Auto Insurance Rates Calculated?

Tue, 29 May 2007 21:19:00 GMT

There is a different base rate for each type of car and geographical area. While individual companies may differ in the amounts they assess for each factor, the major rating factors are fairly universal. These factors are as follows:

Your age
Statistics show that, as a group, drivers under age 30 have more accidents per mile driven than the general population. Thus, young drivers are charged higher rates, as are families with young drivers in the household.
Your gender
Young men are involved in more accidents per miles driven than any other population group. The difference is especially pronounced for male drivers under 30. Washington law allows insurance companies to charge on the basis of gender and age where the actual proof of differences in risk exists.
Your car
As a rule, the more expensive your car, the more you will pay. Because sports cars and high performance cars are involved in proportionately more accidents, cost more to repair and are more likely to be stolen, they cost more to insure.
Your location
The higher number of accidents in a more heavily populated area raises both liability and collision premiums. The law allows a company to calculate your rate based upon your address, even though you may drive to a more urban or rural area. It is anticipated that most miles driven are within a certain radius of the home address.
Driving patterns
The more you use your car the higher your rates. A car used to commute 15 or more miles to and from work has an increased risk of being involved in an accident, than one that is driven for pleasure use, not on a daily basis.
Your driving record and claims history
Most companies apply a surcharge to drivers who have been involved in an accident or convicted of multiple traffic violations. Also, the more claims you have made, the higher your rates are likely to be.

An Auto Insurance Company Is Not Offering To Pay 100 Percent Of My Damages On A Liability Claim. Can You Help?

Mon, 04 Jun 2007 21:51:22 GMT

NHDI has the authority to determine if the insurer conducted a complete investigation prior to making their determination of fault. The New Hampshire Department of Insurance does not have the authority to decide issues of fault in an accident. If you do not agree with the insurer's assessment of fault, you have to ask the courts to rule on the matter or pursue your claim under your own policy of insurance.

Can A Finance Company Take Out Insurance On My Car And Charge Me For It?

Tue, 29 May 2007 21:19:00 GMT

Yes, if under the terms of your loan, you agree to provide comprehensive and collision insurance, and you fail to do so. The lending institution can obtain a policy to protect its interest. These policies typically do not offer liability insurance coverage to meet the state's financial responsibility (mandatory liability) laws.

Can An Insurance Company Cancel My Auto Or Homeowner's Policy?

Tue, 29 May 2007 21:19:00 GMT

Yes. If an auto policy is involved, they can cancel if the consumer fails to pay the premium or if the consumer's license has been suspended or revoked during the term of the policy. If a homeowner's policy is involved, they can cancel if the consumer fails to pay their premium, if there is a fraud or serious misrepresentation when completing the insurance application, if the consumer is convicted of a crime or if changes are made to the property that increase the risk of loss. An insurance company can cancel a new policy for almost any reason within 60 days of the issue date of the new policy.

Can An Insurance Company Write An Estimate Using Parts Not Made By The Original Manufacturer Or Salvage Parts?

Tue, 29 May 2007 21:19:00 GMT

Yes, they do not have to put new parts on a used vehicle. A company only has to return the vehicle to its condition before the damage.

Can Anyone Buy Individual Health Insurance?

Tue, 29 May 2007 21:19:00 GMT

In New Hampshire, your access to individual health insurance may depend on your health status. Private insurers in New Hampshire are not prohibited from turning you down, charging more, or limiting coverage because of preexisting conditions. If you are federally eligible, NHIF is your only guaranteed access to individual health insurance, though you may be able to buy individual coverage from other insurance companies.

Can Credit History Be Used As A Reason To Non-Renew Or Refusal To Insure My Home Or Car?

Tue, 29 May 2007 21:19:00 GMT

Yes. Current New Hampshire law does not prevent an insurer from doing so.

Can Health Insurance Companies Deny My Application For Individual Insurance Due To A Health Condition?

Tue, 29 May 2007 21:19:00 GMT

Yes, the company has the right to deny coverage for almost any reason on a new application. However, once you are accepted for coverage the company cannot cancel your policy except for nonpayment of premium.

Can I Be Added To My Parents' Automobile Insurance?

Tue, 29 May 2007 21:19:00 GMT

If you drive a family car, you can be added to your parents' policy; however, the cost of the policy will increase. If you have your own automobile, your parents' company may sell you a separate policy but at a different rate than your parents. You must also be under a certain age in New Hampshire, that being 25, and be either living at home or a fulltime student. Your parents' name must also appear on the title of the car you drive.

Can I Be Denied Group Coverage If I Am Sick At The Beginning Of The Coverage Period?

Tue, 29 May 2007 21:19:00 GMT

All group health plans in New Hampshire must limit exclusion of preexisting conditions. There are rules about what counts as a preexisting condition and how long you must wait before a new group health plan will begin to pay for care for that condition. Generally, if you join a new group health plan, your old coverage will be credited toward the preexisting condition exclusion period, provided you did not have a long break in coverage.

Can I Be Denied Group Coverage In New Hampshire?

Tue, 29 May 2007 21:19:00 GMT

Coverage under your group health plan (if your employer offers one) cannot be denied or limited, nor can you be required to pay more because of your health status. This is called nondiscrimination.

Can I Be Forced To Wait For Coverage To Begin If I Am Sick When I Buy Individual Insurance?

Tue, 29 May 2007 21:19:00 GMT

Other than in NHIF, there are no limits on preexisting condition exclusion periods under individual health plans in New Hampshire. Coverage for preexisting conditions may be temporarily or permanently excluded. Also, individual plans may exclude conditions for which you ever got care or for which the insurer thought you should have sought care. This is called the prudent person rule. Finally, individual plans can also impose preexisting condition exclusion periods on pregnancy and on genetic information.

Can I Be Forced To Wait For My Group Coverage To Begin?

Tue, 29 May 2007 21:19:00 GMT

Yes. This is called the preenrollment period, usually between 3090 days. These waiting periods, however, cannot vary due to your health status. However, if you simply change group plans, you cannot be forced to wait for the new coverage provided that you can provide proof of continuous creditable coverage.

Can I Carry Over Course Credit?

Tue, 29 May 2007 21:19:00 GMT

Excess credit hours accumulated during any biennium may not be carried forward to the next biennium.

Can I Choose Where I Want To Have My Car Repaired?

Tue, 29 May 2007 21:19:00 GMT

Yes. You are generally free to choose whatever shop you want to do the work. However, the insurer is only obligated to pay for the going rate for repairs in your area. Therefore, if the shop you choose charges a higher labor rate, you may end up paying the difference.

Can My Doctor Bill Me For The Services I Received When I Am Covered Under An Hmo?

Tue, 29 May 2007 21:19:00 GMT

No. Under New Hampshire law, a network contracting provider cannot bill you even if the insurance company is slow in paying; and they cannot bill you for the difference between the amount charged and the amount they are paid by the insurance company. You are only responsible for your copayments, deductible or coinsurance.

Can My Employer Change Our Health Insurance Carrier And Level Of Benefits During The Year?

Tue, 29 May 2007 21:19:00 GMT

Yes. It is completely up to the employer whether or not they will offer health insurance to employees at all and they can change carriers and level of benefits at any time.

Can My Health Insurance Be Canceled If I Get Sick?

Mon, 04 Jun 2007 21:51:22 GMT

No. Your health insurance cannot be canceled because you get sick. All health insurance is guaranteed renewable.

Can My Health Insurance Carrier Continue To Raise My Premium Rates?

Tue, 29 May 2007 21:19:00 GMT

Yes. New Hampshire is an open competition state and, as such, we do not have the authority to regulate premiums on most types of health insurance. Our state relies on competition among companies to determine the premium rates. Medicare supplement insurance premiums are subject to some regulatory oversight.

Can The Company Refuse To Renew My Auto/Homeowners Policy?

Tue, 29 May 2007 21:19:00 GMT

Yes, a company can refuse to renew a policy for almost any reason. An insurer must give you 30 days notice and the specific reason for their refusal to renew.

Can The Driving/Accident Records Of My Child/Spouse Have An Impact On My Ability To Buy Auto Insurance?

Mon, 04 Jun 2007 21:51:22 GMT

Yes, the driving record of any licensed driver in your household will affect the decision of the insurance company to insure your vehicle(s). It can cause you to be turned down for insurance coverage or to pay highrisk insurance premiums. You may want to ask your agent or insurer about a driver exclusion endorsement.

Can The Insurance Company Tell Me Where To Have The Repair Work Done Under Either Homeowners Or Auto?

Tue, 29 May 2007 21:19:00 GMT

Yes, if the insurance company is willing to guarantee the work. You always have the option to go to the repair shop of your choice, but you will be responsible for the additional costs. Your insurance company may only be obligated to pay for the lowest estimate.

Can The Insurance Provider Require The Repair Shop To Use Generic Or Used Parts?

Tue, 29 May 2007 21:19:00 GMT

Generally, the insurance provider must reimburse you for the repair or replacement of your vehicle with like kind and quality parts. However, the parts may not have to be new parts. If the parts and repairs are guaranteed by the repair shop, and are in the same condition as the parts damaged, they conform to the repair requirements. If you insist on certain parts you may have to pay the additional cost.

Do All Auto And Homeowners Policies Have A Grace Period?

Tue, 29 May 2007 21:19:00 GMT

No, New Hampshire law does not require any auto policy to have a grace period .

Do I Have A Grace Period For The Payment Of My Automobile Insurance Premium?

Tue, 29 May 2007 21:19:00 GMT

No. There generally is no grace period in an automobile insurance policy. New Hampshire allows for immediate cancellation of your policy for unpaid premiums, with proper notice.

Do I Have To Have A Workers Compensation Policy?

Tue, 29 May 2007 21:19:00 GMT

If you are a construction employer and have one or more employees, workers compensation law requires you to have a policy. For all other types of employers, you must have a policy if you have five or more employees. It doesn't matter if the employees are fulltime, parttime, permanent, or temporary. Although you may not be required by law to carry workers compensation insurance, you may want to purchase workers' compensation coverage to reduce exposure to civil liability for workplace injuries and jobrelated disabilities. Speak with your agent or broker to discuss the possible risk exposure you may have if you do not buy workers' compensation insurance.

Also, some employers will not contract with your company unless you have a policy. If this is their requirement, you will have to buy a policy.

Do You Have To Buy Uninsured Motorist Coverage On An Auto Policy?

Tue, 29 May 2007 21:19:00 GMT

Yes, an insurance company cannot issue a contract of automobile liability coverage in New Hampshire without including uninsured motorist coverage on the policy.

Does New Hampshire Control Auto And Homeowner Premium Rates?

Tue, 29 May 2007 21:19:00 GMT

No. New Hampshire allows companies to set their premiums.

Does The Company Have To Refund My Premium On The Auto/Homeowner's Policy If I Cancel The Contract?

Tue, 29 May 2007 21:19:00 GMT

Yes. However you may receive less than the unearned premium because the company may charge the consumer for processing the cancellation or setting up the original policy.

Does Workers Compensation Cover My Family Members?

Tue, 29 May 2007 21:19:00 GMT

As of August 28, 1998, family members are covered unless they are specifically excluded on an endorsement (NCCI form WC 00 03 08, Partners, Officers and Others Exclusion Endorsement). However, even if family members are excluded, they are still counted towards the number of employees to determine if you are required by law to carry workers compensation insurance.

Does Workers Compensation Cover Sole Proprietors, Partners And Corporate Officers?

Tue, 29 May 2007 21:19:00 GMT

Sole proprietors and partners are considered employers, not employees, and are not covered by your policy. Sole proprietors and partners can be added to the policy by endorsement. Payroll for all sole proprietors and partners is currently assessed at $15,600 per year.

Corporate officers are considered employees of the corporation and must be covered. An exception is made for corporations when there are no more than two owners of the corporation who are also the only employees of the corporation.

Currently, payroll for corporate officers is based on actual payroll, subject to a minimum of $250 per week and a maximum of $500 per week.

How Are The Premiums Determined?

Tue, 29 May 2007 21:19:00 GMT

The premiums are determined by looking at the individual's age, medical history, family medical history and career. Life insurance is a complex subject that has its own language. In order to shop intelligently, it would be helpful to be familiar with the types of life insurance products available. Please refer to the question What are the different types of life insurance policies? for a brief explanation of life insurance policies.

How Can I Find More Information On The Continuing Education Requirements?

Tue, 29 May 2007 21:19:00 GMT

The New Hampshire Insurance Department has contracted with Assessment Systems Inc. (ASI), of Philadelphia, to administer our continuing education program. In this role ASI will be responsible for the review of all new course applications, the recertification of existing courses, and the banking of CE credits.

NH licensees and CED Sponsors can use the following toll free numbers to make inquiries:

Individuals 18772240227
Sponsors 18773648097

How Can I Obtain Insurance If Several Companies Have Rejected Me?

Tue, 29 May 2007 21:19:00 GMT

If all attempts fail and you are unable to obtain automobile insurance, some states allow you to obtain insurance through a state insurance program. However, this program should be a last resort because the premium rates are generally higher than those of private companies are.

How Can I Save Money On My Auto Insurance?

Tue, 29 May 2007 21:19:00 GMT

There are several ways to save money on car insurance. However, it is important to maintain adequate levels of insurance to cover unexpected accidents. The following are some examples of how to save money on car insurance while maintaining safe levels of coverage.

Car choice
Before you buy a car, check with your agent to see how much the rate for the car you have chosen will be and if the premium and the car payment fit within your budget.
Deductible choice
Your insurance premium can be decreased if you increase your portion of the risk. Raising your collision and comprehensive deductibles from $250 to $500 or higher can save you nearly half the cost. However, it is important to remember that you will have to pay the higher deductible any time you use the lower premiums.
Discounts
Ask each company what special discounts it offers. For example, discounts are often available to young drivers who are good students or have taken a drivers education course. Discounts are also available to seniors who take an additional drivers education course.
Streamline your policies
You may have an overlap in coverage, such as medical coverage and health care, or collision and uninsured motorist property damage Ask your agent to explain what each coverage offers.
Shop around
Because each company's rates are based on its own loss experience, the premium charged by different companies can be different for the same driver. However, the cheapest insurance is not necessarily the best.

Companies differ in the skill, care and speed with which they settle customer claims. It is important to research any companies that your have never heard of before.

How Do I Buy A Policy?

Tue, 29 May 2007 21:19:00 GMT

You can buy workers compensation insurance from a private insurer. Your agent or broker has access to workers compensation companies and can provide you with quotes.

How Do I Contact The New Hampshire Insurance Department?

Mon, 04 Jun 2007 21:51:22 GMT

Consumer Assistance: 8008523416
Other information: 6032712261
Main Office Fax: 6032711406
Producer Licensing Fax: 6032717029
Consumer Fax: 6032710248

How Do I Know If I Am In The Construction Industry?

Tue, 29 May 2007 21:19:00 GMT

If your company erects, demolishes, alters or repairs any structure, you are in construction. This includes earthmovers, concrete contractors, equipment installers, carpenters, painters and telephone installers, to name just a few.

How Do I Select An Agent And A Life Insurance Provider?

Tue, 29 May 2007 21:19:00 GMT

Simply stated, by doing your homework. You must be certain to research the credential of any potential agent or insurance company. It is important to remember that most agents are reputable professionals trained in their areas of expertise. Insurance agents must take and pass certain tests to become licensed. Besides the license exams, to maintain an agent license, most states required that all agents complete continuing education courses to maintain their license. These courses can lead to professional insurance designations such as the following:

LUTCF Life Underwriting Training Council Fellow
CEP Certified Financial Planner
CEBS Certified Employee Benefits Specialist
CIC Certified Insurance Counselors
CLU Chartered Life Underwriter
RHU Registered Health Underwriter
ChFC Chartered Financial Consultant

How Is Workers Compensation Priced?

Tue, 29 May 2007 21:19:00 GMT

Each insurer files their rates with NHDI. The rates are applied to your payroll to determine your manual premium. Other factors, such as experience rating, schedule rating, deductible plans and other programs are applied to the manual premium to determine your final cost.

How Long Does A Company Have To Settle A Claim?

Tue, 29 May 2007 21:19:00 GMT

The UNFAIR CLAIMS SETTLEMENT PRACTICES ACT gives a company 30 days to investigate a claim, with some exceptions. The insurer should provide the necessary claim forms and reasonable assistance on completing those forms to the insured within 10 working days of notification of the claim. Within 15 working days of receiving all the properly completed claim forms, the insurer should advise the insured of the acceptance or denial of the claim, but not necessarily the dollar amount of the settlement. The dollar amount of the settlement should come at the end of their investigation. If a person who has filed a claim has a question about that claim, the insurance company must respond to the person within 10 working days. (Note: homeowner's investigations and settlements cannot generally be completed in 30 days.)

How Long Does The Insurance Agency Have To Respond To My Claim?

Tue, 29 May 2007 21:19:00 GMT

The actual time may vary from state to state. However, the general rule adopted by most states is that the insurance company has 30 days to respond, unless an investigation cannot reasonably be completed within that time. If an insurer is unable to contact or locate its policyholder, the investigation may take longer. Further, if the insurer can't complete the investigation within 30 days they are usually required to keep you updated on the progress of their investigation and/or give a valid reason for the delay.

How Soon Must I Complete My Educational Requirements?

Tue, 29 May 2007 21:19:00 GMT

The Department requires resident licensees to demonstrate compliance with New Hampshire's continuing education requirements 60 days prior to the license's renewal date. This policy will not change as the Department transitions to the new law. The Department will rely on ASI for information regarding dates, times and credits for courses completed.

To be considered a qualified licensee, at the time you obtained your last license, excluding variable licenses, you must have completed all requirements for licensure, including completion of continuing education requirements.

I Am Interested In The Procedure For A Non-Resident License?

Tue, 29 May 2007 21:19:00 GMT

Residents and nonresidents use the same uniform application as resident applicants. This along with a letter of certification from the licensee's state of domicile, and the fee must be submitted to the insurance department.

I Am Not Required By Statute To Carry Workers Compensation Insurance, But My General Contractor Says I Have To Have It. Can He Do This?

Tue, 29 May 2007 21:19:00 GMT

Yes he can. The workers compensation statute says that the general contractor is liable for any injuries to the employees of uninsured subcontractors. Because of this, the general contractor's insurer will charge additional premium if you cannot provide proof of coverage, even if you have no employees. If the general contractor says he won't hire you unless you have a policy, you will need to buy a policy or work for a general contractor who does not make this requirement.

I Am Not Satisfied With The Company I Currently Have My Medicare Supplement With. How Often Can I Switch Companies?

Tue, 29 May 2007 21:19:00 GMT

Each year on your Medicare supplement annual anniversary date you have the ability to switch companies as long as you apply for the same plan (AJ) that you currently are enrolled in and you apply for the policy within 30 days before or after your annual anniversary date.

I Contacted My Company About A Loss To Determine If It Was Covered Under The Policy. I Never Collected A Penny From The Insurer. Can They Record This As A Claim?

Tue, 29 May 2007 21:19:00 GMT

Yes, all claims made are considered part of the consumer's claims experience.

I Have A Dispute With My Insurer Regarding My Classification, Experience Modification Or Interpretation Ncci Rules That Are Not Addressed By Department Rule Or Regulation. How Do I Resolve This?

Tue, 29 May 2007 21:19:00 GMT

As with any dispute, you should first try to resolve the problem with your insurer. If you find that you are not getting a satisfactory resolution and you still feel that your position is valid, then you should contact the NHDI. The Department will try to resolve the problem, but if this is not possible and you are still not satisfied, then you can make an appeal to the New Hampshire Workers' Compensation Review Board.

I Hold A Non-Resident License. How Does The Ce Requirement Affect Me?

Tue, 29 May 2007 21:19:00 GMT

If you are a producer, a certificate of good standing from your resident state must be submitted to the NHID. The licensee is responsible for requesting this from the resident insurance department.

If you are a multiline or worker's compensation adjuster from a state that requires CE, the same rules as above apply. If your resident state does not require CE, then you must meet the CE rules as if you were a NH resident.

If you hold a public adjuster license you must take fifteen (15) hours of CE approved by the NHID.

I Submitted Two Estimates, And The Insurance Company Revised The Estimate And Paid Me Based On The Revised Estimate. Can They Do This?

Tue, 29 May 2007 21:19:00 GMT

Yes, as long as the revised estimate properly repairs your vehicle. You need to have your body shop review the revised estimate. If they feel they cannot properly repair your vehicle based on the revised estimate, the repair facility should contact your adjuster.

I've Had An Accident With An Uninsured Motorist. What Do I Do?

Tue, 29 May 2007 21:19:00 GMT

The New Hampshire Department of Revenue enforces the financial responsibility (mandatory liability) laws in this state. They will investigate and, if necessary, enforce the statute. Also, if you were injured, you will want to report the loss under your uninsured motorist coverage with your company.

If I Am Injured On Someone Else's Property, Does The Homeowner's Liability Coverage Cover The Cost Of My Injuries?

Tue, 29 May 2007 21:19:00 GMT

Only if the homeowner was negligent, causing your injuries. If the homeowner is not negligent, then coverage only is available under the medical coverage provision of the policy. This would cover only incurred medical expenses up to a limited dollar amount. It would not cover payment for pain and suffering, lost income, etc.

If I Call An Agent For A Quote Of An Automobile Insurance Premium And Later Decide To Apply For A Policy Based On The Rate Quote, Is It Guaranteed?

Tue, 29 May 2007 21:19:00 GMT

No. Occasionally an agent might make a mistake in calculating a rate, and the company is required by New Hampshire law to use the rates filed with and approved by the Insurance Department. If the company were to vary too far from stateapproved rates, they would be in violation of New Hampshire statutes.

If I Cannot Agree With The Company On The Amount To Settle My Homeowner's Claim, What Can I Do?

Tue, 29 May 2007 21:19:00 GMT

If the dispute is the value of damage and not the cause of the loss, you can ask for consideration under the appraisal section of the policy. The procedure to request and implement an appraisal should be explained in your homeowner's contract.

If I Change From One Individual Health Policy To Another, Can The Company Impose Preexisting Condition Exclusion On The New Policy?

Tue, 29 May 2007 21:19:00 GMT

Yes.

If My Roof Is Damaged, Does The Company Have To Replace My Whole Roof?

Tue, 29 May 2007 21:19:00 GMT

No, they only have to replace the damaged area, even if the shingles will not match. Note that your homeowner's policy is NOT a maintenance policy. It does not pay for wear and tear or agerelated damage.

If My Vehicle Is Declared A Total Loss, How Much Must The Insurance Provider Reimburse Me?

Tue, 29 May 2007 21:19:00 GMT

The insurance provider owes you the fair market value of your vehicle before the accident in your local area. The fair market value is defined as what a willing buyer would have paid a willing seller for your vehicle in an open market. You can determine this amount by using dealer quotes and/or newspaper advertisements. In addition, you can also rely upon other auto sales publications, as long as the vehicle being sold is comparable to yours in mileage, condition, options, etc.

If The Insurance Company Pays Me, Do I Have To Have The Vehicle Fixed?

Tue, 29 May 2007 21:19:00 GMT

Insurance providers vary in their policies regarding payment of damage amounts. Your insurance provider may have language in your policy regarding whether it is necessary to repair your vehicle. Some insurance providers will not issue a reimbursement check in your name only. Sometimes the insurance provider will make the check out to both you and the repair shop. Since there is no universal rule, it is important to carefully read your policy.

Is An Insurance Company Obligated To Issue Me An Automobile Insurance Policy?

Tue, 29 May 2007 21:19:00 GMT

No. Automobile insurance providers are not obligated to offer coverage to all applicants in New Hampshire. Each company has its own underwriting requirements and, therefore, may decline an application if it does not meet the company's criteria.

Is It Legal For An Auto Insurer To Place Me In A High-Risk Policy If I Have Not Been Insured In The Last 30 Days?

Tue, 29 May 2007 21:19:00 GMT

Yes. Current New Hampshire law does not prevent an insurer from doing so. This situation can be avoided by paying your premiums on time to avoid lapses in coverage.

Is There A Toll-Free Number I Can Use To Obtain Verbal Information Regarding My Continuing Education Status?

Tue, 29 May 2007 21:19:00 GMT

Yes, you can contact ASINH CE Customer Care at (877) 2240227, Monday through Friday, 8am until 5pm Eastern Standard Time.

My Company Is A Limited Liability Company. Are The Llc Members Covered?

Tue, 29 May 2007 21:19:00 GMT

Limited liability company members are covered by your workers compensation policy unless they specifically state they do not wish to be covered, using a special endorsement to your policy. Your insurer can provide you with this endorsement.

The Company Is Not Paying Me Fairly On My Total Loss. How Do You Establish A Vehicle's Value?

Tue, 29 May 2007 21:19:00 GMT

Sources such as book value and dealer quotes can be considered. If the value is disputed by either you or the insurer based on those sources, the only accurate determination can be made with similar vehicles available in the market. The condition of the vehicle, mileage and options are all used in determining your vehicle's value.

The Other Insurance Company Won't Pay For A Rental Car On My Liability Claim. Don't They Have To?

Tue, 29 May 2007 21:19:00 GMT

Not in all situations. If you have no other vehicle available, the insurer should cover the cost of a rental as part of your damages from the accident at least until they determine the loss on your car. No insurance statutes exist on this issue.

Under What Circumstances Is Someone Required To Hold An Insurance License In The State Of New Hampshire?

Mon, 04 Jun 2007 21:51:22 GMT

Anyone involved in disseminating information as to rates secured through reference to a published or printed list, or through a computer database of standard rates;

Explains, discusses, or interprets coverage; analyzes exposures or policies, or gives opinions or recommendations of coverage;
Discusses the effect of age, health, or other riskrelated conditions of a prospective policyholder;
Counsels or advises any prospective purchaser to buy a particular policy, or to insure with a particular company;
Indicates that any inquiry concerning coverage is or will be bound or issued bind coverage;
Issues certificates of insurance, endorsements, binders, commitments, insurance policies or insurance identification cards as the effectuation of the insurance policy.

What About A Rental Car While Mine Is Being Repaired?

Tue, 29 May 2007 21:19:00 GMT

If the other person is at fault or if the other party's insurance company has accepted fault, then you are entitled to a rental car. Even if you are at fault, some insurance providers will provide you with a rental car. If your vehicle is considered a total loss, case law does not require the insurance provider to supply you with a rental car. However, it is usual company practice to provide loss of use until the first offer is made for a total loss settlement amount. If your company is handling the damages you must have rental coverage on your policy to obtain a rental car.

What Affects Home Insurance Prices?

Tue, 29 May 2007 21:19:00 GMT

There are many factors that may affect home insurance rates. The following are the most common:

Types of Construction
Frame houses usually cost more to insure that brick houses.
Age of House
New homes may qualify for discounts. Some insurance companies may not insure very old homes or may offer a limited form of coverage.
Local Fire Protection
Your home's distance from a fire hydrant and the accessibility of your home to your local fire department determines the fire protection classification.
Amount of Coverage
The amount of coverage you buy for your house, contents, and personal liability will affect the price you pay.
Deductible Amount
Your choice of a higher deductible will reduce the price for home insurance.
Discounts
Insurers may offer lower prices for such things as insuring your home and car with the same company and installing dead bolt locks or alarm systems.

What Are All These Adjustments On My Policy?

Tue, 29 May 2007 21:19:00 GMT

There may be many additional adjustments to your base premium, such as:

experience modification factor,
schedule rating,
expense constant,
premium discount, and
second injury fund surcharge.

All of these adjustments are made to determine your final premium due to the insurer. If you are not sure about an adjustment, you should call your agent or insurer and ask them to explain the adjustment.

What Are Benefits?

Tue, 29 May 2007 21:19:00 GMT

Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under any valid policy.

What Are Benefits?

Tue, 29 May 2007 21:19:00 GMT

Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under the policy.

What Are Some Examples Of Creditable Coverage?

Tue, 29 May 2007 21:19:00 GMT

Federal Employees Health Benefits (FEHBP)
Group health insurance (including COBRA)
Indian Health Service
Individual health insurance
Medicaid
Medicare
Military health coverage (CHAMPUS)
State health insurance high risk pools

What Are Some Important Considerations In Choosing My Policy?

Tue, 29 May 2007 21:19:00 GMT

Ask an agent or company to help you. The service and reputation of the company and the agent you select is important.
Review the application carefully with the agent; be sure all the answers are complete and accurate before you sign.
Don't buy life insurance unless you intend to stick with your plan.
Your decision to protect your family may involve the purchase of a new policy or the replacement of existing coverage.
Although replacement can be beneficial, it may be very costly in the early years of a new policy if you cancel an existing policy. Don't drop one policy and buy another without a thorough valuation of both the new policy and the one you have now.
Read your policy carefully! Most states require an insurance company to provide a free look period that begins at the delivery of the policy.
The agent should explain anything not clear to you.

What Are Some Important Initial Considerations?

Tue, 29 May 2007 21:19:00 GMT

Decide how much insurance protection you need and can afford.
Make informed decisions when you buy a policy.
Choose the kind of policy that has benefits that most closely fit your needs.

What Are Some Of The Common Fees Associated With Insurance Licensing?

Tue, 29 May 2007 21:19:00 GMT

Insurance Producer License 210.00 (separate checks...60.00 application fee
nonrefundable 150.00 license fee);
Biennial renewal 150.00;
Lifetime registration/appointment fee 25.00;
Lifetime registration/termination fee 25.00;
Amendment to license 50.00;
Qualification/Clearance letters 10.00;
Duplicate licenses 10.00;
Continuing education status reports 5.00;
Facsimile copies (all documents) per page 1.00
Mail return fee (incorrect name/addresses) 25.00.

What Are Some Of The Details Of Individual Insurance In New Hampshire?

Tue, 29 May 2007 21:19:00 GMT

NHIF coverage includes hospital and physician care, prescription drugs, home health care, organ transplants and other services. A maternity benefit is offered for an additional premium. For most services, the plan will pay for 80% of covered charges after you have satisfied your annual deductible. Under NHIF, you have a choice of two plans, a major medical plan option and a PPO option. Each plan offers a choice of deductibles ranging from $250 to $2,000. After you have paid a maximum amount for covered services (also called the outofpocket limit), NHIF will pay 100% of covered charges. NHIF's outofpocket limit is $4,000. There is a lifetime limit of $1 million for all benefits under NHIF. Premiums will vary depending on the deductible you choose, your age, gender, where you live, and whether you smoke. Contact the NHIF Customer Service Center or the New Hampshire Department of Insurance for more information or to apply for NHIF coverage.

What Are The Benefits Have Having Term Insurance?

Tue, 29 May 2007 21:19:00 GMT

Term insurance is beneficial because it can provide security to families and businesses at a reasonable cost. The cost of buying term insurance is low compared to whole life insurance and the benefits paid out can be as high as you want. Term insurance is also an inexpensive method to add on additional coverage to an existing whole life insurance policy.

What Are The Different Types Of Life Insurance Policies?

Tue, 29 May 2007 21:19:00 GMT

The following are different types of life insurance policies and their characteristics. Keep in mind that the intent of life insurance is to provide for the life of your heirs and/or beneficiaries for such things as payment of debts and to provide family income. In addition, the policy can provide supplemental income for retirement.

TERM LIFE

TRADITIONAL WHOLE LIFE

UNIVERSAL LIFE

EXCESS INTEREST WHOLE LIFE

VARIABLE LIFE

ACCELERATED DEATH BENEFITS

VIATICAL SETTLEMENTS

DISAPPEARING PREMIUMS

What Are The Specific Continuing Education Requirements For The State Of New Hampshire?

Tue, 29 May 2007 21:19:00 GMT

Each producer licensee (in any line of insurance that requires an examination to become licensed) shall be required to complete thirty (30) credit hours of approved continuing education every two years. Multiline and worker's compensation adjusters must meet the requirement of twenty (20) continuing education credit hours. Public adjusters are required to complete fifteen (15) hours.

What Changes To The Insurance Licensing Procedure Went Into Affect January 1, 2001?

Tue, 29 May 2007 21:19:00 GMT

In an effort to simplify and streamline their licensing procedure, the New Hampshire Insurance Department adopted legislation that followed the lead of The National Association of Insurance Commissioners (NAIC). This resulted in the adoption of the Producer Licensing Model Act that encourages the use of enhanced technology that improves the regulation of insurance industry. Licenses issued under the prior law include the following:

Agent licenses were issued to individuals and business entities. An agent license allows an individual, or an entity, to bind the authorizing company. Different licenses were issued for varying lines of business.
Broker licenses were issued to individuals and business entities. A brokerlicensee may negotiate insurance transactions; but may not bind an insurance company.
Consultant licenses were issued to individuals and business entities. A consultant licensee may give consul and advise regarding insurance transactions.

Under the new law, instead of issuing the various types of licenses named above, all qualified individuals and entities are issued a Producer license.

Producers may act as:

consultants,
brokers, or
agents.

Agent for a company:
Similar to the old law, you must receive authorization from your company through the Department. Company appointments are valid until either they are cancelled by the appointing company or until the producer license is cancelled or not renewed. Probably the biggest change that licensees will notice involves the Department's utilizing the licensee's birth date (or in the case of corporate licensees, the incorporation date) to establish expiration (i.e. renewal) dates for newly issued producer licenses.

What Constitutes Continuous Coverage?

Tue, 29 May 2007 21:19:00 GMT

Continuous coverage is deemed as such provided that you do not allow health insurance to lapse for a period more than 63 days.

What Does Comparative Negligence Mean?

Tue, 29 May 2007 21:19:00 GMT

Comparative negligence law is based on a percentage of negligence. If one person's negligence was less than the negligence of the party with whom a claim for recovery is made, recovery will be in proportion to the amount of negligence attributed to such other party. New Hampshire subscribes to the pure comparative negligence theory of fault.

What Does Uninsured Motorist Coverage Cover?

Tue, 29 May 2007 21:19:00 GMT

Uninsured motorist coverage applies to bodily injury only. Your uninsured motorist coverage will protect you from hitandrun drivers. It covers you for injuries sustained while in your car or as a pedestrian when hit by an uninsured driver. It does not cover damage to your vehicle.

What Happens If The Hmo Denies My Claim For Payment Of Services?

Tue, 29 May 2007 21:19:00 GMT

The company must have an appeal process for you to follow. There is a first and second level appeal process in which you and your physician can present documentation showing your reasons for requesting the proposed treatment. Your appeal must be in writing and the insurance company has up to 30 days to complete an investigation on each level of grievance. You also have the right to contact the New Hampshire Department of Insurance anytime during this process. The toll free number for the New Hampshire Department of Insurance is 18007267390.

What Happens To My Group Health Coverage If Leave My Employer?

Tue, 29 May 2007 21:19:00 GMT

If your employer has more than 20 employees, it is subject to the federal Consolidated Omnibus Budget Reconciliation Act (COBRA) law and entitled to a minimum of 18 months of continuation coverage. Under each of these options, you will have to pay the full premium yourself even if your employer paid part of your premium while you were employed. You can find out more about COBRA continuation of group health benefits from the Federal Department of Labor Office of Pension and Welfare Benefits Administration Web site.

What Happens When My Group Health Coverage Ends?

Tue, 29 May 2007 21:19:00 GMT

You can apply for individual health coverage under the federal law Health Insurance Portability and Accountability Act (HIPAA). This type of policy is issued on a guaranteed issue basis if you meet the qualifying criteria. However, there is no limit on the maximum premium the company can charge. Preexisting conditions are waived.

What If Certain Things Occur During This Waiting Period?

Tue, 29 May 2007 21:19:00 GMT

Certain events trigger what is called a "special enrollment opportunity." Examples of these are:

The birth, adoption, or placement for adoption of a child;
marriage;
loss of other coverage (for example, that you or your dependents have through yourself or another family member because of death, divorce, legal separation, termination, retirement, or reduction in hours worked)

What If The Original Estimate Does Not Match The Actual Costs?

Mon, 04 Jun 2007 21:51:22 GMT

The repair shop generally works with the adjuster to handle any additional costs that occur due to hidden damage or differences in the price of parts. If the insurance provider and the repair shop can't agree, it is the responsibility of the insurance provider to provide the name of a repair shop that will repair your vehicle for the amount of the estimate. The repair shop the company suggests must be within a reasonable distance from where you live.

What Is A Beneficiary?

Tue, 29 May 2007 21:19:00 GMT

A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured.

What Is A Claim?

Tue, 29 May 2007 21:19:00 GMT

A claim is a demand to the insurance company for payment of benefits under the insurance contract.

What Is A Legal Service Representative?

Tue, 29 May 2007 21:19:00 GMT

A legal service representative is an individual appointed to represent a legal service insurance corporation that has been authorized by NHDI to conduct a prepaid legal expense insurance business in New Hampshire.

What Is A Level Term?

Tue, 29 May 2007 21:19:00 GMT

Level term insurance means that the amount of coverage and the price of the premiums will not go up or down during the covered period of time.

What Is A Preexisting Condition?

Tue, 29 May 2007 21:19:00 GMT

This is normally a physical or mental condition for which medical advice, diagnosis, care or treatment is recommended or received before the effective date of the policy. The definition can vary from policy to policy.

What Is Actual Cash Value (Acv) Vs. Replacement Cost Coverage?

Mon, 04 Jun 2007 21:51:22 GMT

All New Hampshire auto policies are written for ACV. Because of the generally large availability of used vehicles, auto settlement values are determined by similar vehicles available in the market.

Homeowners can endorse their policy to change their ACV to replacement cost coverage. ACV is the value of an item (including depreciation) at the time of the loss. Replacement cost equals a new item's cost without depreciation. Replacement cost value is not paid until the item is actually replaced.

What Is An Agent?

Tue, 29 May 2007 21:19:00 GMT

An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for the insurer.

What Is An Annual Or Yearly Renewable Term?

Tue, 29 May 2007 21:19:00 GMT

Under this type of policy, the premiums will increase on a yearly basis. The premiums will initially be low and the premiums will increase with the age of the insured.

What Is An Annuity?

Tue, 29 May 2007 21:19:00 GMT

An annuity pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person or for a specified period of time. The annuitant (insured) can never outlive the income from the annuity. While the basic purpose of life insurance is to provide an income for a beneficiary at the death of the insured, the annuity is intended to provide an income for the life of the annuitant. There are two basic types of annuities, fixed annuities, which pay a fixed income backed by fixed dollar investment such as secure bonds and mortgages, and variable annuities, which vary in payment according to the value of stock and bond investments.

What Is An Application?

Tue, 29 May 2007 21:19:00 GMT

An application is a signed statement of facts requested by the insurance company on the basis of which the company decides whether or not to issue the coverage. The application becomes part of the health insurance contract when it is attached to and made a part of the contract.

What Is An Assignment?

Tue, 29 May 2007 21:19:00 GMT

An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider.

What Is An Experience Mod?

Tue, 29 May 2007 21:19:00 GMT

An experience modification factor is a means to recognize the differences in loss history between your business and average businesses in your classification code.

For example, if your loss experience has been better than the average business in your classification code, then your policy should have an experience mod below 1.00; your premium will decrease. If your loss experience is worse than the average business, then you will have an experience mod above 1.00; your premiums will increase.

What Is An Hmo?

Tue, 29 May 2007 21:19:00 GMT

HMO stands for Health Maintenance Organization, a managed care plan where you have the ability to choose your primary care physician (PCP) from a list of network providers. Your PCP is responsible for management of all aspects relating to your health care. If you require care from any network provider other than your PCP, you may need a referral from your PCP to see that provider. Check with your plan to see if your PCP is also the "gatekeeper" for access to other network providers. You must obtain care from a network provider in order to have your claim paid through the HMO. Treatment received outside the network is generally not covered, or covered at a reduced level.

What Is Cobra?

Tue, 29 May 2007 21:19:00 GMT

COBRA is a federal law that regulates group health insurance. If you lose your job and you worked for an employer who has more than 20 employees, you may be able to continue your group coverage for up to 18 or 36 months under COBRA.

What Is Comparative Fault?

Tue, 29 May 2007 21:19:00 GMT

In 1983, New Hampshire adopted the rules of pure comparative fault. Pure comparative fault allows your damages to be reduced by the percentage you are at fault in a loss. Insurers are allowed to investigate an accident and make a decision as to the percentage of fault of all parties involved. They will make voluntary offers based on this opinion. If you disagree with their evaluation, you should consult an attorney or turn over the matter to your own insurance company to handle under your collision coverage.

What Is Credit Insurance?

Tue, 29 May 2007 21:19:00 GMT

Credit life insurance pays in the event of the debtor's death. Credit accident & health (or disability) insurance covers loan payments due while the debtor is ill or disabled. The most commonly sold credit insurance is referred to as credit life or credit accident and health (or disability) insurance. Credit life insurance may be purchased by itself or in a combination policy also providing credit accident and health (or disability) coverage. Credit accident or health (or disability) insurance is not available except in combination with credit life coverage.

Credit Life and Credit Accident & Health Insurance is frequently offered to consumers financing the purchasing of an automobile. The purchase of credit life and credit accident & health insurance is strictly optional. A lender may not refuse to give a consumer the loan simply because the consumer declines to purchase credit life and credit accident & health insurance.

What Is Full Coverage?

Tue, 29 May 2007 21:19:00 GMT

The definition varies from policy to policy. Often there are misunderstandings surrounding the coverage. For this reason, it is important to carefully read your policy. In general, even under a full coverage policy, towing, rental, and extended coverage for special stereo or other equipment are additional policies that you must purchase.

What Is Individual Health Insurance?

Tue, 29 May 2007 21:19:00 GMT

Individual health insurance is health coverage you buy for yourself if you are not covered by either your current employer's health plan or by your former employer's plan under COBRA (detailed below). You can buy an individual health plan from the New Hampshire Health Insurance Fund. You will not face a new preexisting condition exclusion period. You can also buy insurance from NHIF if you have been turned down by a health insurance company and meet other qualifications. In this case you may face a new preexisting condition exclusion period.

What Is Long-Term Care Insurance?

Tue, 29 May 2007 21:19:00 GMT

These are individual insurance policies that may help you when you are unable to take care of yourself due to prolonged illness or disability. However, policies may or may not cover home health care, adult care or other alternative services

What Is Private Mortgage Insurance?

Tue, 29 May 2007 21:19:00 GMT

If you put less than 20% down when urchasing a house, many lenders require you to buy Private Mortgage Insurance (PMI) to cover the remainder of the 20% and to guarantee your loan. Unfortunately, many people keep paying for PMI coverage they no longer need after they have acquired more than 20% equity in their home. The terms of your mortgage agreement may require that you obtain an appraisal to establish that you have reached the 20% equity mark before the PMI obligation is lifted.

However, you can avoid PMI and still put down less than 20% by purchasing a twoloan package. Some mortgage companies offer packages that work as follows: The first mortgage may be the traditional 30year fixedrate mortgage for 80% of the purchase price. The second mortgage could then be a 15year fixedrate second mortgage for the remainder of the purchase price (less your cash down payment). If you find a lender who allows you to do such a twoloan package you are putting your money into a mortgage instead of giving it away on PMI. In addition, unlike your PMI premium, your mortgage interest is tax deductible.

What Is Schedule Rating?

Tue, 29 May 2007 21:19:00 GMT

Schedule rating allows your insurer to offer you a discount (or a surcharge) to your premium based on specific factors that the insurer believes will affect your insurable risk.

The plan cannot be based on any prior loss experience your business has had. However, it can take into consideration that the insurer does not feel that your experience modification factor truly reflects your risk.

For instance, if the insurer believes that clean, welllit premises lead to fewer losses, and you have a clean, welllit plant, the insurer can offer you a discount on your premium.

The maximum discount or surcharge allowed is ±35% in 1999. The limit will be ±25% effective 1/1/2000.

What Is Term Life Insurance?

Tue, 29 May 2007 21:19:00 GMT

Term insurance provides protection for a specified period of time; a term of 1, 5, 10 or 20 years or up to age 65 is available. This type of policy only pays a benefit if you die during the policy term. Term insurance does not build cash value. If you stop paying your premium, the insurance expires. This insurance generally is less expensive than other types of life insurance.

What Is The Assigned Risk Market (Also Referred To The "Alternative Residual Market") And Why Do I Have To Be In It?

Tue, 29 May 2007 21:19:00 GMT

The assigned risk market is a mechanism that has been set up to ensure that employers can obtain workers' compensation coverage if they are in good faith entitled to workers' compensation coverage, but cannot secure such coverage through ordinary means. Many employers are in this market because they are engaged in an inherently risky industry, have bad loss experience, are to small and/or are just starting a new business

What Is The Difference Between A Qualified And A Non-Qualified Plan?

Tue, 29 May 2007 21:19:00 GMT

Benefits paid by a qualified longterm care plan generally are not taxable as income. Benefits from a nonqualified longterm care plan may be taxable as income. Check with your tax advisor about the possibility of deducting a portion of the premiums paid in addition to the individual tax consequences involved.

What Is The Difference Between Replacement Cost Vs. Actual Cash Value?

Tue, 29 May 2007 21:19:00 GMT

Replacement Cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value since the time it was built or purchased because of age or wear and tear. Many insurers require homeowners to insure their homes for at least 80% of the replacement cost. If the homeowner fails to insure for at least that, a penalty is applied to partial losses. For example, if it would cost $50,000 to replace your home and it is insured for $40,000 (80%), and a fire causes $25,000 worth of damage, then your insurance company will pay the full $25,000.

On the other hand, if your $50,000 home is insured for $30,000 and you suffer a $25,000 loss, your company would pay for only part of the loss and you would have to pay for the balance yourself. It may therefore be advisable to insure your home at a minimum of 80% of its replacement cost. Check with your agent or insurance company to see what is required. You may wish to insure at 100% of replacement cost so you will have sufficient coverage in the event of total loss.

Actual Cash Value is the amount it would take to repair or replace damage to your home after depreciation. For example, if your roof has a 20year warranty and is 17 years old, there would be depreciation for the age and condition of the roof.

Most standard home insurance policies cover the contents of your home (i.e. personal belongings) on an actual cash value basis. Many insurers offer an option for you to insure your belongings at a replacement cost. The premium will be slightly higher for this coverage; however, you may want to consider the option.

Whether your home is insured for replacement value or actual cash value, it is important to keep track of its value. For instance, the addition of a room, improvements, and yearly inflation all increase the replacement cost of your home, while the actual cash value of the home may decrease over time. Check with your agent or insurance company at least once a year to make sure your policy provides adequate coverage.

What Is The Procedure For Companies Interested In Licensing Its Agents?

Tue, 29 May 2007 21:19:00 GMT

Companies who have individuals interested in becoming producers must appoint them as producers with the state insurance department. Appointments remain in effect until the license expires, or until it is cancelled by the authorizing company. The fee for appointing a producer is $25.00.

Appointments will only be accepted where the lines of authority of the producer and the lines of authority of the insurance company are consistent. For example, a variable company could not appoint a producer who is not authorized to write variable lines of insurance.

Future applications can be made through the Producer Information Network (PIN). More information can be obtained from the New Hampshire Insurance Department web site at www.state.nh.us/insurance. Companies may check on NH licensed entities at the National Insurance Producer Registry at http://www.licenseregistry.com/.

Insurance adjustors use a separate application that my be obtained from the state insurance office.

What Is The Procedure For Obtaining A License?

Tue, 29 May 2007 21:19:00 GMT

If you are currently licensed the Insurance Department will send you an application for the new producer's license approximately 60 days before your earliest renewal date. Variable agent licenses held by the licensee as of January 1, 2001 are excluded.

The application consists of:

Completed parts such as the SSN or FEIN and the lines of authority that you currently hold.
Uncompleted parts include your birth date or agency incorporation date (for agency) and email address.

You must review the completed parts, making corrections as necessary, and then complete the remaining parts.

If you are not currently licensed, in addition to a properly completed uniform application, first time resident producers also need to submit an affidavit of educational requirements or experience & employment, and a criminal history record release from the NH Department of Safety Division of State Police.

What Is The Right Type Of Life Insurance For Me?

Mon, 04 Jun 2007 21:51:22 GMT

There are two basic types of life insurance: term insurance and permanent cash value insurance. Term insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income. It makes sense to consult with a life insurance agent. An agent can explain what policy features are best suited to your needs.

What Is The Role Of Nhdi Regarding Workers Compensation?

Tue, 29 May 2007 21:19:00 GMT

NHDI reviews and approves workers compensation policy forms, endorsements and rules. We also monitor the workers compensation market to make sure it is competitive. We oversee the assigned risk pool to ensure fair rates and good service. We can answer any questions you may have about your workers compensation policy, coverage and experience rating. We can help you with any disputes you have with your insurance carrier. If you have questions about claims or medical treatment, the Division of workers compensation can help.

What Is Whole Life Insurance?

Tue, 29 May 2007 21:19:00 GMT

Whole life insurance is meant to be kept in force throughout your entire life. An important feature of whole life insurance is the accumulation of cash value. The cash value is the cash available to borrow against the policy, or the value of the policy paid to the policyowner when the contract is surrendered before maturity. Any withdrawal of cash value is treated as a policy loan and interest accumulates based on the loan amount. If you do not pay back the loan, the death benefit is reduced by the outstanding loan amount.

What Lines Of Authority Are Covered Under The New Law?

Tue, 29 May 2007 21:19:00 GMT

Life (includes annuities)
Accident and Health
Property and Casualty
Variable (Must be authorized for Life)
Surplus pursuant to RSA 416 (Must be authorized for Property and Casualty)
Title pursuant to RSA 416A
Limited Credit pursuant to RSA 408A
Limited Travel Agent pursuant to RSA 402:16a
Limited Road Service pursuant to RSA 407C

Licenses issued to resident producers will be annotated only with the above named lines. For reciprocity purposes, the Department will recognize other limited lines of authority to the extent nonresident producers are seeking lines of authority consistent with those permitted by their state of domicile. In these instances, a producer license will be issued with the appropriate limitations printed directly on the license.

What Options Do I Have If My Employer Isn't Large Enough To Be Affected By Cobra?

Tue, 29 May 2007 21:19:00 GMT

If your employer has less than 20 employees, you are entitled to 9 months of continued group health coverage with your employers group plan under New Hampshire law.

What Should I Consider When I Actually Buy Life Insurance?

Tue, 29 May 2007 21:19:00 GMT

When you buy life insurance, first decide how much you need to cover the financial effects of an unexpected or untimely death. Here are some questions to ask yourself:

How much of the family income do I provide?
If I were to die early, how would my survivors, especially my children, get by?
Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
Do I have children for whom I'd like to set aside money to finish their education in the event of my death?
How will my family pay final expenses and repay debts after my death?
Do I have family members or organizations that I would like to leave money?
Will there be estate taxes to pay after my death?
How will inflation affect future needs?

Remember to include individual, employer group insurance, veteran's insurance and any other assets such as savings and investments. Don't forget Social Security and pension plan survivor's benefits.

What Should I Do If I Am Involved In A Car Accident?

Tue, 29 May 2007 21:19:00 GMT

The first thing you should do is check to see if anyone is injured.
Call 911 if needed.
Notify the police to file an accident report.
Notify your company or agent if necessary.
Find your automobile policy and read it to be prepared for questions.
Merely exchange insurance information with the other driver DO NOT argue over the facts of the accident.
Be polite and cooperate with the police when they arrive.

What Should I Do With My Current Policy?

Tue, 29 May 2007 21:19:00 GMT

If you are thinking about terminating life insurance coverage that you currently have in force, here are some things you should consider.

If you decide to replace your policy, don't cancel your old policy until you have received the new one.
It may be costly to replace a policy. Much of what you paid in the early years of the policy was the company's cost of selling and issuing the policy. You may pay this type of cost again if you buy a new policy.
Ask your tax advisor if dropping your policy could affect your income taxes.
If you are older or your health has changed, premiums for the new policy will often be higher. You will not be able to buy a new policy if you are not insurable.
You may have valuable rights and benefits in the policy you now have that are not in the new one.
If the policy you have now no longer meets your needs, you may not have to replace it. You might be able to change the policy or add to it to get the coverage or benefits you now want.
At least in the beginning, a new policy may pay no benefits for some causes of death covered in the policy you now have.

In all cases, if you are thinking of buying a new policy, check with the agent or company that issued you the one you have now. When you bought your old policy, you may have seen an illustration of the benefits of your policy. Before replacing your policy, ask your agent or company for an updated illustration. Check to see how the policy has performed and what you might expect in the future, based on the amounts the company is paying now.

What Types Of Continuing Education Courses Are Required?

Tue, 29 May 2007 21:19:00 GMT

Licensees holding:

a producer license may take any insurance course other than one designed for adjusters only;
multiline adjusters license must take twenty (20) hours in multiline or worker's compensation courses;
workers comp adjusters must have ten (10) hours of multiline courses and ten (10) hours of worker's comp courses, and
Public adjusters must take all fifteen (15) hours in courses designated for public adjusters.

When Can I Expect To Receive My License?

Tue, 29 May 2007 21:19:00 GMT

The Department will be using the NAIC Uniform Producer Application. The producer license will be issued the day after the deemed producer license expires

When Should I Apply For A Medicare Supplement Policy?

Tue, 29 May 2007 21:19:00 GMT

When you elect coverage under Medicare Part B either due to age or disability, you have a 6month open enrollment for a Medicare supplement policy, which guarantees you coverage with a plan and company of your choice. You may choose from the 10 standardized plans (AJ). If you do not purchase a plan within your 6month open enrollment, any company you apply with can deny coverage based on your health conditions. There are some limited additional open enrollment periods available to some persons disenrolling from a Medicare HMO. Please contact us about these.

Who Is Covered By My Policy?

Tue, 29 May 2007 21:19:00 GMT

All your employees, including corporate officers, are covered by your policy, with just a few exceptions.

For example, sole proprietors and partners, farm laborers, domestic servants and individual owner/operator truckers, are not covered, but can be endorsed on the policy. Limited Liability Company (LLC) members and family members are covered unless you specifically exclude them.

Who Pays For Long Term Care?

Tue, 29 May 2007 21:19:00 GMT

You do. Medicare only pays for shortterm stays. Medicaid may pay if you are qualified for government assistance after spending down most of your assets.

Why Does The Insurance Company Have To Investigate The Claim When The Police Cited The Policyholder?

Tue, 29 May 2007 21:19:00 GMT

A traffic citation is not a determination of legal liability. The company is still obligated to investigate claims made according to the specifications of the policy. It is possible that there may be more than one person at fault and the liability would be shared. It may actually work to your benefit in terms of future premiums if your agency conducts an investigation.

Why Should I Buy Home Insurance?

Tue, 29 May 2007 21:19:00 GMT

Owners should buy home insurance to protect both their home and their personal property. Tenants should buy home insurance to protect their furniture and personal property. In addition, everyone should buy home insurance to protect against liability for accidents that injure other people or damage their property.

Will My Rates Go Up Or Will I Lose My Insurance If I Am Involved In An Accident Or Get A Ticket?

Tue, 29 May 2007 21:19:00 GMT

If you are not at fault in an accident, your insurance should not be affected. If you are at fault, get a ticket for a moving violation, or are involved in an expensive collision claim, the company will consider that when setting the price for your insurance policy. In most cases, however, be prepared to see your rates go up a bit, as New Hampshire allows for reasonable adjustments to your premiums based upon your traffic record and driving performance.

Will The Insurance Provider Reimburse Me For The Time That I Had To Spend In Filing My Claim And Seeking Estimates?

Mon, 04 Jun 2007 21:51:22 GMT

No. A property damage claim includes the cost to repair or replace the vehicle and compensation for loss of use of that vehicle. The time you spend on securing payment may be considerable; however, the insurance provider probably won't compensate you for time or lost wages under a property damage claim.

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