https://www.law.com/texaslawyer/2023/05/01/new-hurdle-for-insurers-intent-to-deceive-required-for-denying-life-insurance-policy/
insurance policy” width=”767″ height=”633″/Credit: md3d/Adobe StockAmerican National Insurance Co. asked the Texas Supreme Court to declare that the “intent to deceive” element is no longer good law.
May 01, 2023 at 04:30 PM
5 minute read
The Texas Supreme Court ruled that an insurer cannot deny a life insurance policy benefit unless it can prove a misrepresentation in the contract was done with the intent to deceive.
The ruling reinforces a long-held common law precedent that insurers have been trying to end in order to be able to reject a claim.
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When choosing where to set aside money for retirement, you need to weigh your options carefully. You’re likely going from one main income source to multiple smaller income sources when you retire. You may also want buy some security for your family in case you die unexpectedly. Sometimes, those two goals can be in conflict with one another, meaning you’ll have to figure out how to achieve them both. One way this can be achieved is using a combination of a life insurance policy and a Roth IRA. Let’s look at how those two products work and how you can use them.
For more help with both insurance and retirement planning, consider working with a financial advisor.
Life Insurance Vs. Roth IRAs
Life insurance and Roth IRAs are two different products. One is a policy you pay for in exchange for a payout when you die. The other is an investment account in which you can stow away money that will grow with the market tax-free. Each has its pros and cons, with its own unique reasons for investing.
Life Insurance Pros and Cons
Life insurance works like any other insurance product. You pay a premium up front in exchange for a payment when needed — in this case, a payment to your family after you die. The cost of that premium will depend on many factors, such as your health and the type of coverage you sign up for. The money your family gets will be tax-free and can be used for funeral costs, estate taxes and other financial burdens.
There are some downsides to life insurance. First of all, premiums are expensive. Adults over the age of 55 can expect to pay more than $1,000 per month
National Life Insurance Day 2023: National Life Insurance Day occurs annually on May 2. It commemorates the first day that life insurance was made available in the United States. This day honours life insurance and serves as a reminder of its benefits. Life insurance is important because it can prevent us from falling into debt, pre-fund a child’s college education, give surviving family members the opportunity to start over, and keep a business afloat for a time if a family member who owned a business passes away. Life insurance enables you to establish an emergency fund and seek out high-quality investment opportunities in order to build wealth and provide for your family. It provides future security.
The earliest-known life insurance policy was purchased on June 18, 1583, at the Royal Exchange in London. A William Gybbons was insured by Richard Martin, who paid 13 merchants 30 pounds in exchange for 400 pounds if the insured perished within a year. William Talbot and Sir Thomas Allen founded the Amicable Society for a Perpetual Assurance Office in London in 1706 as the first company to offer insurance in modern times. Each member made an annual payment per share on one to three sales, depending on their age between 12 and 55. A portion of the ‘amicable contribution’ was distributed to the spouses and children of deceased members at the end of the year in proportion to the number of shares the heirs owned.
In the United States, the sale of life insurance began in the 1760s. On May 2, 1759, the Presbyterian Synods of Philadelphia and New York City recorded the charter for the Corporation For Relief of Poor and Distressed Widows and Children of Presbyterian Ministers, which was America’s first life insurance company. Presbyterians established
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Being a young driver is an incredibly exciting time. It’s a coming of age where you score one of your biggest achievements to date and gain a whole new level of freedom and flexibility. Of course, as exciting and life-altering as it is, one thing that can put a new driver off of the experience, is the fact that their insurance premiums are significantly higher.
Now, as frustrating as that might be, such is the reality. Due to the fact that older drivers have proven how to drive safely over the years without having any car accidents in the past, this should entitle them to an insurance discount. It is also no secret that young men can be notoriously careless at times. Thus, when driving behind the wheel, having a higher insurance premium gives a young new driver an incentive to keep their head down, drive carefully, and prove that they can be trusted on the roads.
All that being said, is it possible for a young new driver to reduce their car insurance premium even slightly? Is there anything that can be done to soften the financial blow a little bit? In this article, we’re going to focus on ways that you can reduce your overall car insurance premium.
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First of all, this isn’t something that we only recommend, it is required by law. Certainly, if you want to spend as little as possible you could buy only this insurance type when opting only for what is expected of you. However, you must bear in mind that this will only give you the most basic protection when driving on the roads. In the event that you do end
For many teens, a driver’s license represents freedom and greater independence. For parents, a newly licensed teen driver can cause not only significant anxiety but a shocking surge in car insurance costs.
I almost fell to the floor when I opened the first auto insurance bill after adding my 16-year-old daughter to my policy. It was literally double the previous month. I was sure it was a mistake. Maybe I forgot to pay the previous month‘s bill? I immediately called my agent, who couldn’t offer much comfort. It’s correct, he said. Add a teen to your policy and your premium will soar.
“Insurance is all about risk, and rates are based on several factors, including who you are, where you are, what you drive, and how you drive,” says Allie Byers, spokesperson for insurance comparison website The Zebra.
For most carriers, the “who you are” includes age, which is a significant factor in determining a car insurance rate.
“Because teen drivers present a much higher risk than adult drivers, with higher chances of car accidents and fatalities on the road, their car insurance rates will be much higher,” says Byers.
We all have to start somewhere, but given that lack of experience, drivers through age 25 (or their parents) can expect to pay 115 percent more per year than the average driver — $1,667 per six-month policy, versus the US average of $774 — according to research conducted by insurance comparison site, The Zebra.
The good news is that parents and teens have options to save on teen car insurance rates, says Byers who suggests shopping around to start.
“You may find that you could be paying a lot less for the exact same policy or an even better one,” says Byers.
Also, ask your agent to apply
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