General QSN for All

[Guest]

your life must suck with all of these unanswered questions.

 

[arnguy]

WTF are a QSN and a QNA?

 

[Josh]

First, I don't know why you are having us do your homework (but thanks for putting it in the right section, even if "question" is too long for you to type.
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Hey folks im not insurance guy but want to buy a policy and This QNA are always in my mind can any 1 answer it

Liar. You are not asking questions about this because you want to buy something, it's because you want us to do your homework for you.

Mr x has a house valued at 500,000 Mr X purchases an insurance policy from lets say Aon and AIG insurance company which worth's 500,000 If the house is totally destroyed by fire. Can Mr. X collects in full from both insurance company? Why or why not?

Nope, because the purpose of the insurance is to indemnify or restore him back to where he was. It's also a bullshit question because we should be talking about replacement cost. In theory, he could have half of the value insured with one company and half with another, but there is little to no advantage to doing that. Even with that theory, it's possible they'll only pay up to the maximum of each policy, i.e., if the replacement cost on home was 900,000 it's possible that neither policy would allow for their payments combined to go above the single limit (that's the way health insurance claims will sometimes work and auto claims as well).

-Mr x borrows 200,000 from Mr. y who demands that Mr x allows him to purchase a life insurance policy on his life as a security for the debt in case Mr x dies. Latter the debt is repaid and Mr Y keeps the policy enforce. Five years latter Mr x dies. May Mr Y collects the indemnity? Why or why not?

Sure he can. The insurable interest had to exist at the time of the policy being taken out, not after that. As long as the policy stays in force the beneficiary will receive the death benefit.

-Mr X purchase life insurance policy in the amount of 100,000 from two insurance company .In case of Mr X death , Will his dependent collects 100,000 br from each insurance company? Why or why not?

Sure, you can buy all the life insurance you want (subject to carrier approval) and collect on all of it.



So why did I just do your homework? What class is it for? Please oh please tell me it's for your licensing exam.

 

[Guest]

I knew MPS would give him a good answer! LMAO!