Help with Student Personal Property Insurance

[noorahksa]

Hello there ,
I am a college student and I have a question about a Student Personal Property Insurance.

My questions is:

On the claim form why the insurance company want to know if I have a secondary insurance coverage on the same property or not, and the name of the secondary insurance company , the payment I received from the secondary insurance company and whether I have notified them of the incident or not ????

is this some sort of a trick question from the insurance companies or what is the point of it !!!?

Thank you for your help

 

[TemO]

As i know. It is important point to the main insurace company to know if you have secondry insurance or not specially if you claim. To know the sharing part of each insurance company. Thanks.

 

[CHUMPS FROM OXFORD]

TemO- Are you a licensed broker here in the US?

Noor-Plenty of experienced P&C brokers here. One will chime in and help.

 

[NCAgent]

If you read your contract for the insurance ( which no one does...) it states that it will work on a pro-rata with other insurance companies that say they will handle a claim on a primary (meaning first, not after another one) basis. Basically, if you have 2 primaries, they work concurrently rather than one picking up the excess of the other. if you have a primary and secondary, it's not a big deal, but that is unusual for personal property.

The insurance company is trying to see if they need to share the loss with someone else you signed the contract agreeing to. It's not a trick, it's part of their procedure. If there is one, answer it, because otherwise you could get in trouble for improper information and not supplying the proper claim docs, which is also in your policy contract saying you will agree to do.

djs or Josh or someone will probably come here and explain it a little more in English for me, too.

Short story, they don't want to double-pay or pay you more for the loss than what you are owed, as that is a gain and insurance is there to just put you back to where you were before the loss (not profit from the less by being better off than you were before the claim was filed.)

 

[Guest]

Hello there ,
I am a college student and I have a question about a Student Personal Property Insurance.

My questions is:

On the claim form why the insurance company want to know if I have a secondary insurance coverage on the same property or not, and the name of the secondary insurance company , the payment I received from the secondary insurance company and whether I have notified them of the incident or not ????

is this some sort of a trick question from the insurance companies or what is the point of it !!!?

Thank you for your help

Insurance is all about making you whole, but you cannot gain more than you lost on a claim. If you are claiming a loss with a company they want to make sure that you aren't claiming it with another company as well. If you are it is considered double dipping and you're making money, as opposed to just being made whole.

Insurance is all about indemnity. That means putting you back in the place you were before the loss occurred.

And don't lie on the form, that's insurance fraud. In most states its a felony.

 

[NCAgent]

Insurance is all about making you whole, but you cannot gain more than you lost on a claim. If you are claiming a loss with a company they want to make sure that you aren't claiming it with another company as well. If you are it is considered double dipping and you're making money, as opposed to just being made whole.

Insurance is all about indemnity. That means putting you back in the place you were before the loss occurred.

And don't lie on the form, that's insurance fraud. In most states its a felony.

He said it better than me, bravo!