Search Results for: blog your credit score and how it relates to insurance part 1

Insurance Blog Week In Review January 9-15, 2007

It’s been a busy week for so many people in the United States. The weather has been a huge problem with snow, ice and unusually cold temperatures. Get ready to pay a lot more for Oranges and Avocado’s after the deep freeze in Southern California. Many homeowners have suffered the Midnight Disaster, including my little brother. Caught completely off guard with freezing temperatures and a ruptured pipe in the attic. Thankfully, he was able to Ask Anna (or sissy) for help in this matter! When my brother woke up to find boxes falling out of his attic and water flooding … Continue reading →

Insurance Blog Week In Review January 2-8, 2007

The first week of 2007 has been an inspiring week for this Insurance Blogger! Not only because I have some great ideas and insurance things to write about–but, also because I have learned a few new things about Insurance myself. Insurance Term Of The Week: Insurance Credit Score Credit Protection Insurance. Consumer Credit Scores What Decides Score? How is the Score Used Errors Concerns Information Many of your are aware that my husband and I are adoptive parents of special needs siblings from the foster care system. I wrote many Adoption Blogs at Families.com before I took this position writing … Continue reading →

Insurance Term: Peril

In Insurance the term “peril” is: The cause of an injury, The reason something is damaged or destroyed, The way something was lost or is no longer in your possession. Insurance companies generally label a particular risk as a “peril” which may cause a loss or damage. A peril may include such things as fire, earthquake, windstorm, flood, or theft to name just a few. Most Insurance policies, breakdown perils into several categorize: Named Peril coverage sometimes known as Specified Peril Insurance. These policies cover losses for only a named peril specifically stated in the policy. For example, a Standard … Continue reading →

Mitigating Claims Damages–What Does That Mean?

Insurance is a fact of modern life and a comfort for policyholders when a claimable loss occurs. It’s nice to know when something goes wrong that financially an insurance policy is there to help cover the losses we suffer. There are some insured people however, who experience a covered loss, which leaves a new risk for more damage. For example, a tree falls on the roof and leaves a gaping hole where rain falls and causes more damage to personal property. By the time the claims adjuster comes to check things out–the damages are much greater then just a big … Continue reading →

One States Effort to Control Insurance Credit Scoring

Insurance companies have been using Insurance Credit Scores for several years now. This information has been used in a variety of ways to underwrite and rate insurance products offered to the public. As a result consumer groups and states have expressed concern as to how Insurance Credit Scores are being used and what protections consumers should expect. A number of states have passed a variety of laws and restrictions on Insurance companies and how they use the Insurance Credit Score information. It would be impossible for me to keep track of the changes in every state but, this is some … Continue reading →

Top 5 Reasons to Never Buy Credit Protection Insurance.

It’s hard to miss all the news about identity theft and the damage caused to some people’s credit reports. With so much reporting about identity theft con-artists have set up elaborate scams to scare consumers into buying worthless credit protection insurance. The question is, Should anyone buy credit protection insurance, or a payment protection plan, or identity theft insurance? The answer is NO: 1. Under Federal law, there is a limit of $50 liability for unauthorized use of your credit card. Check your statements monthly or on the Internet and make sure you authorized each charge. If you notice a … Continue reading →

No Car? Do You Still Need Auto Insurance?

In some parts of the country owning a car is not as important and many people use mass transit and rent cars for a weekend get-a-way or vacation. Urban Americans are choosing to use public transportation for day-to-day commutes. Young adults away at college find it is actually easier to live on campus without a car. When it’s time to get away from the city, or make a visit back home most people find a car is the easiest way to get where they want to go. If you drive at all, it’s a good idea to have an automobile … Continue reading →

How To Review Your Insurance Credit Score & Other Public Records

ChoicePoint is one of the primary sources insurance companies and agents use to determine an applicant or insured’s insurance credit score. This company provides easy internet access to their services designed to provide information about the people and businesses to both professionals and consumers, to help everyone make smarter choices. ChoicePoint data is also available to individual consumers who want to look at their own personal information to check for accuracy. Every local, state, and federal government agency compiles records which can be found under several open record laws. With few exceptions for protected personal privacy, any citizen can access … Continue reading →

Your Credit Score and How It Relates to Insurance (Part 6)

Since insurance companies started using credit scores as part of the underwriting and rating for auto and homeowner insurance many consumer groups have said they believe use of credit history may have a greater impact on minorities and low income people. These consumer groups point out several studies of lending practices which indicate minorities and low income people are often targeted by sub-prime lenders, which usually leads to a negative impact on their credit history. Consumer groups are concerned insurance credit scores will be lower for low income and minority groups, regardless of the fact insurance companies user the credit … Continue reading →

Your Credit Score and How It Relates to Insurance (Part 5)

There is nothing in this world that is perfect and mistakes happen all the time. And, in the area of consumer credit reporting mistakes and errors are a common problem. Most people have heard it more then once, check your credit report and correct any errors. It is best to check at least once a year and considering that Insurance companies are permitted to look at consumer credit without your permission checking often is an even more important thing to do. You may be paying more on your auto or homeowner insurance because of an error on your credit report … Continue reading →