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Christine Said:

A fire insurance policy has an annual premium of $780. What is the regular refund if the policy is canceled by?

We Answered:

The annual is 780, so per month would be 780 / 12 = 65.

5 months were used so 65 x 5 = 325.

Assuming the full amount of the premium was paid, the refund would be the prepaid amount minus the amount used.
780 - 325 = 455

Paul Said:

a business has its year end in december. on 1st september it pays annual insurance premium fo £1200. ?

We Answered:

each month of insurance costs 100.
the company has prepaid 12 months worth on sept 1st. each month you expense 100 and reduce your prepaid insurance by 100. At year end the company has used Sept Oct Nov and Dec insurance (4 months) and has 8 months left as prepaid or on accrual (8 x 100 is 800)

Fred Said:

What kinds of statistical data play a role in an insurance firm’s decision on your annual premium?

We Answered:

Well, for personal lines - auto and homeowners and the like - rates are all filed and approved by your state insurance commissioner, so statistics don't have much to do with it, unless the insurance commissioner contests the filed rates.



As far as NON personal lines, there's a huge list of data, which varies by line of business . .. so the question is actually WAY to general to give you any accurate answers.

Anita Said:

do they have a cap on auto insurance annual premium in NJ?... i heard it was 3200, but i may be wrong?

We Answered:

There is no cap on auto insurance premiums but you may be thinking of the Special Automobile Insurance Policy (SAIP), also known as Dollar a Day, it is a new initiative to help make limited auto insurance coverage available to drivers who are eligible for Federal Medicaid with hospitalization. Such drivers can obtain a medical coverage-only policy at a cost of $365 a year.

What is the Dollar-a-Day policy?
The Dollar-a-Day policy is a new initiative to help make auto insurance available to drivers who are likely to go uninsured because of limited financial resources.

Who is eligible to get the policy?
People who are currently enrolled in FEDERAL MEDICAID WITH HOSPITALIZATION are eligible for the Dollar a Day policy.

Russell Said:

Car accident-how much will my insurance premium go up?

We Answered:

At this point it is unlikely to go up. It is more likely that they will drop you altogether. I would check into new insurance BEFORE the accident is committed to record. Once dropped you'll pay through the nose. Your record has been getting worse and just because the ticket dropped does not mean they can't find out about it later when doing the underwriting of the new policy.