NLIC.org

Joyce Said:

How do doctors actually pay for liability insurance?

We Answered:

What if you didn't pay for insurance (ie didn't have insurance) and somebody won a million dollar lawsuit againist you. You'd have to pay the money yourself (it may bankrupt you). Doctors pay so much for insurance because they get sued alot and sometimes have to pay millions of dollars lawsuits. I'm sure many of these verdicts are justified, but some probably are not. Anyhow, thats the way the system works.

Another point - the docotrs do pay these costs but probably pretty much pass the costs on to their patients. So if the doctor being payed 238K has to pay 50K in insurance I'll bet if their insurance cost were only 20K then their salary would only be around 208K. If they all had to pay less they'd have to lower their salaries to be competitive with other doctors doing the same thing.

Bill Said:

Is the Mortgage industry torching Malibu to collect on the insurance .?

We Answered:

Boy! You are a troublemaker! I bet no one even thought of that scenario! That would be a heck of a bizarre twist to all this...

Leroy Said:

what is the statue of limitation for forgery in california?

We Answered:

The statute of limitations for forgery is four years from discovery of the offense. Discovery is a legal term in this context, but if you just found out about the forgery it is likely that will be the date of discovery. It cannot hurt to report this to the police, at any rate.

Cody Said:

live in texas and got a homeowners insurance claim check and they made it out to both the mortgage company in?

We Answered:

Yep, if you have damage more than 5% or $5,000, whichever is LESS, and you have a mortgage on your house, the insurance company is required to make the check out jointly to you and the mortgage company.

Typically, you'd sign the check, send it to the mortgage company, and they'd release the money in installments to you to pay the contractor, as the work gets completed.

That keeps you from taking the money and not getting the repairs done, and abandoning the house to the mortgage company.

The way around it, is to ask your adjuster to make the check payable to you and the contractor, or sign a direction of pay with the contractor so they can be paid directly by the insurance company.

Alex Said:

What can i do about my mortgage company adding and charging me for homeowners insurance when i already have it?

We Answered:

contact your local attorney generals office and the banking commission?

Christopher Said:

I am working on a pro-forma for a residential rental property. I am looking for a lost of typical expenses ...

We Answered:

Short and sweet:
As an active investor, when you own income-producing property, you put Uncle Sam on a D.I.E.T.

D-epreciation
I-nterest
E-xpenses
T-axes

AND at the same time you get
A-ppreciation
L-everage

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!