Home insurance..pls answer.........pls serve?
i wanted to take building and contents insurance for my friend as a endowment for an year.is this legal and have acceptability?
i don't have nothing to do beside the property other than he is friend.
Answers:
I don't think that this will be possible as it is the policy holder's contents and buildings that are insured and technically as you will be taking out the policy it would be you who would be insured.
I reckon it a lovely gesture but the best thing to do is to make available them the money for the policy and get them to take it out.
You can pay the bill, but you can not have your cross down for the pay out. The only passageway that you can purchase insurance with yourself as the recipient contained by the case of an accident is if you hold some interest within the property (ie., you co-sign on a loan and want to add additional insurance to the property to protect yourself).
Give the insurance company a ring and send the check!
You cannot take out insurance on behalf of another as you enjoy no insured interest or financial relationship in the property.
The reason is you could insure on behalf of another and afterwards burn down the property and then claim and receive payment. I know this is extreme but best example I can muse of!
Best to get them to quote and offer them a cheque for compensation.
Not really practical. The insurance company will call for personal details of the insured which you may not know. In the event of any claim on the insurance, they could refuse to pay out if a one detail has not been brought to their attention.
Related Questions:
i don't have nothing to do beside the property other than he is friend.
Answers:
I don't think that this will be possible as it is the policy holder's contents and buildings that are insured and technically as you will be taking out the policy it would be you who would be insured.
I reckon it a lovely gesture but the best thing to do is to make available them the money for the policy and get them to take it out.
You can pay the bill, but you can not have your cross down for the pay out. The only passageway that you can purchase insurance with yourself as the recipient contained by the case of an accident is if you hold some interest within the property (ie., you co-sign on a loan and want to add additional insurance to the property to protect yourself).
Give the insurance company a ring and send the check!
You cannot take out insurance on behalf of another as you enjoy no insured interest or financial relationship in the property.
The reason is you could insure on behalf of another and afterwards burn down the property and then claim and receive payment. I know this is extreme but best example I can muse of!
Best to get them to quote and offer them a cheque for compensation.
Not really practical. The insurance company will call for personal details of the insured which you may not know. In the event of any claim on the insurance, they could refuse to pay out if a one detail has not been brought to their attention.
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