New answers tagged insurance
1
If insurer defends insured under Reservation of Right then can they seek reimbursement for legal costs?
Yes, provided that the claims defended by the insurer were not even potentially covered by the policy. The principle is to preclude the insured's unjust enrichment at insurer's expense. See Buss v. Superior Court, 16 Cal.4th 35, 52 (1997), which is ...
2
Apparently the executor needs to list all insurance proceeds on an IRS form. But it is only part of the taxable estate if it pays to the estate or u see a complicated second case
“Insurance receivable by beneficiaries other than the estate. Include on Schedule D the proceeds of all insurance on the life of the decedent not receivable by, or for the benefit ...
7
NO
In most cases there is no tax owed by the beneficiary and it has, in any case, nothing to do with the estate.
-2
Yes
While the insurance payout is not part of the estate and passes directly to the beneficiary, there are tax implications for the estate. Most likely, the insurer will advise the executor.
2
The general answer in the US is that insurance is a state-regulated business, so insurance companies cannot just do whatever they want. Here is a central resource for Washington state. In general, if a person is "risky", the carrier can raise premium cost, and eventually can decide that the risk is too high. E.g. I cannot get earthquake insurance because of ...
1
Most car insurance claims never go to litigation. You file a claim, tell the insurance company what your damages were, and they pay. That's what will happen if the amount you claim is low, because fighting a claim costs the insurance money.
You don't need a lawyer to file the claim. All you have to do is write down the claims. If you hire a lawyer to do ...
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