insurance terms | Hummel Group

insurance terms

Long-term Disability Insurance

Disability insurance is coverage that provides you with income protection should you lose time on the job due to an injury or illness.  With disability coverage, you receive partial replacement of lost income.

For working-age individuals, disability refers to a medical condition that reduces your ability to perform your job duties.

Life Insurance

Life Insurance isn't a fun thing to think about, an it may seem like an unnecessary expense.  But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you - your designated beneficiary would collect a financial benefit upon your death.  Life insurance can be confusing, so here's a rundown of the basics.

Personal Umbrella Policy: What is it and why should I have one?

Who needs a Personal Umbrella?

You do not need to be wealthy to be sued for millions.  Juries determine damages based on the severity of an accident, not your ability to pay those damages.  Do you own or drive a vehicle?  Do you own or rent a home?  Do you want to protect the assets and investments that you worked hard to accumulate?  If you said yes to any of those, you need an umbrella.  The truth is EVERYONE needs an umbrella.

Home and Auto Insurance

What Is Home and Auto Insurance?

Home and auto insurance protects the policyholder from large expenses resulting from loss, damage and injury associated with his or her home, property and automobile.  The two types of insurance - homeowners and automobile- are separate products but are frequently bundledi, or purchased together, which usually results in a discounted rate.

Subrogation

There are many facets to an insurance claim.  One of these is called subrogation.  Subrogation means, in a sense, that one party has the right to "step into the shoes" of another party for the purpose of bringing a claim for damages.

Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to you.  This is done as a means of recovering the amount of the claim paid by the insurance carrier to you for the loss.

Tips to Prevent Ice Dams & Freezing Pipes

Ice Dams

An ice dam is an accumulation of ice at the lower edge of a sloped roof, usually at the gutter. When interior heat melts the snow on the roof, the water will run down and refreeze at the roof's edge, where temperatures are much cooler. Eventually, the ice builds up and blocks water from draining off of the roof. This, in turn, forces the water under the roof covering and into your attic or down the inside walls of your house.