Term of The Week
ADMITTED ASSETS:
Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance company’s financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets. (See Assets)
Information provided by the, Insurance information Institute
Larry's Tip of The Week
There's no place like home
Homeowners insurance is designed to protect your home and many of the personal items inside. But what if you're on vacation and staying in another person's home or a rental property--will you still be covered for the personal property you take with you? Most basic homeowners policies will pay up to 10 percent of your policy's limit (e.g., $10,000 on a $100,000 policy) for damage to your personal property that occurs away from home. But if you're traveling for more than two weeks, you should contact your insurance agent to see if you need any additional coverage.
Reference: insurance.com