Question 1

What are the different types of life insurance?

Accepted Answer

The main types of life insurance are term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, while whole life and universal life insurance offer lifelong coverage with a savings component.

Question 2

How can life insurance be used for estate planning?

Accepted Answer

Life insurance can provide liquidity to pay estate taxes and other expenses, ensuring that your heirs receive their inheritance without the need to sell assets. It can also equalize inheritances among heirs when other assets are not easily divisible.

Question 3

What are the tax advantages of life insurance?

Accepted Answer

Life insurance proceeds are generally income tax-free to the beneficiary. The cash value growth in a permanent life insurance policy accumulates on a tax-deferred basis. Policy loans are typically tax-free as well, provided the policy stays in force.

Question 4

What factors affect the cost of marine insurance for contractors?

Accepted Answer

The cost is influenced by the type of vessel, the nature of the cargo, operational areas, and the coverage limits.

Question 5

Can marine insurance cover environmental damage?

Accepted Answer

Yes, policies can include coverage for environmental damage depending on the provider.

Question 6

Is marine insurance mandatory for all marine contractors?

Accepted Answer

While not always mandatory, it is highly recommended due to the high-risk nature of marine operations.

Question 7

How often should contractors review their marine insurance policies?

Accepted Answer

Annually, or whenever there are significant changes in their operations or asset values.

Question 8

What is the best way to reduce premiums for marine insurance?

Accepted Answer

Implementing stringent safety measures and opting for higher deductibles can help reduce premiums.

Question 9

Are you looking for ways to reduce your own health care costs?

Accepted Answer

Following the steps below can ultimately lower the costs for health care services and help you stretch your health care dollars:

Stay on schedule with regular health screenings and follow physician recommendations. By getting the health screenings that are recommended for your age and gender at the appropriate times, many medical issues can be identified and cared for in the early stages when the cost is the lowest. Putting off these screenings will only worsen and prolong the problem. If you have ongoing health concerns, follow your physician's recommendations to help keep these issues from worsening unnecessarily.
Match the need with the appropriate level of service. If a condition is life-threatening, call 911 or go to the emergency room. If it is non-life threatening, take a moment to determine which course of action would be appropriate. For non-emergency situations, you can utilize home health care books, online medical websites, and nurse hotlines available through your health insurance provider for guidance on treatment. If medical attention is required, go to the doctor's office. If the situation is urgent but not life threatening, go to an urgent care facility rather than the emergency room.
Research your options before purchasing health care services and prescriptions. If your doctor recommends a medical procedure, it is a good idea to seek a second opinion. You may be able to find a less expensive option that is more appropriate, or you may find that the original recommendation is not necessary at all. Keep accurate records of tests and procedures and provide this information to your doctor to prevent repeating a procedure that is not needed. In regards to prescriptions, if they are not needed, then don't fill them. Also, ask for generic/lowest-cost or over-the-counter alternatives, obtain pricing from several different pharmacies to get the best value, and utilize the 30-60-90 day refill plan if available.
Ask for discounts and review costs of medical bills. Ask your provider if discounts are available if you pay in advance rather than waiting to be billed. If a bill is sent for a service, carefully review the Explanation of Benefits document to ensure the services being billed for were received. Only the amount that the insurance company indicates is owed should be paid.
Live a healthy lifestyle. Prevention is the best medicine! The good news is you can prevent many health-related problems with exercise and a healthy diet. Research shows that individuals who suffer from obesity incur an average of $1,700 more per year in health care costs. In addition, smokers incur on average $1,600 more per year in medical expenses than nonsmokers.

Question 10

What type of company is Leavitt Group?

Accepted Answer

Leavitt Group is the $ijRank largest privately held independent insurance brokerage in the U.S. according to the $ijYear issue of Insurance Journal Magazine and the largest family-owned and operated brokerage according to Reagan Consulting.
In $ijYear, Leavitt Group has $offices+ locations in $states states, $$revenue million in consolidated revenue, and $$placedPremiums billion in placed premiums.

Question 11

How much money does Leavitt Group make?

Accepted Answer

Leavitt Group generated $$revenue million in consolidated revenue in $ijYear.

Question 12

What is Leavitt Group's revenue?

Accepted Answer

Leavitt Group's revenue was $$revenue million in $ijYear.

Question 13

What types of insurance are essential for oil and gas operations?

Accepted Answer

Key insurance coverages for oil and gas businesses include property insurance, liability insurance, business interruption insurance, environmental insurance, oil well insurance, and machinery breakdown insurance.

Question 14

How does the location of oil and gas operations affect insurance needs?

Accepted Answer

The location, such as offshore or politically unstable regions, can increase the risk, impacting coverage requirements and premiums due to factors like natural disaster susceptibility and population proximity.

Question 15

What factors influence insurance premiums in the oil and gas sector?

Accepted Answer

Premiums are affected by the size and scale of operations, nature of activities (e.g., offshore drilling), and a company&rsquo;s safety record and risk management practices.

Question 16

How can oil and gas companies reduce their insurance costs?

Accepted Answer

Companies can lower costs through effective risk management, such as implementing safety protocols, regular equipment maintenance, and thorough employee training.

Question 17

What is the process for filing an insurance claim in the oil and gas industry?

Accepted Answer

The claims process generally includes notifying the provider, documenting the incident, undergoing assessment, and either receiving compensation or a denial with an explanation.

Question 18

What are some common exclusions in oil and gas insurance policies?

Accepted Answer

Exclusions may include damages due to intentional acts, wear and tear, and risks related to war or nuclear hazards.

Question 19

How can regulatory changes impact oil and gas insurance coverage?

Accepted Answer

Stricter environmental and safety regulations can necessitate additional coverages or adjustments in risk management, influencing insurance costs and coverage needs.

Question 20

Why is risk management important?

Accepted Answer

Risk management is vital in helping you avoid risk and potential loss as much as possible. However, there are more benefits that you may not think of right away. When you take the time to reduce the size and number of your losses, you can positively impact the availability and affordability of insurance. In addition, by implementing risk management strategies, your business can protect against uncertainty, reduce costs, increase the likelihood of success, protect your public image, and protect people and employees from harm.

Industries Overview
Clarksburg, Fairmont, Morgantown

Understanding Industry-Specific Insurance Risks

Business Knowledge & Experience: What Dick Moore Insurance Agency Brings

Industries Overview Clarksburg, Fairmont, Morgantown

Industries We Serve

Understanding Industry-Specific Insurance Risks

Business Knowledge & Experience: What Dick Moore Insurance Agency Brings

Industries Overview
Clarksburg, Fairmont, Morgantown