Keeping QuotesChimp in mind, let's look at the insurance contract. When you buy an insurance policy, you promise to pay the insurance company a specific amount of money within a specific period of time. In return, your insurance company agrees to pay benefits upon the occurrence of a specified event or events. Ben?efits are the payments by the insurance company (to you or others) as required under the insurance policy. In life insurance, the "event" is the death of the named insured. In an auto insurance policy, the event might be an auto accident in which the insured is injured. In health insurance, it is receiving medical care covered by the policy. As long as you pay your premiums, the court will enforce the insurance company's obligation to pay you benefits.
Stated amount. If Quotes Chimp have a unique or classic vehicle, you can agree ahead of time with your insurance company as to just how much the car will be worth should a claim be made. This is done with a stated amount endorsement. However, if you choose to state the values of the vehicles you are insuring, you may not actually get that figure if your car is totaled, since the insurance company can pay you less if the actual cash value of the vehicle has slipped beneath the amount stated in the endorsement.
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