Say What?

Since, I have two much older siblings the possibility of looking stupid was always present and I never liked looking stupid. But, frequently I looked and acted stupid and over the years and I thought I had made great progress. Well, that is just not so. Just now, I realize just how many things I was unaware of because of the insurance course I’m taking. Years ago, my brother asked me to install a heating system in my parent’s 100 year old Craftsman Style house and he said we probably need a bond on the equipment being installed. I had no idea what he was talking about till this property and casualty course. He meant a Surety Bond called a Contract Bond and I had never heard of such a thing. Contract Bonds are used on construction contracts. That information would have been very helpful.  Also, my sister injured her foot years ago and had a workman’s comp claim. I thought she had sued the company but come to find out a workman’s comp claim is used to keep someone from suing the company. Along those lines, there are laws in Alabama that exclude certain occupations from mandatory workman’s comp coverage like domestic and part-time workers, farmers, licensed real estate brokers and a few others. In order to have coverage for these folks the company has to ask and pay for additional coverage. If you are unfamiliar with insurance then you won’t be able make good economic decisions.

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