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AMA Insurance Agency

Insurance, United States, Illinois, Chicago

Protecting Professionals and Their Futures with Tailored Insurance Solutions and Financial Planning Expertise.

About AMA Insurance Agency

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Basics

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Founded
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Total Employees
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Employees on Linkedin
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Employees on OWCareers
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Main Office
United States of America, Illinois state
Official Website
http://www.amainsure.com
Location Address Official Phone Email
United States of America, Illinois state United States, Illinois, Chicago **** ****
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FAQs – AMA Insurance Agency

What does "actual cash value" mean in a policy?

Actual cash value (ACV) is the amount your insurer will pay for a covered loss, factoring in depreciation. If an insured item is damaged or stolen, ACV reflects its current market value, not the price you originally paid. Replacement cost coverage provides full replacement without depreciation deductions.


Do I have to pay taxes on my policy’s cash value?

Cash value grows tax-deferred, meaning no taxes are owed unless funds are withdrawn or a policy is surrendered, at which point taxes may apply to gains.


What is an insurance regulatory authority?

An insurance regulatory authority is a government or independent agency that oversees and enforces laws to ensure fair and stable insurance markets.


Does livestock insurance cover transportation risks?

Some policies include transit insurance, covering losses due to accidents or injuries while moving animals between farms, markets, or slaughterhouses. However, coverage details vary, so it's essential to check the policy terms.


Can uninsured motorist coverage be used in a no-fault insurance state?

Yes, but in no-fault states, personal injury protection (PIP) usually covers medical expenses first before uninsured motorist coverage applies for additional damages.


What is term insurance?

Term insurance is a life insurance policy that provides coverage for a fixed period, paying a death benefit if the insured dies within the term.


What is a return of premium rider?

A return of premium rider refunds all or part of the premiums paid if the policyholder outlives the policy term. This is commonly found in term life insurance policies and increases overall premium costs.


How does blockchain support intellectual property rights?

Blockchain ensures tamper-proof digital rights management by recording ownership, tracking copyright violations, and enabling transparent royalty distribution for artists and creators.


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