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North American Company

Insurance, United States, Illinois, Chicago

Leading provider of life insurance and annuities, specializing in wealth transfer solutions and retirement planning. Trusted by millions for financial security and peace of mind.

About North American Company

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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.northamericancompany.com
Location Address Official Phone Email
United States of America, Illinois state United States, Illinois, Chicago **** ****
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FAQs – North American Company

Can I add riders to my insurance policy later?

Some insurers allow policyholders to add riders later, but it usually requires medical underwriting or additional documentation. It's best to add necessary riders when purchasing the policy to avoid potential restrictions or increased costs.


Are home-based businesses covered under homeowners insurance?

Homeowners insurance rarely covers business equipment or liability. A home-based business insurance policy or rider may be necessary for adequate protection.


Can I convert a term life insurance policy into whole life insurance?

Some term life policies allow conversion to whole life insurance, but this typically needs to be done within a certain period and may involve higher premiums.


How does insurable interest affect health insurance?

Health insurance policies do not typically require insurable interest in the same way as life or property insurance. However, policyholders must have a valid relationship with dependents covered under the policy, such as spouses, children, or legal wards.


How does reinsurance help with risk management?

Reinsurance allows insurers to transfer part of their risks to another company, reducing financial exposure and ensuring stability in case of large claims.


What happens if my insurer becomes insolvent?

If an insurer becomes insolvent, state guarantee funds may step in to protect policyholders by covering outstanding claims and transferring policies to other insurers. Consumer protection laws ensure that policyholders are not left without coverage unexpectedly.


Does public liability insurance cover professional mistakes?

No, professional errors, negligence, or advice-related claims are covered by professional indemnity insurance, not public liability insurance. Businesses offering services should consider both types of coverage.


How does indexed universal life (IUL) insurance work?

Indexed universal life links the cash value growth to stock market indexes, offering the potential for higher returns with protection against market losses.


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