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Flexible Benefit Service Corporation

Insurance, United States, Illinois, Rosemont

Innovative solutions for employee benefits administration. Experts in FSA, HRA, COBRA compliance. Simplifying benefits management for businesses of all sizes.

About Flexible Benefit Service Corporation

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Basics

Type
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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.flexiblebenefit.com
Location Address Official Phone Email
United States of America, Illinois state United States, Illinois, Rosemont **** ****
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FAQs – Flexible Benefit Service Corporation

How can I reinstate a lapsed policy?

Reinstatement often requires paying overdue premiums, interest, and possibly undergoing medical underwriting (for life and health insurance). Some insurers allow reinstatement within a specific period, such as 6 months or a year, but terms vary.


Can a business reduce its workers' compensation insurance costs?

Yes, businesses can lower costs by implementing workplace safety programs, maintaining a claims-free history, classifying employees correctly, and shopping for competitive insurance rates.


Can seniors get term life insurance?

Yes, seniors can get term life insurance, but options become limited as age increases. Many insurers offer term policies up to age 65 or 70, though premiums are higher. If you need coverage beyond that, a guaranteed issue or final expense policy may be better options.


What is the difference between an insurance premium and a deductible?

A premium is the regular payment made to keep a policy active, while a deductible is the amount you must pay out-of-pocket before insurance covers a claim. Choosing a higher deductible can lower premiums, but increases personal financial risk.


How do policy limits affect insurance coverage?

Policy limits define the maximum amount an insurer will pay for a covered loss, which can be per claim, per policy term, or based on sub-limits.


Can an insurance policy be transferred to another party?

In most cases, insurance policies are not transferable without the insurer's consent. The terms of the policy usually require that the insured party must be the one to benefit from the coverage. However, some policies, such as life insurance, may allow the policyholder to name a beneficiary who will receive the benefits upon their death. Transferability varies by the type of insurance and the specific terms within the contract.


What should I do if someone files a product liability claim against my business?

Notify your insurer immediately, gather relevant documents (receipts, quality control records, customer complaints), and cooperate with the legal process. Your insurer will provide legal assistance and coverage if applicable.


Can I withdraw money from my variable life insurance policy?

Yes, policyholders can withdraw or borrow against the cash value, but withdrawals may reduce the death benefit and incur fees.


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