Comp (a.k.a Comprehensive or Other Than Collision) and Collision are physical damage insurance coverages on a personal or business auto insurance policy.

Collision coverage provides reimbursement for damage to your vehicle after you’ve been in a car accident in which there is no fault or you are at-fault. Comp provides reimbursement for a set of named perils that include, fire, hit an animal, falling object, car get’s struck by lightning and more.

Comp will often be provided in conjunction with full glass coverage but is technically a separate part of the auto insurance policy.

Let’s start by saying that every homeowners policy is different and every homeowners insurance carrier has different unique coverages… Basically there are NO absolutes here.

That being said there are seven perils that are not covered on any of the standard Basic, Broad or Special form homeowners insurance policies and those seven perils include:

Ordinance or Law, Earthquake, Flood, War, Nuclear Hazard, Wear and Tear, Intentional Acts

A couple of those including earthquake and flood you can buy coverage for. But the coverage does not come standard on most homeowners insurance policies.

Universal life insurance is a unique product in that it is actually two different products packaged together. The first product is a one year annual renewable term life policy at the face amount listed on the policy.

The second product is a cash value account that grow at either a guaranteed interest rate or the current rate whatever is higher. Universal life insurance has some advantages such as the ability to cash out at any time and the ability to change amount of premium payments.