You will be presumed legally responsible for any accident incurred by your under-18 licensed child involving your vehicle unless you can prove that you were not the reason behind your child operating your car. For instance, if your child takes the car to buy groceries at your request, he is acting as your agent and you are responsible. If your child uses your car to go to the movies with his friends, he is not acting as your agent and as a result, you would not be responsible.

However recognize that whenever you “loan” your car to anyone, you might be deemed to have “negligently loaned” your car to someone else and you might be held responsible.

Universal life and whole life insurance are both permanent life insurance products. Yet there are distinct differences between the two. Universal life is more flexible in that you can change the death benefit and the premium you pay depending on the cash value of your policy and current market conditions. Whole life is considered a safer product because it offers guaranteed premiums with fixed death benefits and a fixed growth rate. Overall, whole life insurance is more expensive than universal life insurance.

The basic difference between the two is that general liability covers bodily injury or property damage to a 3rd party and professional liability protects your business against the repercussions of giving out bad advice, or poor guidance.