Word: firms
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What happens if I have a brokerage account at a firm that goes bankrupt...
...points. The lesson: these are volatile days and weeks, and timing the market is a crapshoot, even for the pros. The ability of ordinary investors to move in and out of investments at the right moment tends to be pretty bad anyway. A longitudinal study by the research firm Dalbar shows that as mutual-fund investors increase the length of time they hold their funds, they do better relative to stock and bond indexes. "Our emotions are backward-looking, but the market is always about what's going to happen," says David Yeske, a financial planner in San Francisco...
Claims on these policies get paid from the firm's general account--the place your premiums go. As long as the company is solvent, things work normally. But let's assume a worst-case scenario: a state regulator steps in, can't get the firm back on track and decides to liquidate. As a policyholder, you're in line ahead of creditors. If the insurer is in real trouble and can no longer pay claims, then the state's guarantee fund kicks in. It varies from state to state, but generally you have at least $300,000 worth of total...
...tapped in a worst-case scenario, like what's outlined at left. Again, limits vary by state, but in many cases you'll be covered up to $300,000. For property and casualty insurance, you'll typically be covered by the state fund for 30 days after a firm is liquidated, to give you enough time to get a new provider...
...Fischer is represented by Richard D. Glovsky at Prince, Lobel, Glovsky & Tye, McManus said. (The Boston law firm also represents The Crimson.) Glovsky did not return calls for comment yesterday...