Few questions about the card benefits before pulling the trigger.

1. Can I redeem points from my account for an award travel for a family member and then redeem the Global Companion Award (25K) cert for yet another family on the same reservation?

2a. I believe the Global Companion Award cert is only for redemption during the calendar year in which it has been issued, but can it be used for travel during the following year if award space is available?
2b. If 2a is possible, I would assume any changes made to the reservation in the new year will result in the cert "expired/no longer valid"?

3. If I redeem points for award travel for myself and pay for the fees using the Summit card, I will be able to check a bag for free, correct?

4. I think it offers rental car insurance coverage, but is it primary? Any real world experience with claims (assuming it will be the same coverage/company as other BofA cards)?

5. When exactly are the annual status points awarded upon renewal? If I apply now, does it mean I won't receive them until around March/April (anniversary)? Does this mean it would be more beneficial to apply earlier in the year?

TIA.

LAX