Can I have Medicaid and private insurance at the same time?

Yes, you can have both Medicaid and private insurance. Medicaid may act as secondary insurance, covering costs not paid by your primary insurance, such as copayments and deductibles. However, Medicaid does not reimburse premiums for private insurance.

What is an out-of-pocket maximum?

An out-of-pocket maximum is the highest amount a policyholder must pay in a policy year for covered healthcare expenses before the insurer covers 100% of additional costs.

Can creditors claim life insurance proceeds from a beneficiary?

Generally, life insurance proceeds are protected from creditors, unless the beneficiary is responsible for debts or the funds go to the estate.

How does the SOA support continuing professional development (CPD)?

The SOA offers CPD programs, including webinars, conferences, and self-study courses, to help actuaries maintain and enhance their skills. Actuaries must complete CPD requirements to comply with professional standards and maintain credentials.

What is a deductible in crop insurance?

A deductible is the amount a farmer must pay out-of-pocket before the insurance coverage kicks in. For crop insurance, this is often a percentage of the crop's total value or yield. The higher the deductible, the lower the premium cost, but the greater the risk borne by the farmer.

What happens if my business property is underinsured?

Underinsuring your business property means you may receive only partial compensation for damages, forcing you to cover the remaining costs out of pocket. It’s crucial to assess property values regularly and update coverage limits as needed.

How does RBC differ from traditional capital requirements?

Traditional capital requirements set fixed capital levels, whereas RBC adjusts capital needs based on the insurer’s specific risk exposure. This dynamic approach ensures insurers hold sufficient capital relative to their operational and financial risks.

What is the difference between basic, broad, and special coverage?

Basic coverage protects against named perils, broad coverage adds additional risks, and special coverage provides all-risk protection except for listed exclusions.