Does coinsurance apply before or after my deductible?

Coinsurance applies after you’ve met your deductible. You will need to pay your deductible first, then your coinsurance will apply to the remaining cost of the service.

How can I lower my renters insurance premium?

You can lower your premium by increasing your deductible, bundling policies, improving home security, or qualifying for discounts based on your insurer's offers.

What factors do underwriters consider when evaluating risk?

They assess age, health, occupation, claims history, property condition, and other factors depending on the type of insurance.

What happens if my state doesn't have a Guaranty Fund?

If your state does not have a Guaranty Fund, you may not have protection in the event of an insurer's insolvency, which could leave you responsible for unpaid claims.

What is professional indemnity insurance, and who needs it?

Professional indemnity insurance protects freelancers from claims of errors, negligence, or financial loss suffered by clients due to their professional services, critical for consultants and creatives.

What are the key objectives of IRDAI?

The key objectives of IRDAI include protecting policyholders’ interests, ensuring the financial soundness of insurers, regulating premium rates, approving insurance products, and promoting fair competition while fostering the overall growth of the insurance sector in India.

Does pet insurance cover prescription medications?

Many illness policies cover prescription medications for covered conditions, including antibiotics, pain relievers, and chronic disease treatments. Some insurers may limit coverage based on the type of medication.

How do taxes apply to whole life insurance?

Death benefits are tax-free for beneficiaries, and cash value grows tax-deferred. However, policy loans, withdrawals, or surrenders may have tax implications.