Can I negotiate my ACV insurance claim?

Yes, policyholders can dispute an ACV claim by providing evidence such as receipts, appraisals, market comparisons, or independent assessments. If you believe your insurer undervalued your claim, you can request a reevaluation, use a public adjuster, or seek legal advice.

What is the NAIC’s role in financial solvency regulation?

The NAIC monitors insurer financial health through solvency regulations, risk-based capital requirements, and regular financial examinations to prevent insolvencies and protect policyholders.

Is pet insurance worth it for illnesses?

It can save thousands in unexpected vet costs, especially for chronic or severe illnesses, depending on coverage, deductibles, and premiums.

What is the difference between a PPO and an HMO?

PPOs offer greater flexibility in choosing healthcare providers and specialists without referrals, while HMOs require you to use a primary care physician and get referrals for specialists. PPOs have higher costs but more provider choices, including out-of-network coverage.

Does moral hazard apply to health insurance?

Yes, moral hazard applies to health insurance as well. For instance, individuals with health insurance may be more likely to overuse medical services or neglect preventive care, knowing that their insurer will cover the cost of treatment. This could lead to unnecessary medical expenses, and insurers may raise premiums to account for this behavior. Insured individuals may also take fewer precautions regarding their health.

What government policies help control adverse selection in insurance markets?

Regulations like community rating, mandatory enrollment, and subsidies help ensure a balanced risk pool and reduce adverse selection effects.

How do regulators handle insurance company failures?

In case of insolvency, regulators may step in to manage company liquidation, transfer policies to financially stable insurers, or activate policyholder protection funds. Their goal is to minimize disruption and ensure claim payments.

Does marine freight insurance cover damages due to improper packaging?

Most policies exclude damages due to improper packaging, as it is the responsibility of the shipper to ensure proper packing of goods.