How do claims for marine cargo insurance work?

To file a claim, the policyholder must notify the insurer immediately after the loss or damage occurs, providing evidence like shipping documents, photos, and reports of the incident.

Can a PPO plan be paired with a Health Savings Account (HSA)?

Generally, PPO plans do not qualify for HSAs unless they meet high-deductible health plan (HDHP) criteria. Check plan details to determine HSA eligibility.

How is RBC calculated for insurance companies?

RBC is calculated using a formula that takes into account an insurer's assets, liabilities, and risk factors, such as credit, interest rate, and underwriting risks.

How does coinsurance work with Medicare?

Medicare Part B generally has a 20% coinsurance rate after the deductible is met. Medicare Supplement (Medigap) plans can help cover these costs. Medicare Advantage plans may have different coinsurance rates depending on the provider and services used.

How do regulatory authorities oversee reinsurance companies?

They monitor reinsurance solvency, ensure risk diversification, and enforce regulations to protect primary insurers and policyholders from financial losses.

How do actuaries determine insurance premiums?

Actuaries determine insurance premiums by analyzing risk factors such as age, health, occupation, and past claims history. Using statistical models, they estimate the likelihood of future claims and incorporate profit margins, administrative costs, and investment returns to set fair and sustainable premium rates for policyholders.

Does renters insurance liability coverage include protection if I work from home?

Most standard policies do not cover business-related liability claims. If you run a business from home, you may need additional business liability coverage or a home business endorsement.

How often do insurers report their solvency ratios?

Insurers typically report solvency ratios quarterly or annually, depending on regulatory requirements and financial reporting standards in their jurisdiction.