What is the role of the "insured value" in marine cargo insurance?

The "insured value" is the maximum amount an insurer will pay in the event of a loss. It is based on the total value of the cargo, including its cost, freight, and other charges.

How do I find in-network providers for my PPO plan?

Insurance providers have online directories listing in-network doctors, hospitals, and specialists. Members can also call their insurer to verify network participation.

What are statutory reserves in insurance?

Statutory reserves are legally required reserves insurers must maintain to comply with solvency regulations and protect policyholders.

How does coinsurance work in prescription drug coverage?

Some insurance plans apply coinsurance to prescription drugs, meaning you pay a percentage of the medication cost rather than a fixed copayment. High-cost specialty drugs often have coinsurance instead of flat copays, making them more expensive for patients.

How do regulatory authorities address insurance fraud?

They collaborate with law enforcement, impose anti-fraud regulations, investigate fraudulent claims, and penalize insurers or agents involved in fraudulent activities.

Is life insurance taxable for the beneficiary?

Generally, life insurance proceeds are not subject to income tax for the beneficiary. However, if the proceeds become part of a taxable estate or generate interest while held by the insurer, estate or income taxes may apply. Consulting a tax advisor is recommended.

Does renters liability insurance cover accidental damage to my neighbor’s property?

Yes, if you accidentally cause damage to your neighbor’s property, such as a leaking washing machine that floods their apartment, liability coverage can help pay for repairs.

What factors affect an insurer’s solvency ratio?

Factors affecting solvency ratios include underwriting performance, investment returns, claim payouts, economic conditions, and regulatory capital requirements.