What is an HMO deductible?

Many HMO plans have low or no deductibles, meaning coverage starts with minimal out-of-pocket expenses. However, some plans may include a deductible for hospital stays or specific services. It’s important to check your policy details to understand any deductible requirements.

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Are there any policies without a limit of liability?

Most standard insurance policies have a limit of liability to control the insurer’s financial exposure. However, certain types of specialized or umbrella insurance may offer higher or different limits.

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What qualifications are needed to become an actuary?

Most actuaries have a degree in mathematics, statistics, actuarial science, or finance and pass professional actuarial exams required by certification bodies like SOA, CAS, or IFoA.

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Should I use a broker for business insurance?

Yes, using an insurance broker for business insurance is beneficial, especially for complex risks. Brokers assess a company’s specific needs and recommend policies covering property, liability, workers' compensation, and cyber risks. They also negotiate better terms and provide ongoing risk management advice to protect business assets.

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What is the "hull deductible" in marine insurance?

The hull deductible is the amount the vessel owner must pay out of pocket before the insurance company covers the remaining costs of repairs or replacement after a covered incident.

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What services does Medicaid cover?

Medicaid covers hospital visits, doctor appointments, prescriptions, preventive care, maternity care, mental health services, and sometimes dental and vision care.

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How does reinsurance impact insurance pricing?

Reinsurance impacts insurance pricing by allowing insurers to spread their risks, which can lead to more stable premiums for policyholders. However, if reinsurance costs increase due to high claims or market conditions, insurers may raise policy premiums to compensate for their higher expenses.

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How is coinsurance used in property insurance?

In property insurance, coinsurance requires the policyholder to insure a certain percentage of the property's value (e.g., 80%) to receive full claim benefits, avoiding penalties.

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