Do family plans have a different out-of-pocket maximum?

Yes, family plans usually have an individual out-of-pocket maximum for each covered person and a total family out-of-pocket maximum. Once an individual reaches their personal maximum, their costs are covered at 100%, even if the family maximum has not been met.

What is the difference between primary and contingent beneficiaries?

A primary beneficiary is the first in line to receive benefits. A contingent beneficiary receives benefits only if the primary beneficiary cannot claim them due to death or disqualification.

What is the SOA’s Code of Professional Conduct?

The Code of Professional Conduct sets ethical guidelines for SOA members, emphasizing integrity, competence, and responsibility in actuarial work.

What is Freight Forwarders' Liability Insurance?

This insurance covers freight forwarders for legal liabilities arising from loss or damage to cargo while in transit. It also includes errors and omissions, misdelivery claims, and contractual liabilities under international trade regulations.

Does liability insurance cover hit-and-run accidents?

Liability insurance covers damages you cause to others but does not cover hit-and-run damages to your vehicle. You need uninsured motorist coverage for that.

How does the Solvency II framework impact solvency ratios?

Solvency II sets risk-based capital requirements and reporting standards for European insurers, ensuring financial stability and policyholder protection.

Are there health insurance plans without co-pays?

Yes, some health insurance plans, like high-deductible health plans (HDHPs) paired with Health Savings Accounts (HSAs), may not have co-pays but instead require you to pay the full cost of services until you meet the deductible.

How did Lloyd’s of London adapt to global insurance demands?

Lloyd’s expanded internationally, establishing licenses in multiple countries, creating specialized policies, and leveraging technology to assess and underwrite emerging risks.