How do prescription drug costs work under public health insurance?

Public health insurance often covers essential medications, either fully or at a reduced cost. Some programs have formularies that list covered drugs, while others require co-pays. In certain cases, individuals may need prior authorization for expensive medications or seek additional coverage for non-listed drugs.

How does liability insurance work in an auto accident?

Auto liability insurance covers injuries and damages you cause to others in an accident. It includes bodily injury liability (medical expenses, lost wages) and property damage liability (vehicle or property repairs). Your own damages are not covered.

Can you get ACV coverage on a homeowners insurance policy?

Yes, many homeowners insurance policies provide ACV coverage, especially for older items, unless you specifically upgrade to a Replacement Cost policy.

How does reinsurance affect insurance pricing?

Reinsurance influences insurance pricing by stabilizing losses and reducing volatility. When reinsurance costs rise due to high claim activity, insurers may increase policyholder premiums to offset expenses. A stable reinsurance market helps keep insurance rates predictable and affordable.

What documents are required for a marine cargo insurance claim?

Common documents include the insurance policy, bill of lading, commercial invoice, packing list, survey report, and proof of loss or damage from the carrier or inspection authority.

What is Medicare Part C (Medicare Advantage)?

Medicare Part C, or Medicare Advantage, is an alternative to Original Medicare that includes Parts A and B, often with additional benefits.

How do regulatory authorities oversee reinsurance transactions?

Regulatory authorities oversee reinsurance transactions to ensure solvency, financial transparency, and fair market practices. Regulations vary by country but typically involve capital adequacy requirements, reporting standards, risk assessments, and licensing conditions for reinsurers.

Can an insurer with a high claim settlement ratio still reject claims?

Yes, insurers with high CSRs can reject claims that do not meet policy terms, have incorrect or fraudulent information, or lack necessary documentation. Each claim is evaluated on a case-by-case basis.