How does insurable interest affect indemnity in insurance?

Insurable interest ensures that policyholders are only compensated for actual financial losses. Without insurable interest, an insured party could profit from a loss, which contradicts the principle of indemnity that insurance is meant to restore, not enrich, the insured.

Can I purchase emergency evacuation coverage separately?

Yes, standalone medical evacuation memberships, such as those from Medjet or Global Rescue, provide evacuation services independent of traditional travel insurance policies.

What is an HMO?

A Health Maintenance Organization (HMO) is a type of health insurance plan that provides healthcare services through a network of doctors, hospitals, and other healthcare providers. HMOs require members to choose a primary care physician (PCP) and get referrals for specialist visits. They emphasize preventive care and cost efficiency.

Are legal defense costs included in liability insurance?

Yes, most liability policies include legal defense costs, such as attorney fees and court expenses. These costs may be covered in addition to your policy limit or within your total coverage limit, depending on your insurer’s terms.

Does ACV apply to business insurance policies?

Yes, business property and equipment insurance policies often use ACV, though businesses may opt for RCV coverage to better protect their assets.

What is the role of an insurance broker?

An insurance broker is an independent professional who helps individuals and businesses find the best insurance coverage to suit their needs. Unlike insurance agents who work for a specific insurance company, brokers represent multiple insurers and provide impartial advice on policies, coverage options, and pricing. They assist in policy selection, risk assessment, and claims processing.

How long does marine cargo insurance coverage last?

Coverage typically lasts from the point of departure to the final destination, including time in storage during normal transit. Extensions may be needed for unexpected delays.

When can I enroll in Medicare?

The Initial Enrollment Period starts three months before turning 65 and lasts for seven months, with additional Special Enrollment Periods available.