Are prescription drugs covered under an HMO?

Most HMO plans include prescription drug coverage, but the formulary (list of covered medications) varies by plan. Copays and coverage levels depend on whether the drug is generic, brand-name, or specialty. Some HMOs require step therapy or prior authorization for certain medications.

Does the limit of liability apply to all types of insurance?

The limit of liability applies to various types of insurance policies, including auto, home, health, and life insurance, though the specifics may differ across different types of policies.

Are jewelry and collectibles covered under ACV?

Standard ACV policies cover jewelry and collectibles at depreciated value, but you can purchase special endorsements for full appraised value coverage.

How does an independent insurance agent work?

An independent insurance agent represents multiple insurance companies and helps clients find policies that best suit their needs. Unlike captive agents who work for a single insurer, independent agents provide a variety of policy options and unbiased recommendations based on pricing, coverage, and insurer reputation.

What is the difference between hull insurance and cargo insurance?

Hull insurance covers damage to the vessel itself, while cargo insurance protects goods being transported against loss or damage during transit due to accidents, theft, or environmental factors.

Do I need Medicare if I’m still working?

If you have employer-sponsored insurance, you may delay Medicare enrollment without penalties, but it depends on your employer’s coverage size.

What are the benefits of reinsurance for insurers?

Reinsurance provides multiple benefits, including financial stability, increased underwriting capacity, risk diversification, solvency protection, and access to expertise from global reinsurers. By transferring risk, insurers can take on more policies, protect their capital, and manage catastrophic claims more effectively.

What is the purpose of coinsurance in insurance policies?

Coinsurance helps distribute costs between policyholders and insurers, reducing overutilization of services, keeping premiums lower, and ensuring policyholders share financial responsibility.