What is loss of use coverage?

Also called Additional Living Expenses (ALE), this covers extra costs if you need to live elsewhere while repairs are made due to a covered loss. It can pay for hotel stays, meals, and other temporary expenses.

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How do deductibles affect reimbursement?

A deductible is the amount the policyholder must pay before insurance reimbursement begins. Higher deductibles reduce reimbursement amounts but lower premium costs.

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How is the Claim Settlement Ratio calculated?

CSR is calculated as (Total Claims Settled ÷ Total Claims Received) × 100, representing the percentage of claims successfully processed by the insurer.

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Can UBI be used for fleet vehicles?

Yes, many insurers offer UBI programs for commercial fleets. These programs help businesses monitor driver behavior, reduce fuel costs, prevent accidents, and optimize vehicle usage while offering potential savings on insurance premiums.

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How do deductibles affect claim settlements?

The insurer subtracts the deductible amount from the total claim payout. For example, if damages cost $5,000 and the deductible is $1,000, the insurer pays $4,000.

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What conditions qualify for short-term disability?

Qualifying conditions typically include temporary injuries, illnesses, and surgeries that prevent you from working. Common examples include pregnancy and childbirth recovery, surgical recovery, broken bones, and severe illnesses like pneumonia. Pre-existing conditions may not be covered, and coverage varies by policy.

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Can third-party insurance be added to other policies?

Yes, third-party coverage can often be added as an endorsement or rider to other insurance policies, such as home or auto insurance. This ensures that additional coverage for liability or third-party claims is included within a broader insurance plan.

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Does a guaranty fund cover annuities?

Yes, most state guaranty funds provide limited protection for annuity holders, with coverage caps that typically range from $100,000 to $250,000 per policyholder.

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