Is coinsurance the same as the deductible?

No, the deductible is the amount you pay before your insurer starts covering costs, while coinsurance is the percentage of the cost you pay after meeting the deductible.

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How do TPAs contribute to reducing claim settlement time?

TPAs use digital claim submission, automated verification, standardized workflows, and direct communication with insurers and hospitals to accelerate claim processing and ensure timely settlements.

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What is wreck removal coverage in marine liability insurance?

It covers the costs of removing a sunken or stranded vessel when required by law or maritime authorities to prevent hazards.

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Is renters insurance required by law?

Renters insurance is not legally required, but many landlords and property management companies require tenants to have a policy as part of the lease agreement. Even if not required, it is highly recommended for financial protection.

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Will replacement cost cover my home’s structure if it's damaged?

Yes, replacement cost coverage for homeowners insurance typically applies to the structure of your home. It covers the cost to rebuild or repair your home to its original condition, without factoring in depreciation.

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What legal recourse does a policyholder have against an insurer?

Policyholders can file complaints with regulators, seek mediation, or pursue legal action if an insurer violates consumer protection laws.

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How does disability insurance benefit gig workers?

Disability insurance provides income replacement if a gig worker is unable to work due to illness or injury. Since gig workers do not receive employer-sponsored disability benefits, private policies help ensure financial stability during work disruptions.

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How do actuaries contribute to pricing new insurance products?

Actuaries analyze the potential risks and financial viability of new insurance products. By using historical data, statistical models, and industry trends, they estimate the likelihood of claims and set appropriate premiums, ensuring the product remains competitive and financially stable.

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