What is the waiting period for short-term disability benefits?

The waiting period, also called the elimination period, is the time you must wait before receiving benefits after becoming disabled. This period typically ranges from 7 to 14 days, though some policies may have shorter or longer waiting periods, depending on the insurer and plan details.

Are there limits to third-party insurance coverage?

Yes, third-party insurance has coverage limits, which define the maximum amount the insurer will pay for a claim. Once the coverage limit is reached, the policyholder is responsible for any additional costs. It’s important to review these limits when purchasing the policy.

How can policyholders check if their insurer is covered by a guaranty fund?

Policyholders can check with their state's insurance department or the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) for coverage information.

What is embedded insurance, and how does it benefit consumers?

Embedded insurance integrates coverage into third-party services or products, offering seamless, convenient access to insurance at the point of purchase. Examples include travel insurance bundled with flight tickets and auto insurance included in car leasing agreements. It simplifies the buying process, reduces gaps in coverage, and enhances customer experience.

Can a person with no legal ownership take out insurance on a property?

No, to insure a property, the person must have a financial interest, even if they are not the legal owner, such as a person with a long-term lease or a creditor of the property.

Is there a waiting period for accident coverage to begin?

Most insurers have a short waiting period, usually 24 to 48 hours, before accident coverage becomes effective.

Do HMOs cover emergency care outside the network?

Yes, HMOs typically cover emergency care received outside their network. However, members should notify their HMO as soon as possible after receiving emergency care to ensure coverage and avoid unexpected costs.

Why is it important to choose the right liability limit?

Selecting an appropriate liability limit ensures sufficient financial protection against claims, preventing out-of-pocket costs and safeguarding personal or business assets.