How is coinsurance calculated for a medical procedure?

Coinsurance is calculated as a percentage of the total cost of the procedure after your deductible has been met. For example, if the procedure costs $1,000 and your coinsurance is 20%, you would pay $200.

What is the difference between actual cash value and replacement cost coverage?

Actual cash value reimburses you based on the depreciated value of items, whereas replacement cost coverage pays for the full cost to replace them with new items.

How can universal life insurance be used in estate planning?

It can provide tax-efficient wealth transfer, estate liquidity, and inheritance protection, making it useful for high-net-worth individuals and business owners.

What happens if I file a claim with my insurer after they have become insolvent?

If an insurer becomes insolvent, policyholders can file claims directly with the state Guaranty Fund, which will process claims according to its coverage guidelines.

What is occupational accident insurance, and why is it important?

Occupational accident insurance covers medical expenses, lost wages, and disability benefits for independent contractors injured on the job, often used by rideshare and delivery drivers.

What is the NAIC Interstate Insurance Product Regulation Commission (IIPRC)?

The IIPRC is an NAIC initiative that creates uniform product standards for life insurance, annuities, disability insurance, and long-term care insurance. It simplifies multi-state approval for insurers while maintaining consumer protections.

Does pet insurance cover routine check-ups and vaccinations?

Standard illness coverage does not include routine check-ups, vaccinations, or preventive care. Some insurers offer wellness plans that can be added to cover routine veterinary visits.

Can I borrow money from my whole life insurance policy?

Yes, policyholders can take out a loan against their cash value, but unpaid loans reduce the death benefit paid to beneficiaries.