What is the difference between cashless and reimbursement claims?

In a cashless claim, the insurer directly settles the bill with a network service provider (e.g., hospitals or repair shops). In a reimbursement claim, you pay the expenses upfront and submit receipts to the insurer for repayment based on policy terms.

What is stop-loss reinsurance?

Stop-loss reinsurance protects insurers by covering claims that exceed a certain total loss threshold, limiting financial exposure in high-loss situations.

Can I get help paying my deductible?

Some insurers offer deductible assistance programs, payment plans, or discounts to help policyholders manage costs. Additionally, in health insurance, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can be used to cover deductible expenses. Checking with your insurer about available options is a good idea.

Are there different types of flood insurance policies?

Yes, NFIP policies offer building and contents coverage separately. Private insurers may offer more comprehensive policies, including higher coverage limits, shorter waiting periods, and additional living expenses coverage.

How does replacement cost affect my home insurance?

With replacement cost home insurance, if your property is damaged, the insurance will pay for the cost of replacing your home and belongings with new equivalents, without deducting depreciation.

Can I change my coverage during the grace period?

Generally, changes to your coverage, like increasing or decreasing your limits or adding riders, can’t be made during the grace period. You may need to resolve any payment issues first and then request changes once your policy is in good standing again. Check with your insurer for specifics.

Who should consider using on-demand insurance?

On-demand insurance is ideal for gig workers, freelancers, travelers, occasional drivers, event organizers, and anyone needing temporary or flexible coverage without long-term commitment.

What types of beneficiaries can be named in a policy?

Beneficiaries can be individuals, trusts, charities, businesses, or estates, depending on the policyholder’s wishes and legal considerations.