How do I apply for Medicare?

You can apply for Medicare online at SSA.gov, by calling Social Security at 1-800-772-1213, or by visiting a local Social Security office. If you already receive Social Security benefits, you may be automatically enrolled in Medicare Parts A and B.

What is the relationship between moral hazard and financial bailouts?

Moral hazard arises when companies or financial institutions take excessive risks, assuming that the government or central banks will bail them out if they fail. This encourages reckless financial behavior and instability in economic systems.

How does AI help in automated claims processing?

AI automates claims assessment by analyzing documents, images, and historical data, expediting approvals, detecting fraud, and reducing manual workload while improving accuracy and efficiency.

What is solvency margin, and why is it important?

Solvency margin is the extra capital an insurance company must maintain beyond its liabilities. It acts as a buffer against unexpected losses and ensures the insurer can meet its financial obligations to policyholders. Regulatory authorities set minimum solvency margin requirements.

Can Marine Liability Insurance cover damage to the insured vessel?

Marine Liability Insurance typically does not cover damage to the insured vessel itself; this is covered under Hull Insurance. Liability insurance covers third-party claims resulting from accidents.

What does collision insurance not cover?

It does not cover medical expenses, damage to another person’s car, mechanical failures, or damages from natural disasters.

How do interest rates affect insurance reserves?

Interest rates impact reserves because insurers invest a portion of their reserves in financial instruments. Low interest rates reduce investment returns, requiring insurers to set aside larger reserves to meet future claims.

What is the role of an insurance ombudsman in consumer protection?

An insurance ombudsman is an independent body that helps policyholders resolve disputes with insurers through mediation, arbitration, or legal action, ensuring fair treatment and compliance with laws.