Will my homeowner’s or renter’s insurance cover lost baggage instead?

Some homeowner’s or renter’s policies provide coverage for personal belongings lost while traveling, but they usually have higher deductibles and may not cover baggage delays.

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What is Usage-Based Insurance (UBI)?

Usage-Based Insurance (UBI) is a pricing model where premiums are determined by real-time driving behavior, mileage, or usage patterns, often tracked through telematics devices or mobile apps.

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How does moral hazard differ from adverse selection?

Moral hazard occurs when insured individuals change their behavior, while adverse selection happens when high-risk individuals disproportionately purchase insurance.

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How do actuaries contribute to pension plans?

Actuaries help design, evaluate, and manage pension plans to ensure long-term financial sustainability. They calculate funding requirements, assess liabilities, and advise on regulatory compliance to secure retiree benefits.

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What is the IRDAI?

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous body established to regulate and oversee the insurance industry in India. It ensures the protection of policyholders' interests and promotes the growth of the insurance sector.

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What risks does marine freight insurance cover?

Marine freight insurance covers risks like natural disasters (storms, hurricanes, tsunamis), fire, theft, piracy, accidental damages, cargo jettison, and damages due to improper loading or unloading. Some policies may also include coverage for war, strikes, and terrorism, depending on the policy terms.

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How do PPO plans work with Medicare?

Medicare beneficiaries can choose a PPO Medicare Advantage Plan, which offers similar flexibility. They can visit any provider but pay less for in-network services, and some plans include prescription drug coverage.

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What is the federal limit for out-of-pocket maximums?

The federal government sets annual out-of-pocket maximum limits for ACA-compliant plans, which adjust yearly. You can check updated figures from your insurer or healthcare.gov.

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