When you have insurance, one key component of your policy is the deductible amount. The deductible is the portion of a claim that you must pay out-of-pocket before the insurance company covers the remaining costs. Many people wonder if they can change their deductible right before filing a major claim in order to reduce their … Read more
Getting hit by an uninsured or underinsured driver can leave you facing major expenses. Uninsured and underinsured motorist coverage helps protect you in these situations. But does this type of protection come with a deductible like collision or comprehensive insurance? Whether or not you pay a deductible with uninsured motorist coverage depends on the specific … Read more
When an insurance company is determining what premium to charge for a policy, there are many factors taken into consideration. The premium amount is calculated based on the risk profile of the insured and the likelihood that a claim will need to be paid out. By analyzing relevant data and statistics, insurance companies are able … Read more
Once you become eligible for Medicare at age 65, you have the option to enroll in or defer enrollment in Medicare Part B (medical insurance) and Part D (prescription drug coverage). However, you cannot pause your Part A coverage if you are receiving it premium-free. You’d have to completely drop Part A and Part B, … Read more
When reviewing your health insurance policy details, you may notice your annual deductible has two separate dollar amounts listed – an “in-network” deductible and a higher “out-of-network” deductible amount. For example: In-network deductible: $1,000 Out-of-network deductible: $2,000 This often leaves people wondering – why are there two different deductible amounts on my health plan? Below … Read more
Filing a secondary claim with the Department of Veterans Affairs (VA) is a common way for veterans to get additional disability benefits. A secondary claim allows a veteran to receive compensation for a new disability that is caused by an already service-connected condition. What is a Secondary Service Connection? A secondary service connection refers to … Read more
Buying life insurance can be an important financial decision for small business owners. Term life or permanent life insurance policies provide protection for your loved ones if you pass away unexpectedly. But life insurance policies also have unique tax implications, especially when combined with an S corporation. In this comprehensive guide, we’ll cover everything you … Read more
When running a business, risk management is crucial. One way companies manage risk is by purchasing insurance to transfer exposure to losses from certain events to an insurance company. However, not every potential risk a business faces is actually insurable. In this comprehensive guide, we’ll cover: The key characteristics of an insurable risk Types of … Read more
Insurance companies make money in several key ways: Collecting Premiums The primary way insurance companies generate revenue is by collecting premiums from policyholders in exchange for insurance coverage. The premium is essentially the policyholder’s payment for transferring the financial risk of potential losses to the insurer. The insurer pools these premiums together to pay out … Read more
A 2% deductible in a home insurance policy refers to a percentage-based deductible that is equal to 2% of the dwelling coverage limit. This type of deductible is less common than a flat dollar deductible, but is sometimes used for homes in areas prone to major disasters like hurricanes. Here’s what you need to know … Read more