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
Hired and non-owned auto insurance provides liability coverage for vehicles that a business does not own but uses for commercial purposes. This type of coverage is important for companies that have employees driving rented, borrowed, leased, or personal vehicles for work activities. Here’s an overview of what hired and non-owned coverage includes: Hired Auto Coverage … Read more
Producers and agents who sell Medicare supplement insurance or long-term care insurance have important requirements regarding replacement notices that must be provided to applicants. These notices ensure consumers understand the consequences of replacing an existing policy and prevent inappropriate replacements. Let’s take a closer look at when producers must deliver notices about replacement coverage. Medicare … Read more
Life insurance provides financial security and peace of mind for you and your loved ones. However, it’s estimated that over $1 billion in life insurance benefits go unclaimed each year because beneficiaries are unaware of existing policies. If you suspect there may be a life insurance policy with your name on it, there are steps … Read more
Social Security benefits are an important source of income for many retirees. But how much you receive each month depends on your lifetime earnings and when you start taking benefits. For those earning around $25,000 annually, your Social Security checks may be reduced based on your income. Here’s what to know about how much Social … Read more