An insurance policy is considered actuarially fair when the premiums paid by policyholders over the life of the policy are equal to the total amount of claims paid out by the insurance company plus the expenses incurred in running the insurance business. In other words, the insurance company doesn’t make a profit or loss on … Read more
As a condo owner, you may wonder if you need flood insurance. Even though you’re not on the first floor, floods can still damage your condo. Water can seep in through the walls, floors, and ceilings, causing significant damage to your belongings and the structure of your unit. Flood insurance can provide financial protection for … Read more
Insurance coverage for orthognathic surgery, which corrects jaw alignment and bite problems, varies by individual insurance policy. In general, medically necessary surgeries that improve function are more likely to be covered than surgeries that are primarily cosmetic. If your surgery is deemed medically necessary, your insurance may cover a portion of the costs, such as … Read more
Determining insurance coverage for pitch fibre drains involves understanding specific policy terms and exclusions. While some policies may provide coverage for damages caused by drain defects or failures, coverage for pitch fibre drains can vary depending on the policy’s language. It’s crucial to review the policy carefully and consider factors like the age, condition, and … Read more
Insurance agents act as intermediaries between insurance companies and policyholders. They receive commissions from the insurance companies for selling their policies. These commissions are typically a percentage of the premiums paid by policyholders. Additionally, some agents may charge additional fees for their services, such as application fees or consulting fees. These fees vary depending on … Read more
If you decide to terminate your insurance policy before the coverage period ends, you may encounter specific consequences. Depending on the type of insurance, you might have to pay a cancellation fee to the insurance company. This fee compensates them for the administrative costs associated with processing your cancellation request. It’s important to check the … Read more
Litholink is a procedure used to diagnose and treat problems in the bile ducts. It involves inserting a thin, flexible tube into the bile ducts to take images and remove any obstructions. Insurance coverage for Litholink varies depending on the insurance provider and the specific plan. Generally, Litholink is considered a medically necessary procedure and … Read more
Reinstatement refers to the process of restoring an insurance policy that has lapsed due to non-payment of premiums. When a policy lapses, the coverage provided under the policy ends. Reinstatement allows the policyholder to bring the policy back into force and regain coverage by paying the missed premiums, as well as any applicable fees or … Read more
Eyelid surgery, also known as blepharoplasty, is a cosmetic procedure that can remove excess skin and fat from the upper and lower eyelids. It can improve the appearance of the eyes and make them look more youthful. However, eyelid surgery is not typically covered by insurance unless it is medically necessary. In order to get … Read more
Homeowners insurance policies typically cover a wide range of individuals who share an insurable interest in the property. This includes the named insured, who is typically the person who owns or is financially responsible for the home, along with members of their household. Household members may include spouses, children, roommates, and sometimes even extended family … Read more