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The business of insurance is regulated by the States, not the Federal Government. Therefore, the answer to the question depends at least upon the following variables:
1. The State that will be the domicile of the insurer;
2. The kind and type of insurance that will be offered (such as property and casualty, health, life, etc.)
3. The anticipated number of policies to be issues, as measured by the amount of risk that the insurer is assuming.
The main role of the insurance regulator is to ensure the claims-paying ability of the insurer. Therefore, these, and other factors, will dictate your answer.
What else can I help you with?
What does 5 percent default combined medical and drug coinsurance under the deductible section of a health plan mean?
It means that the insurance has a maximum payout combining costs of drugs, hospitals, doctor visits, therapy, etc. Insurance is a business and they want to make money.
What do the limits of insurance mean?
The limit is the maximum amount of $$ the company will pay for each component arising out of a claim.
What does suffix mean when fill out insurance information?
Items which are under coverage can be put under the suffix.
What does annual maximum mean in health insurance?
It means the manimum amount of benefits payable under the policy during the course of the policy year. The policy year is generally measured by the effective date of coverage until 12 months later. The annual maximum may be expressed in terms of applying to all persons insured under the policy, or per person.
What is the Term used to mean a loss requiring the maximum amount a policy will pay?
The term used to describe a loss that requires the maximum amount a policy will pay is known as the "policy limit" or "coverage limit." This refers to the maximum financial payout an insurance company is obligated to provide under a specific policy. If a loss exceeds this limit, the policyholder is responsible for covering the additional costs.
What does the term title insurance mean?
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
If you have dual insurance can you submit claims on both?
What do you mean by dual insurance? You cannot have two auto insurance policys on one car. If you mean can you claim damages (let's say) from the 'at fault' party and then also claim them under your collison coverage, no you cannot.
What does the insurance term 'adjustment' mean?
The word "adjustment" when used in the context of insurance means:The monetary amount an insurance "adjuster" has determined is the appropriate payment to be made to an insured person for a claim that is covered under the insurance policy.
How did Mexico feel about their capital?
ummmmmmmmmmm...... i am doing a project and its a t chart on Mexico and Houston and its asking me to put something under capital and i don't know exactly what he mean?
What does Debris removal mean under property insurance clause?
They'll remove the debris if your property collapses, m8
What does effective policy date mean?
The Policy effective date is the date that your insurance coverage started under that policy.
What does mean by marine insurance?
what does mean marine insurance
