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That's a perfect textbook response. That may be the exact, or close to it, definition from my p&c insurance study textbook.
He's a "by the book" kinda guy?
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That's a perfect textbook response. That may be the exact, or close to it, definition from my p&c insurance study textbook.
That's a perfect textbook response. That may be the exact, or close to it, definition from my p&c insurance study textbook.
I tend to think of myself more along the lines of perfect than by the bookHe's a "by the book" kinda guy?
I would say, simply put, to give the insured some skin in the game on a claim, and can discourage frivolous and or fraudulent claims.
Caveat, not a current Medicare beneficiary, merely a donor currently
Purpose of deductible is to retain small risk & transfer larger risk to carrier with deeper pockets. The larger a person's ability to absorb losses, the greater they can choose a deductible to be & obtain premium savings from carrier.
That's a perfect textbook response. That may be the exact, or close to it, definition from my p&c insurance study textbook.
depends on the state. Some states may require really low deductible options like a $0 or $50 deductible on personal lines policies, but carriers would default their quote systems to start with the deductible level they prefer. Anything less than $1,000 on a home policy is going to cost more not only because of the potential payment, but the cost to have claims reps handle those smaller claims administratively. Auto likely gets best pricing at $500 or more deductible (some lenders wont allow deductibles higher than a certain amount). A rider to a home insurance might have a much lower deductible like $0 or $50 on some items like jewelrySo, a followup question -- for the way things work in the P&C world.
If a carrier offers a consumer some kind of coverage with a deductible option -- either to discourage frivolous claims from the consumer or to allow the consumer to lower their premium -- or both;
Does the carrier hard wire in a specific deductible amount, take it or leave it; or is the consumer allowed to choose deductible limits, perhaps within some range of amounts?
Thanks.
Back when the Obama administration was designing the affordable care act, they added a rule to Medicare. That supplements could not offer first dollar coverage anymore. They felt like first dollar coverage encourages people to go to the doctor unnecessarily compared to if they had a deductible to meet. They would only go if they needed to go. That's why the plan F was removed from the market for people aging into Medicare after the date of that change.
I would have to think that's the same stance that the insurance companies themselves have on deductibles.
depends on the state. Some states may require really low deductible options like a $0 or $50 deductible on personal lines policies, but carriers would default their quote systems to start with the deductible level they prefer. Anything less than $1,000 on a home policy is going to cost more not only because of the potential payment, but the cost to have claims reps handle those smaller claims administratively. Auto likely gets best pricing at $500 or more deductible (some lenders wont allow deductibles higher than a certain amount). A rider to a home insurance might have a much lower deductible like $0 or $50 on some items like jewelry
Commercial insurance can & will have much higher deductibles. I have seen some as high as $500,000 deductibles on hard to place/high risk & high value business operations. commercial insurance is less regulated by state laws than personal lines home/auto.
Are you writing a book? (disclaimer: if you are writing a book, you dont have my permission to use any of my sarcastic, sophmoric or political comments in the book)
Are you writing a book? (disclaimer: if you are writing a book, you dont have my permission to use any of my sarcastic, sophmoric or political comments in the book)
I should have known that was a sophomoric comment, and sue me.