An insurance assignment is an agreement that transfers the rights or benefits of an insurance policy to another party. It gives that party the authority to file claims, make repair decisions, and collect insurance payments without the involvement of the policyholder. Insurance assignments can be helpful in certain situations but also come with risks that … Read more
The Affordable Care Act (ACA) requires employers to report the cost of health insurance coverage on employees’ W-2 forms. This reporting helps employees understand the value of their employer-provided health benefits. What is Form W-2? The W-2 is an annual tax form that employers must send to employees and the IRS at the end of … Read more
American Income Life Insurance is a life insurance company that offers various types of life insurance, including whole life insurance. With a whole life insurance policy, you may have the option to borrow against your policy’s cash value. Here is what you need to know about borrowing from an American Income Life whole life insurance … Read more
Reinsurance is a critical risk management tool for insurance companies. It allows them to transfer a portion of policy risks to a reinsurer. There are three primary methods of reinsurance used – treaty, facultative, and hybrid. Each has advantages and disadvantages to consider. Overview of Reinsurance Methods Treaty reinsurance covers a predefined group or book … Read more
Health insurance plans often have cost-sharing features like deductibles, copayments, and coinsurance to help split covered medical costs between you and your insurance company. One common coinsurance split is 80/20, which means your health plan pays 80% of the allowed amount for covered services after you meet your deductible. But what exactly does this 80/20 … Read more
Coinsurance is a common clause in commercial and residential property insurance policies. It requires the policyholder to insure their property to a specified percentage of its replacement value. The most common coinsurance percentage is 80%. So what exactly does 80 coinsurance mean for your property insurance coverage? What is coinsurance? Coinsurance is a provision in … Read more
Knowing how to calculate a prorated refund is an important skill for many customer service and accounting professionals. Providing an accurate prorated refund to a customer can save time and improve customer satisfaction. This comprehensive guide will explain what a prorated refund is, when it’s used, and walk through the steps to calculate it properly. … Read more
TRICARE for Life (TFL) is Medicare-wraparound coverage for TRICARE beneficiaries who are entitled to Medicare Part A and enrolled in Medicare Part B. It provides extensive coverage to supplement Medicare, but one common question is: Does TRICARE for Life pay for prescription drugs? The answer is yes. Prescription drug coverage is included with TFL under … Read more
When purchasing insurance, you’ll often see policies divided into “basic” and “premium” coverage. But what exactly is the difference between basic and premium insurance? In short, premium insurance provides more extensive coverage at a higher cost, while basic insurance is more affordable but limited in scope. Understanding the key differences can help you determine the … Read more
Owning more than one vehicle is common for many households. You may have a family car as well as a sports car or classic car that you cherish. Or perhaps you have a work vehicle in addition to your personal one. Whatever the case, you’ll need auto insurance coverage for every car you own. But … Read more