Coinsurance clause is used in many forms of insurance for two main reasons; to discourage insureds from using benefits unnecessarily, and to ensure property owners purchase sufficient amount of insurance. In health insurance, coinsurance is presented either as a fixed Continue reading Co-insurance Clause
Most states have similar statutes regulating insurance companies’ power to cancel or “non-renew” insurance policies. Under the New York State Insurance Law, for most types of insurance policies, insurance companies may cancel a policy for underwriting reasons within the first Continue reading New York Restrictions on Insurance Cancellations