Underinsurance


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Underinsurance

The state in which one's health insurance or other insurance policy does not provide sufficient benefits. In an extreme example, one may be underinsured if one's policy does not cover cancer. Underinsurance may be deliberate: young persons often underinsure themselves because they are healthy and wish to pay lower premiums. However, some insurers have at times underinsured even those paying higher premiums to save on their own costs.
References in periodicals archive ?
The second requirement is that the carrier should use the sample "Notice of Conditions of Underinsurance" as a guide to guarantee that insureds receive the proper explanation of underinsurance, how underinsurance affects coverage, and how their coverage would be affected in the event of a catastrophic loss.
The Building Cost Information Service estimates that underinsurance in UK commercial property could be as high as 80%.
On its face, that language could not be any clearer; it allows Emcasco to add up all of the money received by Tufano from all tortfeasors and deduct that sum from any underinsurance coverage Emcasco owes her.
That can put a homeowner at risk for underinsurance and limits an insurers ability to receive premium relative to the risk.
A common indicator of a household's exposure to high OOP expenses, sometimes referred to in the literature (and here as well) as underinsurance, is when these exceed a particular share of household income--most commonly 10 percent, and often less if the household is poor (Cunningham 2009; Schoen et al.
Fifth, we will assess the current landscape of US healthcare, emphasizing important quantitative trends, including the persistent problems of uninsurance and underinsurance.
Insurers are trying to grow the market by expanding their customer base by increasing consumer awareness of specialist products, better targeting their products through partnerships, reducing underinsurance, and adapting their distribution strategies to consumer purchasing preferences.
Respondents cited underinsurance as a potential cause for dentists prescribing antibiotics.
Anna Maria D'hultser, secretary general of Geneva Association, the global insurance industry's leading think tank, said underinsurance (gap in protection) is an important issue not only in developed and emerging economies but also in the Middle East and North Africa (Mena) region.
A leading global and property and construction consultancy reported that the average level of underinsurance for owners of commercial properties is 60 per cent.
dollars to develop new solutions to help developing economies tackle underinsurance and improve their resilience against the economic impact of natural catastrophes.
Aviva has created an underinsurance guide with tips and advice at aviva.