Frequently Asked Questions

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A deductible is the up front out of pocket expense you pay for health care services before your insurance company begins to pay.

Coinsurance is a way of saying you and your insurance company are sharing in the cost of health care services after your deductible has been met.  For instance, if your medical plan offers a 80/20 coinsurance.  The insurance company is responsible for paying 80% and you are responsible for 20% of your medical bills until a certain out of pocket maximum has been reached.

The MOOP or maximum out of pocket is the most you can expect to pay out of pocket for covered health services in a given year.   Once you have met your MOOP for the benefit year, your insurance company then pays 100% of covered healthcare costs until your policy renews.

Any cost for covered healthcare expenses that are subject to the benefits of your  health plan; such as: Copays, deductibles, coinsurance

Per dmv.org, South Carolina auto insurance law mandates that you hold at least the minimum required amounts of both liability and uninsured motorist coverage.  

Minimum Liability covers damages and losses to the other party if you are the cause of an accident.  South Carolina minimum liability limit is: $25,000 for bodily injury or death per person; $50,000 total for bodily injury or death per accident; $25,000 property damage.

Uninsured Motorist coverage covers damage/losses/injuries that you suffer if in  an accident caused by a driver without car insurance.  The minimum uninsured motorist coverage in South Carolina is $25,000 property damage, $25,000 for bodily injury/death per person, $50,000 for bodily injury/death per accident.  Higher limit options are available, please ask your agent.

Actual cost value is used to determine the value of property after a claim.  The primary concept of Actual Cost Value is that when you have a loss and your policy is an actual cost value policy; depreciation is deducted from your benefit.  Actual Cash Value tends to provide lower premiums than replacement cost policies, however, the deduction in depreciation can be severe.

Replacement cost is exactly what it says, it replaces the old with new of like, kind, and quality.  Insurance companies pay the amount of money up to your policy limits for any costs that are associated with materials and labor needed to rebuild your home.

There is no cut and dry answer for this.  It is best to discuss limits with your agent as many factors go into determining costs.  I would suggest to make sure you have a policy with replacement cost .

Whole life policies are guaranteed for the life of the policy as long as you continue to pay your premiums.  They also offer a cash account benefit that is established at a predetermined fixed rate.

Term insurance is the simplest option.  You determine an amount of coverage you need and the length of time (term) you want to keep it.  Coverage remains in effect as long as you pay your premiums until the term runs out.

A personal liability umbrella policy is like another layer of liability protection in the event that your other levels of liability (i.e.: home, car, boat, etc.) are exhausted.

Most people tend to buy umbrella policies when they begin to buy properties (i.e. homes, rental properties, land) or when they begin to have children.