What is the difference between guaranteed basis and current basis insurance?

Answer 1

Current is based on todays rates, guaranteed is a minimum rate. Look at the guaranteed side as worst case scenario. You really should have had this explained to you by your agent. Fire him. 4lifeguild

Answer 2

Guaranteed basis insurance provides a fixed monetary benefit to the insured regardless of the actual expenses incurred, while current basis insurance adjusts the benefit amount based on the actual expenses. Guaranteed basis insurance offers a predictable payout, whereas current basis insurance offers more flexibility but the benefit amount may vary.