Can I change my coverage during the grace period?

Generally, changes to your coverage, like increasing or decreasing your limits or adding riders, can’t be made during the grace period. You may need to resolve any payment issues first and then request changes once your policy is in good standing again. Check with your insurer for specifics.

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Who should consider using on-demand insurance?

On-demand insurance is ideal for gig workers, freelancers, travelers, occasional drivers, event organizers, and anyone needing temporary or flexible coverage without long-term commitment.

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What types of beneficiaries can be named in a policy?

Beneficiaries can be individuals, trusts, charities, businesses, or estates, depending on the policyholder’s wishes and legal considerations.

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Can I get a refund on my travel insurance policy if I don’t use it?

Many travel insurance providers allow cancellations for a full refund within a “free look” period (usually 10-14 days after purchase). After that, refunds are rarely given unless specified in the policy. It’s best to review terms before purchasing.

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What happens if the cash value is depleted?

If the cash value is depleted and premiums are not paid, the policy may lapse, resulting in loss of coverage unless additional payments are made.

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Can an insurer operate with a loss ratio over 100%?

Yes, but it is unsustainable long-term unless offset by investment income or adjustments in underwriting and pricing strategies.

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How does an actuary assess risk?

Actuaries use statistical methods, predictive modeling, and financial analysis to evaluate risk. They analyze past data, apply probability theory, and simulate different scenarios to determine the likelihood and impact of future financial events.

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How does the NAIC influence state-level insurance regulations?

The NAIC develops model laws and regulations that individual states can adopt, though each state has the authority to modify or choose not to adopt them.

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