How does cyber insurance help with business interruption due to hacking?

Business interruption coverage compensates for lost revenue, operational expenses, and extra costs incurred due to a cyberattack that disrupts business operations. This helps companies maintain financial stability while recovering from an incident.

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Can public health insurance be used for mental health services?

Many public health insurance programs offer coverage for mental health services, including therapy, counseling, and psychiatric care, although the extent of coverage may vary depending on the country or specific program.

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How is reinsurance regulated?

Reinsurers are regulated by national and international bodies to ensure financial solvency and fair market practices.

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What documents are required for claim adjustment?

Required documents may include photos of damages, receipts, repair estimates, medical records (for injury claims), police reports, witness statements, and proof of ownership for lost or stolen items.

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Are insurance brokers required to disclose their commission rates?

Yes, insurance brokers are typically required to disclose their commission rates and any compensation they receive for selling a particular insurance product.

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Does coinsurance apply to all medical services?

Coinsurance generally applies to services beyond basic visits, such as hospital stays, surgeries, and specialist care. Some preventive services, such as vaccinations and annual checkups, may be fully covered by insurance without requiring coinsurance.

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Will earthquake insurance pay for temporary housing?

Yes, most earthquake insurance policies include Additional Living Expenses (ALE) coverage, which helps pay for temporary housing, food, and other costs if your home becomes uninhabitable after an earthquake.

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What is a loss reserve in insurance?

A loss reserve is the estimated amount an insurer sets aside to pay for reported and unreported claims that have occurred but are not yet fully settled.

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