What happens if my investment choices perform poorly?

If investments perform poorly, your cash value may decline, which could require additional premium payments to keep the policy in force. In extreme cases, if the cash value is depleted, the policy could lapse.

What is the future of Insurtech?

The future of Insurtech includes AI-driven automation, expanded blockchain adoption, greater use of IoT data, parametric insurance growth, and increased partnerships between startups and traditional insurers to improve efficiency and innovation.

What does 'liquidity ratio' mean in insurance regulation?

The liquidity ratio measures an insurer’s ability to meet short-term financial obligations using liquid assets. A healthy ratio indicates financial stability and readiness to handle claims promptly.

What are the top U.S. insurance companies by revenue?

According to the Insurance Information Institute, the top U.S. insurance companies by 2023 revenues are: 1. Berkshire Hathaway ($364.5 billion); 2. State Farm Insurance ($104.2 billion); 3. MetLife ($69.6 billion); 4. Progressive Corporation ($47.7 billion); 5. Allstate ($45.8 billion).

Are third-party vendors covered under my cyber insurance policy?

Coverage depends on the policy terms, but businesses should ensure their vendors have cybersecurity measures in place and consider extending coverage for third-party risks.

Does homeowners insurance cover accidents involving contractors?

No, contractors working on your home should have their own liability insurance. If they get injured while working, their workers' compensation or liability insurance should cover it. You should ask for proof of insurance before hiring contractors to avoid potential liability risks.

Does my credit score affect my insurance premium?

Yes, in many cases, insurers use credit scores to assess risk. A higher credit score may lead to lower premiums, while a lower score could result in higher costs due to perceived financial risk.

How long does the claim adjustment process take?

The length varies based on claim complexity, but simple claims may take days, while complex cases, like property damage or liability claims, can take weeks or months.