What is term insurance?

Term insurance is a type of life insurance policy that provides coverage for a specified period or "term." If the policyholder passes away during the term, the insurer pays a death benefit to the nominee. If the policyholder survives the term, no maturity benefit is paid unless a return of premium option is chosen.

How do I know if I need E&S insurance?

If standard insurers decline your application due to high-risk factors, prior claims, or unique exposures, consulting an E&S broker can help determine if surplus lines coverage is necessary.

Can UBI programs detect distracted driving?

Some advanced UBI programs analyze phone usage while driving to identify distracted driving behaviors and adjust risk assessments accordingly.

What is insurance indemnity?

Insurance indemnity refers to the compensation provided by an insurer to a policyholder to restore them to the same financial position they were in before a loss occurred, as per the terms of the insurance policy. It helps to cover costs or damages sustained.

Does travel insurance cover baggage lost by airlines?

Yes, travel insurance can supplement airline compensation if your checked baggage is lost, but you must first file a claim with the airline.

What is the difference between in-network and out-of-network providers?

In-network providers have agreements with the insurance company to offer services at lower rates. Out-of-network providers charge higher fees, and insurance may cover a smaller portion or nothing at all. Choosing in-network doctors helps lower medical expenses.

Can a lapsed policy be reinstated?

Yes, most insurers allow policy reinstatement within a specified period, often 6 months to 5 years. The policyholder must typically pay overdue premiums, interest, and may need to provide proof of insurability, such as a medical exam.

What is a regulatory violation?

A regulatory violation occurs when an individual, business, or organization fails to comply with established laws, rules, or regulations set by a governing body, often leading to legal consequences.