How does insurable interest impact claim settlements?

If an insurance claim is filed without valid insurable interest, the insurer may deny the claim. Insurers verify whether insurable interest existed at the required time to prevent fraud and ensure only legitimate claims are paid. This maintains fairness and integrity in insurance.

Does long-term disability insurance cover mental health conditions?

Many policies cover disabilities caused by mental health conditions, but benefits may be limited to 24 months unless the policy includes extended coverage for conditions like depression or anxiety.

Is UBI privacy-friendly?

UBI may raise privacy concerns since it collects detailed data about driving behavior, but many insurers provide transparency and options for consumers to control what data is shared.

Can an insurer change the limit of liability during the policy period?

Insurers typically cannot change the limit of liability during the active policy period unless the policyholder requests an adjustment. Changes usually take effect at renewal unless a policy endorsement is issued with the insured’s consent.

Are all ACV policies the same across different insurers?

No, insurers use different depreciation schedules, valuation methods, and claim-handling procedures, so ACV payouts may vary between companies even for the same type of item or loss.

How does IRDAI promote the development of the insurance industry?

IRDAI promotes industry growth by introducing reforms, facilitating market competition, encouraging innovation, expanding insurance penetration, and fostering the development of new insurance products.

Will cyber insurance premiums increase after a ransomware attack?

Yes, insurers may raise premiums after a claim, especially if security gaps remain unaddressed. Implementing stronger security measures and incident response plans can help mitigate future premium increases.

Do PPOs require referrals to see specialists?

No, PPOs do not require referrals to see specialists, allowing members to schedule appointments with any specialist without needing approval from a primary care physician.