What role does life insurance play in financial planning today?

Today, life insurance is a critical component of financial planning, providing death benefits, retirement income, and investment opportunities. Modern policies offer flexibility, allowing policyholders to customize coverage according to their financial needs and long-term goals.

How do reinsurers evaluate treaty reinsurance agreements?

Reinsurers assess treaty agreements based on the insurer’s underwriting practices, claims history, risk exposure, capital reserves, and market conditions to determine appropriate coverage terms.

Does homeowners insurance liability cover accidents that happen off my property?

Homeowners liability insurance may cover certain incidents that occur off your property, like if you're responsible for damage or injury in another location.

What is the difference between Sum Assured and the face value of a life insurance policy?

The face value is essentially another term for Sum Assured. It is the nominal value on the life insurance policy that the insurer agrees to pay out in case of death or maturity, excluding any bonuses or extra benefits that might be added.

What is a personal property endorsement in homeowners insurance?

A personal property endorsement provides additional coverage for high-value items such as jewelry, electronics, or collectibles, ensuring they are insured beyond the standard policy limits.

How does big data improve risk assessment in insurance?

By analyzing vast datasets, insurers can better predict potential risks, set appropriate premiums, and minimize unexpected losses through real-time data insights.

What should I do if my insurer offers a low settlement?

If you believe the settlement offer is too low, you can negotiate by providing additional evidence, obtaining independent repair estimates, or hiring a public adjuster. If disputes persist, consider mediation, arbitration, or legal action to seek fair compensation.

Does trip cancellation insurance cover any cancellation?

Trip cancellation insurance typically covers cancellations due to illness, injury, death, or specific emergencies listed in the policy. Events like weather delays or strikes may also be covered, depending on the provider.