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Get in-depth market research for Insurance companies in Canada, Ontario, Toronto. Our experts analyze trends, gather valuable insights, and identify key opportunities to drive your business growth.
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Basis risk refers to the difference between the actual losses suffered and the payout received. If the selected trigger does not fully reflect the insured’s losses, they may be undercompensated. Alternatively, they might receive a payout even if they experience little or no damage.
Financial underwriting ensures that the coverage amount applied for is reasonable based on the applicant’s income, assets, financial obligations, and potential loss to beneficiaries.
Yes, you can have multiple LTD policies from different insurers or supplement employer-provided coverage with private insurance. However, benefits usually can’t exceed a certain percentage of your income. Some policies have offsets, reducing payouts if you receive other disability income (e.g., Social Security Disability Insurance).
Manual underwriting involves a human underwriter reviewing applications, particularly when an automated system cannot make a clear decision. This is common for complex cases, high-value policies, or applicants with unique risk factors.
Indemnity prevents policyholders from profiting from claims, ensuring insurance serves as a risk management tool rather than a means of financial gain.
If your ACV payout is lower than the cost of replacing your items, you may have to cover the difference out of pocket. Upgrading to RCV coverage or adding endorsements for high-value items can help ensure better compensation in case of a loss.
The NAIC provides a standardized licensing process, including financial background checks and compliance verification, to ensure that insurers meet regulatory requirements before operating in a state.
No, routine care is usually an optional add-on that pet owners can purchase in addition to standard accident and illness coverage.
Get in-depth market research for Insurance companies in Canada, Ontario, Toronto. Our experts analyze trends, gather valuable insights, and identify key opportunities to drive your business growth.