Why was my insurance claim denied?

Insurance claims can be denied for various reasons, such as failure to meet the policy's requirements, providing incomplete or inaccurate information, exceeding the policy's coverage limits, or if the event is not covered by the policy. You can appeal the decision if you disagree.

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Does travel insurance cover all types of baggage loss?

Travel insurance covers checked-in and carry-on luggage, but exclusions apply. High-value items like jewelry, electronics, and cash may have limited coverage or require additional coverage.

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Can I upgrade from third-party insurance to comprehensive coverage?

Yes, policyholders can upgrade to comprehensive coverage by paying a higher premium, which provides broader protection, including own-vehicle damage and theft coverage.

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What is telematics in insurance?

Telematics refers to using GPS and onboard diagnostics to monitor driving behavior. Insurers use this data to offer usage-based insurance (UBI) plans, rewarding safe drivers with lower premiums. It helps in reducing accidents and encouraging responsible driving habits.

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Why do insurance companies buy reinsurance?

Insurers purchase reinsurance to protect against large losses, maintain solvency, stabilize profits, expand capacity to underwrite more policies, and mitigate catastrophic risks.

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What is an indemnity period in business insurance?

The indemnity period is the time frame during which a business is compensated for lost income or operational costs after an insured event.

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Are subcontractors covered under Employer’s Liability Insurance?

Subcontractors are typically not covered unless they are classified as employees. Businesses should verify their coverage requirements and may need additional policies or require subcontractors to have their own liability insurance.

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What is the annual out-of-pocket maximum in private health insurance?

The annual out-of-pocket maximum is the highest amount the policyholder will have to pay in a given year for covered medical expenses, after which the insurer covers 100% of further costs. This includes deductibles, co-pays, and coinsurance. Once the out-of-pocket maximum is reached, the insurer will cover all additional medical expenses for the remainder of the policy year.

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