What types of livestock can be insured?

Most insurance policies cover a variety of livestock, including cattle, sheep, goats, pigs, poultry, horses, and sometimes exotic animals like alpacas or ostriches. Coverage may vary by insurer, so farmers should verify specific inclusions before purchasing a policy.

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Can I use collision coverage to repair my car if another driver’s insurance delays payment?

Yes, you can use your collision coverage to repair your car while waiting for the other driver's insurance. Your insurer may seek reimbursement from the at-fault driver’s insurer later.

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Can a policyholder reinstate a lapsed policy?

Yes, many insurers allow policyholders to reinstate a lapsed policy within a specific timeframe by paying overdue premiums and possibly undergoing new underwriting.

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What risks are typically covered by home insurance?

Home insurance generally covers risks like fire, theft, vandalism, water damage (excluding floods), and liability in case someone gets injured on the property. It may also include loss of use coverage, which helps pay for temporary living expenses if the home becomes uninhabitable due to a covered peril.

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What is the role of reinsurance in life insurance?

Reinsurance helps life insurers manage large risks by transferring part of their obligations to another company, ensuring financial stability and preventing insolvency.

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What industries commonly rely on facultative reinsurance?

Industries with high-value or complex risks, such as aviation, construction, energy, marine, and large-scale commercial properties, use facultative reinsurance.

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What events typically trigger business interruption insurance?

Coverage is usually triggered by direct physical loss or damage caused by events like fire, theft, vandalism, natural disasters (except those explicitly excluded, like floods or earthquakes), or certain government-mandated closures.

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What is the impact of surrendering a life insurance policy on taxes?

Depending on local tax laws, surrender value may be taxable, especially if it exceeds the total premiums paid, and policyholders should consult a tax expert before surrendering.

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