What is a treaty reinsurance slip?

A treaty reinsurance slip is a document summarizing the key terms, conditions, and coverage details of a reinsurance agreement. It serves as a reference for both the insurer and reinsurer before finalizing the contract.

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How does homeowners insurance work if I rent out my property?

If you rent out your property, your homeowners insurance may not fully cover risks associated with tenants, such as property damage or injury. In this case, you may need to purchase landlord insurance, which covers property damage, liability, and loss of rental income. If you have short-term rentals (e.g., through Airbnb), additional coverage might be required to protect against unique risks associated with transient tenants.

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Is third-party insurance mandatory?

Yes, in most countries, third-party insurance is legally required for vehicles to protect others from damages caused by the insured.

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Are E&S policies customizable?

Yes, E&S policies are highly customizable. Since they cater to high-risk clients, insurers can tailor coverage terms, endorsements, and exclusions to match the specific needs of the insured, unlike standard insurance policies that offer less flexibility.

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How much can I save with Usage-Based Insurance?

Savings with UBI vary, but drivers who exhibit safe driving habits and low mileage can often save anywhere from 10% to 40% on their premiums.

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What are the types of indemnity insurance?

The main types of indemnity insurance include professional indemnity insurance, health indemnity insurance, property indemnity insurance, and contractual indemnity insurance. Each type provides coverage for different types of risks, such as legal liability, medical expenses, property damage, or breach of contract.

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Do all travel insurance policies include emergency evacuation?

No, not all policies include this coverage. Basic plans may exclude evacuation, while premium plans offer comprehensive medical transport benefits. Always check policy details before purchasing.

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How do underwriters evaluate health risks?

For life and health insurance, underwriters evaluate factors such as medical history, current health status, lifestyle habits (like smoking or alcohol use), and age to assess health risks.

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