What are the main types of insurance?

The main types of insurance include health, life, auto, homeowners, renters, disability, long-term care, liability, travel, and business insurance. Each type covers specific risks, such as medical expenses, vehicle damage, property loss, or income replacement, providing financial protection for individuals and businesses.

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What should I do if I disagree with the settlement amount?

If you disagree with the settlement, request a detailed explanation from your insurer, provide additional evidence, negotiate, or consider hiring a public adjuster or lawyer for further review.

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How does travel insurance decide when evacuation is necessary?

Evacuation is typically necessary when a medical emergency occurs, and local medical facilities are insufficient, requiring transfer to a higher-level medical center or back home for proper care.

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What is Variable Life Insurance?

Variable Life Insurance is a type of permanent life insurance that provides a death benefit and a cash value component, which can be invested in sub-accounts like stocks, bonds, or mutual funds. It offers higher growth potential but also carries investment risks.

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How does Insurtech impact health insurance?

Insurtech enhances health insurance by using wearable devices to monitor health, offering personalized policies, automating claims, and using AI to predict risks and suggest preventive care.

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What is the 'premium rating' system in insurance?

The premium rating system is used by insurers to set the price of an insurance policy based on the level of risk presented by the policyholder, including factors like age, health, and occupation.

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What are the largest insurance companies globally by assets?

According to AM Best's 2023 report, the largest insurance companies by 2021 assets are: 1. Allianz ($1,247.2 billion); 2. Berkshire Hathaway ($958.8 billion); 3. Prudential Financial ($937.6 billion); 4. Ping An Insurance ($937.0 billion); 5. China Life Insurance ($900.5 billion).

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Can small businesses afford cyber insurance, and is it necessary?

Yes, cyber insurance is available at different price points, and small businesses need it because they are frequent targets of cybercriminals due to weaker security defenses.

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