What is an indemnity period in business insurance?

The indemnity period in business insurance refers to the time frame during which an insurer compensates for losses, such as business interruption or property damage. It begins from the date of loss and lasts until the business recovers to its pre-loss financial position, subject to policy limits.

Is short-term disability insurance mandatory?

No, short-term disability insurance is not required by federal law, but some states mandate coverage for employees. Employers may also offer it as a voluntary or company-paid benefit.

How does universal life insurance work?

Policyholders pay premiums, part of which covers insurance costs while the rest goes into a cash value account that can earn interest or investment returns.

Can liability insurance protect me from lawsuits?

Yes, liability insurance can protect you from lawsuits by covering legal expenses, damages, and settlements. It ensures that your legal fees and compensation for claims are managed within the policy limits.

How are insurers leveraging big data and analytics?

Insurers use big data for predictive modeling, risk assessment, personalized pricing, fraud detection, and customer insights, allowing them to offer more accurate and efficient insurance products.

What is the role of the NAIC in insurance regulation?

The NAIC develops model laws, coordinates state insurance regulations, ensures consumer protection, and promotes industry best practices.

What is the difference between first-party and third-party cyber insurance coverage?

First-party coverage protects the insured business against direct losses like data recovery and extortion, while third-party coverage protects against claims from external entities affected by a cyber incident linked to the insured company.

Are there restrictions on public health insurance coverage?

Some public health insurance programs may have restrictions, such as coverage limits, waiting periods, or exclusions for certain types of care or treatments. Coverage varies depending on the country’s healthcare system.