What is the role of the National Insurance Crime Bureau (NICB)?

The NICB is a non-profit organization that works with insurers and law enforcement to investigate and prevent insurance fraud. It provides resources, intelligence, and training to detect fraud schemes, conduct investigations, and educate the public on fraud prevention.

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Does cyber insurance cover ransomware attacks?

Yes, many cyber insurance policies cover ransomware attacks, including ransom payments, data recovery, system restoration, and business interruption losses caused by the attack. Policy terms may vary.

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Can I switch private health insurance plans at any time?

Plan changes are usually allowed during open enrollment or qualifying life events, such as marriage, job loss, or childbirth.

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Can a policyholder cancel an insurance policy anytime?

Yes, a policyholder can usually cancel an insurance policy at any time. However, there may be cancellation fees, and the insurer might refund a portion of the premium depending on the policy’s terms.

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What is the difference between a ceding company and a reinsurer?

A ceding company issues insurance policies and transfers some risk to a reinsurer, while the reinsurer accepts the transferred risk and provides financial backing in exchange for reinsurance premiums.

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Do insurance regulatory authorities set standard policy terms?

Some regulators establish mandatory policy provisions to ensure uniformity and consumer protection, while others allow flexibility in policy design.

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What is a stop-loss treaty?

A stop-loss treaty protects an insurer from excessive aggregate losses over a policy period. It kicks in when total claims exceed a predetermined percentage of premiums, helping insurers stabilize financial performance.

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Does homeowners insurance cover damage caused by a guest on my property?

Yes, homeowners insurance generally covers liability if a guest is injured on your property. This may include medical expenses, legal fees, or court costs if the guest sues for damages. Liability coverage is designed to protect you if someone is harmed while visiting your home, such as from a slip and fall. It’s crucial to understand the terms of your policy to know what injuries are covered.

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