Do endorsements expire, or do they remain for the policy duration?

Some endorsements last for the entire policy term, while others have expiration dates based on specific conditions (e.g., temporary increased coverage for valuable items during travel). Check with your insurer to confirm the duration of an endorsement.

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Can Big Data help improve customer retention in insurance?

Yes, by analyzing customer behavior and satisfaction metrics, insurers can proactively identify and address issues, offer personalized services, and improve overall customer experience, enhancing retention.

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When do I have to pay a copayment?

You typically pay a copay at the time of service, such as doctor visits, specialist appointments, or when filling prescriptions.

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Can I extend my travel medical insurance if I decide to stay longer?

Many insurers allow policy extensions, but travelers must request an extension before the original policy expires. Some policies may have restrictions on extensions, especially if medical treatment has already been received during the trip.

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What is treaty reinsurance?

Treaty reinsurance is an agreement between a primary insurer and a reinsurer where the reinsurer agrees to cover a specified portion of the insurer's entire portfolio of policies. This agreement covers multiple policies under pre-defined terms and conditions, providing the insurer with a more stable and predictable risk management strategy. It differs from facultative reinsurance, which covers individual risks.

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What is professional liability insurance?

Also known as errors and omissions (E&O) insurance, it protects professionals from claims of negligence, mistakes, or inadequate work performance.

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What is money laundering, and how is it regulated?

Money laundering is the process of concealing the origins of illegally obtained money. Anti-money laundering (AML) laws, such as the Bank Secrecy Act, require financial institutions to monitor transactions and report suspicious activity.

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What is insurable interest in insurance?

Insurable interest refers to a financial or legal interest in the subject of insurance, meaning the policyholder would suffer financial loss if the insured event occurs.

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