How does blockchain enhance data security in insurance?

Blockchain secures data through cryptographic hashing and decentralized storage, preventing unauthorized alterations. Since information is distributed across nodes, it is resilient against hacking, making policyholder data and transaction records more secure than traditional systems.

Do I pay taxes on property and casualty insurance claims?

Insurance claim payouts for property damage are not taxable if they only compensate for the actual loss. Excess payments beyond losses may be taxable.

What is mortality insurance for livestock?

Mortality insurance covers financial losses resulting from the death of insured animals due to covered causes like accidents, illness, or natural disasters. It provides compensation based on the market value or agreed-upon insured value of the animal at the time of death.

Does Comprehensive Auto Insurance cover theft of personal items?

No, Comprehensive Auto Insurance covers the theft of the vehicle itself, but it does not cover personal items stolen from inside the car. Separate personal property insurance may be needed for those items.

Can a policyholder be changed on a policy?

Yes, policy ownership can be transferred to another individual or entity through an ownership change request, which must be approved by the insurance company.

What does life insurance cover?

Life insurance provides financial support to beneficiaries in the event of the policyholder’s death. It can cover funeral expenses, debts, lost income, and future financial needs. Some policies also include riders for critical illness, disability, or accidental death benefits. Coverage varies based on the policy type.

How does AI impact cybersecurity?

AI strengthens cybersecurity by detecting threats, preventing fraud, and identifying vulnerabilities. However, it also enables sophisticated cyberattacks, requiring continuous improvements in AI-driven security measures.

What role do brokers play in facultative reinsurance?

Brokers facilitate negotiations between insurers and reinsurers, helping to structure terms, secure coverage, and ensure fair pricing for complex risks.