Can I purchase routine care insurance without an accident/illness plan?

In most cases, routine care coverage is available only as an add-on to a standard accident and illness plan. However, some providers offer standalone wellness plans, which allow pet owners to cover preventive care without traditional insurance.

Why do insurance policies have a waiting period?

Insurance companies impose waiting periods to prevent individuals from purchasing coverage only when they need immediate care. It also helps insurers manage risk and keep premiums reasonable by ensuring that claims are made by long-term policyholders.

What is the purpose of life insurance?

Life insurance provides financial support to your beneficiaries in the event of your death. It can cover funeral expenses, debts, and provide ongoing financial security for dependents.

Can AI underwriting replace human underwriters?

While AI enhances underwriting efficiency, human underwriters remain crucial for complex cases requiring judgment, ethical considerations, and nuanced decision-making. AI acts as an augmentation tool, assisting underwriters in making faster, more accurate, and informed risk assessments.

How do insurance consumer protection laws benefit policyholders?

These laws protect consumers by ensuring transparency, regulating premium rates, preventing unfair claim denials, enforcing timely payouts, and providing legal recourse against deceptive practices by insurers.

How does public liability insurance help small businesses?

It protects small businesses from costly lawsuits, helping them operate with confidence and meet contract or regulatory requirements.

What happens if I don’t have enough liability coverage?

If your liability coverage isn’t sufficient to cover the damages or injuries caused in an accident, you could be personally liable for the remaining costs, including legal fees. This could result in financial hardship or asset loss.

How does parametric insurance differ from traditional insurance?

Unlike traditional insurance, which compensates for actual losses after claim assessments, parametric insurance pays a fixed amount when a predefined event threshold is met, regardless of actual damages.