What are common exclusions in health insurance?

Common exclusions include pre-existing conditions, cosmetic procedures, alternative therapies, self-inflicted injuries, experimental treatments, and injuries from hazardous activities. Some policies also exclude maternity costs, unless a specific rider is added for coverage.

What is business interruption coverage?

Business interruption coverage helps replace lost income and covers expenses if your business temporarily closes due to covered property damage, such as from fire or a natural disaster.

How does the cash value of whole life insurance grow?

The cash value grows at a guaranteed rate, with the possibility of dividends being paid by the insurance company, though these are not guaranteed.

How does insurable interest apply to property insurance?

In property insurance, insurable interest exists if the policyholder owns, rents, or has a financial stake in the insured property. A homeowner, tenant, or mortgage lender has an insurable interest because they would suffer a loss if the property is damaged.

What is risk management in insurance?

Risk management in insurance involves identifying, analyzing, and mitigating potential risks to minimize financial losses and ensure business continuity through proactive strategies.

How do consumer protection laws prevent insurance discrimination?

These laws prohibit insurers from unfairly discriminating against consumers based on race, gender, disability, or other protected characteristics. They ensure that pricing, coverage, and claim approvals are based on legitimate risk assessments rather than biased factors.

Is public liability insurance legally required?

It is not legally required in most places but is often necessary for obtaining contracts, operating in public spaces, or meeting industry regulations, depending on your business activities.

What is universal life insurance?

Universal life insurance is a type of permanent life insurance that offers flexible premiums, a savings component, and lifelong coverage as long as premiums are paid.