Can an employee refuse Workers' Compensation benefits and sue instead?

In most cases, employees cannot sue their employer if they accept Workers' Compensation benefits, as it is typically the exclusive remedy. However, if an employer acted with gross negligence or engaged in intentional harm, employees may have legal grounds to file a lawsuit for additional damages.

How do credit rating agencies evaluate an insurer’s solvency?

Agencies like A.M. Best, Moody’s, and Standard & Poor’s assess an insurer’s solvency by analyzing financial statements, capital reserves, claims history, and investment portfolios. Higher ratings indicate stronger financial stability and lower risk of default.

Can I use my deductible across multiple policies?

No, each policy has its own deductible. For example, your health insurance deductible is separate from your auto insurance deductible. They cannot be combined for claims under different policies.

What happens if I switch insurers mid-policy?

Switching insurers mid-policy can result in refunds for unused premiums, but some insurers charge cancellation fees. Ensure your new policy is active before canceling the old one to avoid coverage gaps. Compare costs, coverage, and benefits carefully to make an informed decision before switching insurance providers.

Will my insurer notify me before my policy lapses?

Most insurers provide multiple notifications before a policy lapses, including emails, calls, and mailed reminders. However, it’s the policyholder’s responsibility to ensure timely payments.

Can I get reimbursed for prepaid hotel stays if I cancel my trip?

Yes, trip cancellation insurance can reimburse you for prepaid, non-refundable hotel stays if you cancel due to a covered reason, as long as the cancellation is within the policy terms.

What should I consider before buying term life insurance?

Before purchasing, consider factors like coverage amount, term length, premium affordability, financial dependents, and potential policy riders. It’s also essential to compare policies from different insurers to find the best rates and benefits. Consulting with a financial advisor can help ensure you make the right choice.

Does an insured person always receive the payout in an insurance claim?

Not always. In life insurance, the beneficiary receives the payout, while in health and property insurance, payments are typically made to healthcare providers or repair services as applicable.