What is an insurance endorsement (rider)?

An insurance endorsement, also known as a rider, is a change or addition to an insurance policy that modifies coverage terms. It can add, remove, or alter specific coverages, ensuring the policy better meets the policyholder’s needs.

---

What are the main benefits of blockchain technology?

Blockchain offers benefits such as decentralization, transparency, security, efficiency, reduced transaction costs, and enhanced trust in digital ecosystems by eliminating intermediaries.

---

How long does it take for an insurance company to process a claim?

The time it takes to process a claim depends on factors such as the complexity of the case, the type of insurance, and how quickly you provide requested documentation. In general, claims can take anywhere from a few days to several weeks to process.

---

What is baggage loss coverage in travel insurance?

Baggage loss coverage reimburses travelers for lost, stolen, or damaged luggage during a trip. It covers personal belongings inside the luggage, subject to policy limits and exclusions.

---

What is the liability limit in third-party insurance?

The liability limit is the maximum amount the insurer will pay for claims, which varies based on policy terms, legal requirements, and coverage type.

---

How do IoT devices impact insurance?

IoT devices, such as smart home sensors and wearable fitness trackers, help insurers collect real-time data on policyholders. This data allows insurers to offer dynamic pricing models, such as usage-based car insurance or health insurance discounts for maintaining an active lifestyle.

---

What is reinsurance?

Reinsurance is the practice where an insurance company transfers portions of its risk portfolio to another insurer (the reinsurer) to reduce financial exposure and improve stability.

---

Can indemnity insurance be transferred to another party?

Generally, indemnity insurance policies are non-transferable, as they are specific to the insured party and their unique risk profile.

---