Does missing a payment during the grace period affect my future premiums?

Missing a payment, even during the grace period, can affect your future premiums. Insurers may consider late payments when calculating future premium rates, leading to possible increases. Additionally, if coverage lapses, reinstating the policy could result in higher premiums due to a gap in coverage.

What types of insurance can be offered on-demand?

On-demand insurance is available for various categories, including travel, car rentals, gadgets, pet insurance, health, business liability, and event-based coverage like concerts or adventure sports.

How does underwriting differ in commercial insurance?

Commercial insurance underwriting assesses business risks, financial stability, industry-specific hazards, and coverage needs for companies.

Does travel insurance cover airline cancellations?

If an airline cancels your flight, the airline should provide refunds or rebooking. Trip cancellation insurance may cover additional costs, such as non-refundable hotels or tours, if your flight cancellation is due to a covered reason beyond the airline’s responsibility.

Do underwriters consider my credit score?

Yes, underwriters often review an applicant’s credit score, especially in property and auto insurance. A poor credit score can indicate financial instability and higher risk, potentially leading to higher premiums or a policy denial.

Does general liability insurance have a per-claim or per-policy limit?

General liability policies often have both per-occurrence and aggregate limits, defining maximum payouts per claim and total policy period coverage.

Why is ACV lower than the purchase price of an item?

ACV is lower than the original price because it accounts for depreciation over time. The longer an item has been used, the more its value decreases, resulting in a payout that reflects its current worth rather than its initial cost.

What is the role of the Financial Stability Board (FSB) in insurance regulation?

The FSB monitors global financial risks, promotes stability, and works with international bodies to improve insurance regulations and supervision.