Does comprehensive insurance cover flood damage?

Yes, flood damage is covered under comprehensive insurance. Whether caused by heavy rain, hurricanes, or flash floods, your insurer will compensate you for damages to your vehicle based on its actual cash value.

How does flood insurance differ from standard policies?

Standard homeowners and commercial insurance policies usually exclude flood damage. Flood insurance must be purchased separately through the National Flood Insurance Program (NFIP) or private insurers to cover damage caused by rising water or flash floods.

What types of life insurance have a cash value component?

Life insurance policies that build cash value include whole life, universal life, and variable life insurance policies. Term life insurance does not accumulate cash value.

How did technology influence life insurance evolution?

The rise of computers and data analytics in the late 20th century improved risk assessment, fraud detection, and policy management. In the 21st century, digital platforms and artificial intelligence revolutionized life insurance underwriting and customer service.

What is a stop-loss treaty?

A stop-loss treaty provides coverage when total claims exceed a certain percentage of the insurer’s premiums, helping stabilize financial results by capping overall losses.

How much liability coverage should I have in my homeowners insurance?

The amount of liability coverage you should have depends on your assets and risk level. Many experts recommend at least $300,000 to $500,000 in coverage.

What factors influence the amount of Sum Assured in life insurance?

The amount of Sum Assured is influenced by factors like the policyholder’s age, financial goals, health, income, and dependents’ needs. It also depends on the type of life insurance product chosen (term, endowment, whole life, etc.) and any specific riders or customizations included.

How does a guaranteed insurability rider work in life insurance?

A guaranteed insurability rider allows policyholders to purchase additional life insurance at predetermined intervals without undergoing medical underwriting, protecting against future insurability risks.