How does reinsurance help in managing catastrophic risks?

Reinsurance allows insurers to transfer catastrophic risks, such as hurricanes or earthquakes, to reinsurers or capital markets, ensuring financial stability and claims payment even after major disasters. This promotes long-term sustainability in the industry.

How does indemnity work in insurance?

Indemnity works by ensuring that the insured receives compensation equal to their loss but does not profit from the claim, maintaining financial fairness.

How does cyber insurance help businesses recover from a hacking incident?

Cyber insurance provides financial support for immediate response actions, forensic investigations, and legal compliance. It also assists in restoring systems, notifying affected customers, and managing reputational damage. Some policies include access to cybersecurity experts who help contain the attack and implement better security measures to prevent future incidents.

What happens to the cash value if I cancel my Variable Life Insurance policy?

If you cancel the policy, the cash value may be paid out after deducting any surrender charges. The amount will depend on the policy’s performance and fees.

Can the limit of liability be different for various types of coverage in a policy?

Yes, multi-coverage policies may have different liability limits for bodily injury, property damage, professional liability, and other coverage types, depending on the policy structure.

Can my insurance claim be denied?

Yes, an insurance claim can be denied for several reasons, including policy exclusions, insufficient evidence, late filing, misrepresentation, or failure to pay premiums. If your claim is denied, you can request clarification, provide additional documentation, or appeal the decision with the insurer.

Can I find affordable health insurance with top insurance companies?

Yes, top health insurance companies like Blue Cross Blue Shield, Cigna, and Humana offer affordable plans, with various options based on coverage needs and budget.

What are common exclusions in marine cargo insurance policies?

Exclusions may include improper packaging, inherent cargo defects, war, terrorism, nuclear risks, and willful misconduct by the insured.