What happens if I recover sooner than expected?

If you recover before your benefit period ends, your payments will stop as soon as you return to work. Some insurers may require medical clearance from a doctor before you resume work, depending on the nature of your disability.

How do insurers decide the retention level in treaty reinsurance?

Insurers determine retention levels based on their risk appetite, financial strength, regulatory requirements, and past claims experience. The goal is to balance risk retention with adequate reinsurance protection to maximize profitability and minimize excessive exposure.

How do insurers assess hazards when underwriting policies?

Insurers evaluate hazards through inspections, risk assessments, and claims history to determine premium costs and coverage eligibility based on risk levels.

How are wearable devices transforming health and life insurance?

Wearable devices, such as fitness trackers and smartwatches, provide real-time health data that insurers use to personalize policies and offer rewards for healthy behaviors. By incentivizing wellness programs and proactive healthcare, insurers can reduce claims costs while encouraging policyholders to adopt healthier lifestyles.

Are there international guidelines for handling insurance fraud?

Yes, international insurance laws often include regulations or frameworks for detecting and preventing fraud, including data sharing, cooperation between regulators, and the establishment of anti-fraud guidelines to ensure industry integrity.

Does pet insurance cover cancer treatments?

Yes, many policies cover cancer treatments, including chemotherapy, radiation, and surgery, subject to policy limits and deductibles.

Can I keep my HMO plan if I move to another state?

Typically, HMO plans are region-specific. If you move out of the coverage area, you’ll need to enroll in a new plan that serves your new location. Some national HMOs may offer coverage in multiple states.

How do loss ratios differ between life and property insurance?

Life insurance typically has a lower loss ratio due to predictable mortality rates, while property and casualty insurance may have fluctuating loss ratios due to unpredictable events like natural disasters.