Can I bundle earthquake insurance with my homeowners policy?

Some insurers allow you to add an earthquake endorsement to your existing homeowners policy, while others require a separate policy. Bundling may offer discounts, so check with your provider for the best option.

What is the benefit of replacement cost over actual cash value?

The primary benefit of replacement cost over actual cash value is that you receive enough money to replace your property with a new item, ensuring you’re not financially disadvantaged by depreciation.

What is an insurance ombudsman, and how can it help policyholders?

An insurance ombudsman is an independent authority that resolves disputes between policyholders and insurers without costly legal proceedings.

What types of insurance are essential for gig workers?

Gig workers should consider health insurance, liability insurance, income protection, disability insurance, and commercial auto insurance (for drivers). These coverages help protect against unexpected medical expenses, lawsuits, and income loss due to work interruptions.

What types of insurance require actuaries?

Actuaries are involved in all types of insurance, including life, health, property, casualty, and pension plans. They assess risks, calculate premiums, and help insurers develop financial strategies to maintain solvency across various insurance sectors.

How does pet insurance handle diagnostic tests for illnesses?

Pet insurance typically covers diagnostic tests such as blood work, X-rays, ultrasounds, and MRIs if they are required to diagnose an illness. Coverage may depend on whether the test is deemed medically necessary by a veterinarian and whether the illness is covered under the policy.

How does telematics work in UBI?

Telematics uses GPS, sensors, and onboard diagnostics to collect data on driving behavior. This data is transmitted to insurers via a mobile app or a device installed in the vehicle, helping them assess risk and determine personalized premiums.

How does divorce affect insurable interest in life insurance?

After divorce, an ex-spouse may lose insurable interest unless they have a financial dependency, such as alimony or child support, justifying the continuation of coverage.