Does cyber insurance cover financial losses from ransomware attacks?

Yes, cyber insurance can cover ransomware-related costs, including ransom payments, data restoration, legal fees, and business interruption. Some policies also include crisis management services to help mitigate reputational damage and negotiate with attackers.

Are there waiting times for treatment under public health insurance?

In some countries with public health insurance, there may be waiting times for non-emergency services or specialist treatments. This varies based on demand, healthcare system structure, and available resources.

Can an insurer have multiple reinsurers?

Yes, insurers often use multiple reinsurers to diversify risk and avoid over-reliance on a single entity.

What happens if a claim is denied?

If a claim is denied, the policyholder can request a detailed explanation, review the denial for errors, submit additional supporting evidence, or appeal the decision through the insurer’s dispute resolution process or legal action.

What qualifications do insurance agents need?

Insurance agents typically need to pass state licensing exams and meet educational requirements. Some agents also hold professional certifications like the CIC or CFP.

How does an out-of-pocket maximum impact copayment and coinsurance?

Once you reach your out-of-pocket maximum, your insurance covers 100% of covered healthcare costs for the rest of the policy year. This includes any copays or coinsurance you would normally have to pay. The out-of-pocket maximum protects you from excessive medical expenses.

How do earthquake insurance deductibles work?

Unlike standard homeowners policies, earthquake insurance deductibles are a percentage of the home’s insured value, usually between 5% and 25%, meaning homeowners must pay a significant portion of repair costs.

What are insurance reserves?

Insurance reserves are funds set aside by insurers to ensure they can pay future claims, helping maintain financial stability and meet policyholder obligations.