Can gig economy workers get life insurance?

Yes, gig workers can apply for life insurance just like any other worker. Many providers offer term or whole life insurance policies that can be tailored to the needs of freelancers.

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What is an insurance risk premium?

A risk premium is the additional cost added to an insurance policy based on the level of risk associated with insuring a policyholder, calculated using actuarial methods.

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What events are covered under business interruption insurance?

It typically covers losses from fires, storms, vandalism, and other insured perils but does not usually cover pandemics or government shutdowns.

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Are maternity benefits subject to a waiting period?

Yes, maternity benefits in health insurance policies often have a waiting period ranging from 9 months to 2 years. This means pregnancy-related expenses are not covered if conception occurs before or during the waiting period. Always check your policy to plan accordingly for maternity coverage.

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Can insurable interest change over time during the life of an insurance policy?

Yes, insurable interest can change over time. For example, a business partner’s insurable interest in a colleague’s life may change if the partnership dissolves, or a property owner’s interest might change with a sale.

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Why is risk management important for businesses?

Effective risk management helps businesses prevent financial losses, ensure regulatory compliance, improve operational efficiency, and enhance long-term sustainability.

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What is the Insurance Fair Conduct Act?

This law, adopted in some states, allows consumers to sue insurers for bad faith practices, such as unreasonably delaying or denying claims. It enables policyholders to seek compensation for damages caused by unfair treatment.

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Are routine care benefits subject to a deductible?

Routine care plans usually do not have a deductible, meaning you receive reimbursement up to the benefit limit without needing to meet a minimum out-of-pocket expense.

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