How is the settlement amount determined?

The settlement amount is determined by evaluating the damages or loss, considering the policy limits, deductibles, and any exclusions. An insurance adjuster assesses the damage, compares it to the policy’s terms, and calculates the payment based on repair costs, medical expenses, or market value.

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Can I claim both from the airline and my travel insurance?

Yes, but travel insurance usually covers the remaining amount after the airline compensates you. Policies may require you to seek compensation from the airline before filing an insurance claim.

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What is treaty reinsurance?

Treaty reinsurance is a contractual agreement where a reinsurer automatically covers a portion of an insurer’s policies, following pre-agreed terms and conditions.

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What is parametric insurance?

Parametric insurance pays out claims based on predefined parameters, such as a specific weather event or earthquake magnitude, instead of requiring damage assessment. This speeds up payouts and reduces disputes since the trigger event is objectively measured.

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What is non-proportional reinsurance?

Non-proportional reinsurance covers losses exceeding a specific threshold, meaning the reinsurer only pays when claims surpass the insurer’s retention limit (deductible).

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What is insurable interest in insurance?

Insurable interest is a legal requirement that a policyholder must have a financial or emotional stake in the insured asset or person.

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Can Employer’s Liability Insurance be customized?

Yes, many insurers offer customizable policies based on industry-specific risks, company size, and budget. Businesses can choose different coverage limits, add endorsements, or combine it with other liability policies for broader protection.

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What happens if I miss a premium payment for my private health insurance?

If you miss a premium payment, your health insurance provider may offer a grace period during which you can make the payment without losing coverage. If the payment is not made by the end of the grace period, the insurance may be suspended or canceled, depending on the terms of the policy. It's important to contact the insurer as soon as possible to resolve any payment issues and avoid lapses in coverage.

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