What is the difference between indemnity and compensation?

Indemnity strictly refers to restoring a person to their pre-loss financial position, without any profit, while compensation may include additional amounts for pain, suffering, or punitive damages. Compensation is broader and can apply beyond insurance, such as in legal settlements.

What are the key challenges in obtaining insurance for gig workers?

Challenges include high costs, lack of employer-sponsored options, coverage gaps, and complex eligibility requirements, making it difficult for gig workers to find comprehensive and affordable insurance.

Can I remove an insurance rider after purchasing it?

Yes, most insurers allow policyholders to remove riders, but some may require waiting periods or policy adjustments before cancellation.

Does pet insurance cover cancer treatment?

Yes, most pet insurance policies cover cancer treatment, including surgery, chemotherapy, and radiation. However, coverage varies by plan, so check your specific policy for details on exclusions and limits.

Can I change my whole life insurance policy after purchasing it?

Whole life policies are generally fixed, but policyholders may adjust their premium payments, take out loans, or add riders for additional benefits like long-term care or disability coverage.

Do out-of-pocket maximums reset every year?

Yes, out-of-pocket maximums reset annually at the start of a new policy year, meaning expenses accumulate again from zero.

Is AI able to make decisions without human involvement in underwriting and claims processing?

While AI can automate many aspects of underwriting and claims processing, human oversight is still necessary for complex cases, ensuring fairness and addressing situations AI may not handle perfectly.

How do consumer protection laws affect life insurance policies?

Laws ensure life insurers disclose policy details, regulate payout timelines, prevent unfair denial of claims, and protect beneficiaries from undue delays in receiving benefits.