What is comprehensive auto insurance?

Comprehensive auto insurance covers vehicle damage not caused by a collision, such as theft, vandalism, natural disasters, falling objects, and animal collisions. It is an optional coverage that provides financial protection against non-collision-related incidents that could damage your car.

What role do technology and big data play in parametric insurance?

Technology and big data enhance accuracy in risk assessment, event monitoring, and policy customization. Satellite imagery, IoT sensors, and AI-driven analytics help insurers develop precise triggers and improve disaster response strategies.

How does a captive generate financial benefits?

A captive reduces insurance costs, retains underwriting profits, earns investment income from reserves, and provides better risk control, often leading to long-term financial savings.

What is the origin of life insurance?

The origins of life insurance can be traced back to ancient Rome, where "burial clubs" were established to cover funeral expenses of members. The concept evolved over centuries, with organized life insurance policies emerging in 18th-century England and spreading worldwide.

Does livestock insurance cover natural disasters like floods or wildfires?

Yes, most policies cover losses due to natural disasters such as floods, wildfires, droughts, and storms. However, coverage may depend on the region and specific policy terms.

How does replacement cost differ from actual cash value?

Replacement cost pays for new items without depreciation, while actual cash value reimburses based on the item's current market value.

What is Sum Assured in a life insurance policy?

The Sum Assured is the guaranteed amount that the policyholder’s beneficiaries will receive in the event of their death during the policy term. It’s the minimum payout that the insurance company commits to, regardless of the policy’s performance or the premium paid.

Do deductibles apply to all types of insurance claims?

Deductibles apply to many insurance types, but some coverages, like auto liability or life insurance, do not have deductibles. Always check policy details for specific deductible terms.