Can I purchase routine care coverage separately from accident and illness insurance?

Some providers offer standalone wellness plans, while others only allow routine care coverage as an add-on to accident and illness insurance. It’s important to check with the insurance company for their specific offerings.

What is a level term policy?

A level term policy has fixed premiums and a constant sum assured throughout the policy term, ensuring that coverage does not decrease over time.

Can parametric insurance be used to cover climate change risks?

Yes, parametric insurance can cover climate change-related risks such as extreme weather events, sea-level rise, or droughts, providing a safeguard against unpredictable environmental changes.

Is a beneficiary responsible for paying taxes on the insurance payout?

In most cases, life insurance benefits are not subject to income tax. However, if the payout is part of the deceased's estate, estate taxes may apply. It's advisable to consult a tax professional.

How does assignment of an insurance policy work?

Assignment allows a policyholder to transfer rights and benefits of the policy to another party, subject to insurer approval, commonly seen in life insurance policies.

How do farmers choose the right weather-related agricultural insurance policy?

Farmers should consider factors such as coverage scope, premium costs, claim processing time, payout mechanisms, and historical insurer reliability. Comparing multiple insurers, understanding policy terms, and seeking expert advice can help farmers select the most suitable policy for their needs.

How much does collision insurance cost?

Collision insurance costs vary based on factors like your car's value, driving history, location, deductible choice, and insurer. Generally, newer or expensive cars have higher collision coverage costs.

Can a policyholder transfer ownership of a policy to someone else?

Yes, ownership can be transferred through an ownership change request submitted to the insurer, often requiring consent from both parties and documentation.