What are some examples of insurable interest in different insurance types?

Examples include a person insuring their own life, a business insuring key employees, a landlord insuring a rental property, and a car owner insuring their vehicle. In each case, the policyholder stands to lose financially if the insured person or asset is harmed or lost.

What is subrogation in insurance?

Subrogation allows an insurer to recover claim amounts from a third party responsible for the loss after compensating the insured, commonly seen in car accident claims.

Will my insurer notify me when my grace period is ending?

Insurers typically send reminders before the grace period ends, but it’s your responsibility to ensure timely payments to avoid a lapse.

What is typically covered under a routine care plan?

Coverage varies by provider, but most routine care plans include vaccinations, wellness exams, flea and tick prevention, heartworm tests, dental cleanings, deworming, spaying/neutering, and sometimes even microchipping.

Can I convert my term life insurance to permanent life insurance?

Many insurers offer a conversion option, allowing policyholders to switch to a whole life or universal life policy without a medical exam, usually within a specified period.

Can a business buy parametric insurance for natural disasters?

Yes, businesses can purchase parametric insurance to protect against specific natural disasters, like floods or hurricanes, to ensure they receive immediate funds to recover after an event.

Can I have multiple beneficiaries on my insurance policy?

Yes, you can name multiple beneficiaries, either in equal shares or in specific percentages. This allows the policyholder to distribute the benefits among several individuals or entities as desired.

What is subrogation in insurance contracts?

Subrogation allows the insurer to recover claim payments from a third party responsible for the loss, ensuring the policyholder does not receive double compensation.