Does UM coverage cover hit-and-run accidents?

Yes, in most cases, uninsured motorist coverage applies to hit-and-run accidents. If the at-fault driver flees the scene and cannot be identified, UM coverage helps pay for medical expenses and other covered damages. Some policies may have specific conditions for coverage.

Can two people jointly own an insurance policy?

Yes, certain insurance policies, such as joint life insurance, allow two people to be co-policyholders, sharing ownership rights and responsibilities for premium payments and policy management.

What happens if a reinsurer fails to pay a ceding company?

If a reinsurer defaults, the ceding company remains responsible for claim payments, which can impact its financial stability.

How do insurers use big data for personalized pricing?

Insurers analyze big data from wearables, social media, and behavioral patterns to tailor premiums based on individual lifestyles and risks. Personalized pricing helps policyholders receive fairer rates while encouraging healthier or safer habits.

Do higher deductibles lower insurance premiums?

Yes, choosing a higher deductible generally reduces premiums, as the policyholder agrees to pay more out-of-pocket before the insurer covers losses.

Can I claim for a suitcase as well as the contents?

Yes, most travel insurance policies cover both the suitcase and its contents. However, the coverage for the suitcase itself is subject to the policy's baggage limit. If the suitcase was particularly expensive, check if additional coverage is needed or if depreciation will affect reimbursement.

How do I determine the amount of coverage I need in a term insurance policy?

The amount of coverage you need depends on factors such as your financial responsibilities (mortgage, debts, family living expenses), income replacement, and future financial goals. You can use a life insurance calculator or consult with an advisor.

What is the main purpose of facultative reinsurance?

Facultative reinsurance helps primary insurers reduce their exposure to large, complex, or high-risk policies by transferring a portion of the risk to a reinsurer.