What industries use parametric insurance the most?

Industries such as agriculture, tourism, energy, construction, and transportation frequently use parametric insurance. These sectors are vulnerable to climate-related disruptions and benefit from the quick financial relief provided by parametric policies.

---

Can blockchain enable real-time policy updates and claims processing?

Yes, blockchain can enable real-time policy updates and claims processing. With blockchain's decentralized structure and smart contracts, insurance policies can be updated instantly without waiting for manual intervention. Claims can be processed and paid out automatically once all conditions are met, which ensures quicker response times and reduces the administrative burden on insurers.

---

What was the first recorded life insurance policy?

The first known life insurance policy was issued in London in 1583, insuring a man's life for a fixed period.

---

Does crop insurance cover losses due to market price drops?

Some policies, such as revenue-based crop insurance, cover losses caused by market price fluctuations. However, traditional yield-based policies mainly focus on protecting against natural disasters and not on changes in crop prices.

---

How do I decide if collision insurance is right for me?

Consider your car’s value, repair costs, financial situation, deductible preference, and whether you have the means to cover damages out of pocket if uninsured.

---

Is sum assured the same as the death benefit?

Not necessarily; the death benefit may include the sum assured plus bonuses, riders, or other applicable policy benefits.

---

Are home-based businesses covered by homeowners insurance?

Standard homeowners insurance does not cover home-based business losses or liability. Business owners should consider a separate business insurance policy or an endorsement to cover equipment, liability, and potential business interruptions.

---

How has the philosophy of life insurance changed over time?

Life insurance evolved from a simple death benefit to a financial planning tool, offering wealth accumulation, retirement planning, and investment options.

---