What should I do if my claim is taking too long?

If your claim is delayed, follow up with your insurer for status updates. Ensure all required documents are submitted. If delays persist, you can escalate the issue by contacting a supervisor, regulatory agency, or seeking legal advice if necessary.

Is emergency medical evacuation always covered by travel insurance?

While most travel medical insurance policies cover emergency evacuation, it's crucial to confirm the terms, as some plans may limit the circumstances under which evacuation is covered or specify certain geographical restrictions. Review your policy to ensure evacuation coverage is included.

What should I consider before purchasing a Universal Life policy?

Consider factors such as cost, flexibility, cash value growth potential, fees, investment options, and your long-term financial goals. It’s important to review the insurer’s track record, interest rate history, and policy illustrations to understand how the policy may perform under different economic conditions.

How do insurers profit from selling insurance?

Insurers make profits by collecting more in premiums than they pay in claims. They also generate revenue through investments in stocks, bonds, and real estate. Effective risk management helps insurers maintain profitability while covering policyholder claims.

How does reinsurance help with capital management?

By transferring part of their risk to reinsurers, primary insurers can free up capital, which helps them to expand their business or meet regulatory capital requirements.

How do insurers handle false claims?

Insurers investigate suspicious claims through fraud detection tools, interviews, surveillance, and forensic analysis. If a claim is found to be fraudulent, it can be denied, and the claimant may face legal action. Repeated fraud attempts can lead to policy termination and criminal prosecution.

Does cyber insurance cover social engineering attacks?

Some policies cover social engineering fraud, including phishing and impersonation scams that trick employees into transferring funds or exposing sensitive data, though coverage limits may apply.

How do I apply for public health insurance?

Applications for public health insurance can usually be made online, through local government offices, or during open enrollment periods. You may need to provide documentation of your income and residency.