How much does travel medical insurance cost?

The cost varies depending on factors such as age, destination, trip duration, coverage limits, and pre-existing conditions. On average, policies range from 4% to 10% of the trip cost, but prices increase for comprehensive coverage or extended trips.

What is the claim process for third-party insurance?

The affected party reports the claim to the insurer, submits supporting documents, undergoes assessment, and receives compensation if the claim is valid. Legal proceedings may apply in disputes.

What should I do if my employer-provided insurance lapses?

Contact your HR department or the insurer immediately to explore reinstatement, COBRA continuation, or purchasing a private replacement policy.

What is meant by “fiduciary duty”?

Fiduciary duty is the obligation of one party to act in the best interest of another, often seen in financial or corporate settings (e.g., a trustee managing assets for a beneficiary). Breach of fiduciary duty can lead to legal consequences.

How does co-insurance affect indemnity payments?

Co-insurance requires the insured to share a percentage of the loss, reducing the indemnity payment received from the insurer based on policy terms.

How does cyber insurance help with reputational damage after a hacking incident?

Many policies include crisis management services, such as public relations support, media response planning, and customer communication strategies. Businesses can also receive coverage for credit monitoring services for affected individuals. Managing reputational impact effectively can help restore customer trust and prevent long-term financial losses.

Can I switch private health insurance providers?

Yes, you can switch providers, but new insurers may require medical underwriting, waiting periods for coverage, or higher premiums based on your health history. Compare benefits before switching policies.

Can a loss ratio be above 100%?

Yes, a loss ratio above 100% means the insurer is paying more in claims than they are earning in premiums, leading to underwriting losses.