What is the principle of indemnity in insurance?

The principle of indemnity ensures that an insured person is compensated only up to the extent of their actual financial loss. It prevents the insured from making a profit from an insurance claim and aims to restore them to the same financial position they were in before the loss occurred.

Does home insurance cover gig work done from home?

Standard home insurance policies may not cover business activities conducted at home. Gig workers may need additional coverage, such as a home business insurance rider or commercial property insurance.

What are common riders in health insurance?

Health insurance riders may include maternity coverage, critical illness benefits, dental coverage, and additional hospitalization or outpatient care options.

What illnesses does pet insurance cover?

Pet insurance typically covers a wide range of illnesses, including cancer, diabetes, infections, gastrointestinal issues, and hereditary conditions. Coverage varies by plan, so it’s important to read the policy details.

Do whole life insurance policies pay dividends?

Some whole life policies from mutual insurance companies may pay dividends, which can be taken as cash, used to reduce premiums, buy additional coverage, or increase cash value.

Are out-of-pocket maximums the same for in-network and out-of-network services?

Many plans have different out-of-pocket maximums for in-network and out-of-network care, with out-of-network costs usually being higher.

What types of data does AI use for risk assessments in underwriting?

AI uses structured and unstructured data such as customer demographics, medical records, financial history, behavioral data, past claims, and even external factors like weather patterns and social media activity to assess risk.

Are there laws protecting consumers from misleading insurance advertising?

Yes, regulations require truthful advertising, prohibit deceptive marketing, and mandate insurers to disclose policy terms, exclusions, and conditions clearly before a policy is sold.