How much does workers' compensation insurance cost?

The cost varies based on factors such as industry risk, payroll size, state regulations, and claims history. High-risk industries like construction tend to have higher premiums than low-risk office jobs.

What is the difference between sum assured and fund value in ULIPs?

Sum assured is the guaranteed life cover, while the fund value in ULIPs represents the market-linked investment component, which fluctuates based on fund performance. The final payout is usually the higher of the two.

Does an endorsement require a new policy or just an amendment?

An endorsement is a policy amendment, not a new policy. The original policy remains in effect with the added or changed coverage outlined in the endorsement.

What happens if I miss a premium payment?

If you miss a premium payment, your policy may lapse after the grace period (typically 15–30 days). A lapsed policy means loss of coverage, and reinstating it may require additional fees, medical tests, or proof of insurability.

Can adverse selection be completely eliminated in insurance markets?

No, but it can be minimized through risk assessments, mandatory insurance participation, and premium adjustments based on the risk profile of insured individuals.

What is an umbrella liability policy?

An umbrella liability policy provides additional coverage beyond the limits of standard liability insurance. It offers extra protection against large claims, ensuring that businesses or individuals are not financially devastated by lawsuits exceeding their primary policy limits. It is useful for high-risk professions and businesses.

What happens if I stop paying premiums on my whole life policy?

If you stop paying premiums, the policy may lapse unless there is sufficient cash value to cover them. Alternatively, you may convert it into a reduced paid-up policy or take a loan.

What are some examples of Insurtech solutions?

Examples include AI-driven chatbots for customer support, blockchain-based claims verification, IoT-powered risk assessment, on-demand insurance, and telematics for usage-based auto insurance policies.