Are there penalties for not having crop insurance?

In most cases, there are no penalties for not having crop insurance. However, farmers who choose not to participate in insurance programs may not qualify for government financial aid, subsidies, or emergency relief funds during disasters.

What is comprehensive auto insurance?

Comprehensive auto insurance covers vehicle damage caused by non-collision events such as theft, vandalism, fire, natural disasters, falling objects, and animal collisions. It does not cover collision damage.

How is sum assured determined in an insurance policy?

Sum assured is based on financial needs, policyholder preference, affordability of premiums, and insurer guidelines at the time of purchase.

Does disability insurance cover all illnesses and injuries?

Disability insurance covers income loss due to disabilities caused by illnesses or injuries that prevent you from working. However, pre-existing conditions, self-inflicted injuries, and certain high-risk activities may be excluded from coverage.

What is artificial intelligence (AI)?

Artificial intelligence (AI) refers to computer systems designed to simulate human intelligence, enabling machines to learn, reason, and make decisions with minimal human intervention.

How does adverse selection affect insurance markets?

Adverse selection leads to an unbalanced pool of policyholders, where high-risk individuals dominate. This results in rising claims, forcing insurers to increase premiums. As premiums rise, lower-risk individuals may drop out, worsening the problem and possibly leading to market collapse.

Can I use my travel medical insurance for non-emergency treatments?

No, travel medical insurance is intended for emergency situations only. Non-emergency treatments, planned procedures, and ongoing medical treatments are typically not covered.

What happens if I stop paying premiums on my term insurance?

If you stop paying premiums, the policy lapses, and coverage ends. There is no refund or cash value unless the policy includes a return-of-premium feature.