What is the role of smart contracts in blockchain?

Smart contracts are self-executing agreements with predefined rules and conditions coded into the blockchain. They automate transactions without intermediaries, ensuring efficiency, security, and reducing disputes in industries like finance, real estate, and supply chain management.

What are the key terms in a facultative reinsurance contract?

Key terms include premium rates, coverage limits, exclusions, claims handling procedures, loss-sharing terms, and duration of coverage for the specific risk.

How long does it take to receive reimbursement for a trip cancellation claim?

Processing times vary but typically range from 2 to 6 weeks. The timeline depends on the insurer, the complexity of the claim, and how quickly you submit required documentation.

Does surrender value include bonuses and accrued benefits?

In many cases, the surrender value may include accrued bonuses, but this depends on the policy type and duration. Some insurers provide only a portion of the accrued benefits when surrendering a policy early.

What are common exclusions in homeowners insurance?

Common exclusions include floods, earthquakes, intentional damage, normal wear and tear, pest infestations, and certain types of water damage like sewer backups.

What is earthquake insurance?

Earthquake insurance covers damages resulting from earthquakes, as standard homeowners policies do not typically include this coverage. It helps pay for repairs, personal property replacement, and additional living expenses if a home becomes uninhabitable after an earthquake. Coverage is essential in high-risk seismic areas.

Can I get my deductible back through subrogation?

Yes, if your insurer successfully recovers funds through subrogation, you may receive a refund of your deductible, either fully or partially, depending on the amount recovered.

How long do short-term disability benefits last?

Benefits typically last between 3 to 6 months, but some policies extend up to one year, depending on the insurer and plan details.