Can I extend the grace period if I miss a payment?

Grace periods are fixed by the insurance provider and generally cannot be extended. However, some insurers may offer leniency or work out payment arrangements in special circumstances. Contact your insurer as soon as possible to discuss your options if you're having difficulty making the payment.

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Can UBI be used with traditional auto insurance policies?

Some insurers allow UBI as an add-on option to traditional policies, while others replace standard policies with fully usage-based insurance plans.

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What is facultative underwriting?

Facultative underwriting assesses high-risk or unusual cases individually, allowing insurers to review and approve policies on a case-by-case basis.

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What is "Cancel for Any Reason" (CFAR) insurance?

CFAR is an optional upgrade that allows you to cancel your trip for any reason not covered by standard trip cancellation policies. It typically reimburses 50-75% of prepaid costs and requires cancellation at least 48 hours before departure. It’s more expensive but offers maximum flexibility.

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Is underwriting different for health insurance?

Yes, underwriting in health insurance is more focused on medical history, current health status, and lifestyle choices. Some insurers may impose waiting periods or exclusions for certain pre-existing conditions.

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What is the significance of professional liability insurance limits?

Professional liability limits determine the maximum coverage for claims related to errors, omissions, or negligence in professional services.

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Can ACV be negotiated with the insurance company?

Yes, policyholders can dispute the ACV calculation by providing evidence such as receipts, appraisals, or comparable market prices. If an insurer undervalues an item, negotiation or independent assessment may lead to a higher payout.

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What is the importance of reinsurance in international insurance law?

Reinsurance helps insurers manage risks across multiple jurisdictions, ensuring financial stability and regulatory compliance while protecting against catastrophic losses.

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