What is facultative reinsurance?

Facultative reinsurance is a type of reinsurance where the reinsurer evaluates each risk individually before agreeing to cover it. Unlike treaty reinsurance, which applies to a whole portfolio, facultative reinsurance is underwritten on a case-by-case basis. It provides flexibility to insurers for large or unusual risks that require customized coverage.

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Can I increase my Uninsured Motorist coverage limit?

Yes, you can typically increase your UM coverage limit, though the exact limits available may depend on your state laws and insurer’s policies.

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How does reimbursement work in health insurance?

In health insurance, a policyholder pays for medical services, submits a claim, and receives reimbursement for covered expenses based on policy coverage and deductibles.

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What is an endorsement (rider) in an insurance policy?

An endorsement (rider) is an amendment to an insurance policy that modifies the coverage by adding, restricting, or excluding certain terms. It allows policyholders to customize their policies to better fit their needs without purchasing a new policy.

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What impact will blockchain have on traditional banking?

Blockchain has the potential to disrupt traditional banking by enabling peer-to-peer transactions without the need for intermediaries. It could lower transaction fees, enhance security, and streamline banking operations. Additionally, decentralized finance (DeFi) systems built on blockchain could provide an alternative to traditional banking products like loans, insurance, and savings accounts.

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Do deductibles apply to medical insurance?

Yes, in health insurance, deductibles must be met before coverage for medical expenses, except for certain preventive services, begins.

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What is medical travel insurance?

Medical travel insurance is a policy that covers healthcare expenses incurred while traveling. It includes emergency medical treatment, hospitalization, and sometimes evacuation. It ensures travelers are protected from high medical costs in case of illness or injury abroad.

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What happens if I drive without third-party insurance?

Driving without third-party insurance can result in legal penalties, fines, license suspension, or even imprisonment, depending on local laws. It also exposes you to significant financial liability.

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