How can fire hazards be prevented?

Fire hazards can be prevented by ensuring electrical wiring is properly installed, using fire-resistant materials, maintaining equipment regularly, and keeping flammable materials safely stored. Fire alarms, sprinklers, and fire safety training are also essential in reducing the risk.

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What is liability insurance?

Liability insurance covers legal costs and damages if a policyholder is held responsible for injuries or property damage to a third party.

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What is the role of IRDAI in insurance agent licensing?

IRDAI sets the qualification criteria, training requirements, and licensing procedures for insurance agents. It ensures agents follow ethical selling practices and are well-equipped to guide policyholders in selecting suitable insurance plans.

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Does Routine Care cover holistic treatments for pets?

Routine Care may cover certain holistic treatments if they are deemed part of the general wellness plan, such as acupuncture or chiropractic care. However, this depends on the insurance company and the specifics of the coverage.

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Can I convert my term life insurance into a permanent policy?

Many insurers offer a conversion option, allowing policyholders to switch to permanent life insurance without undergoing medical underwriting.

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How is NCB calculated at the time of policy renewal?

NCB is calculated based on the number of consecutive claim-free years. The discount percentage is applied to the own-damage premium component of your policy. The more years without a claim, the higher the discount, up to a maximum of 50% for five or more claim-free years.

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How do insurers ensure AI underwriting remains fair and unbiased?

Insurers use diverse datasets, conduct regular audits, and implement fairness algorithms to minimize biases, ensuring AI-driven underwriting decisions remain objective and equitable.

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What is the Chartered Enterprise Risk Analyst (CERA) designation?

The CERA designation focuses on enterprise risk management, equipping professionals with expertise in assessing and managing financial and operational risks.

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