What is the difference between named perils and open perils coverage?

Named perils coverage explicitly lists the risks covered by the policy, meaning only the perils specified are insured. Open perils coverage (or all-risk coverage) provides protection against all risks except those specifically excluded in the policy, offering broader coverage.

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How does blockchain support regulatory compliance in insurance?

Blockchain supports regulatory compliance by providing transparent and auditable records of all transactions, making it easier for insurers to comply with regulatory requirements. Since blockchain’s data is immutable and verifiable, regulators can track claims, payouts, and policyholder information in real time, ensuring that insurers follow all required standards and processes, and reducing the risk of non-compliance.

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What is the significance of mutual life insurance companies?

Mutual companies, owned by policyholders rather than shareholders, reinvested profits into customer benefits and stable premium rates.

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Who is eligible to apply for agricultural insurance?

Eligibility for agricultural insurance varies by country and insurer, but it is generally available to individual farmers, agribusinesses, cooperatives, and sometimes contract farmers. Smallholder farmers may also be eligible through government-supported programs or group policies.

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Can comprehensive coverage help with vandalism damage?

Yes, comprehensive insurance covers vandalism, including key scratches, spray paint damage, broken windows, or other intentional damage caused by unknown or known individuals.

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Is sum assured taxable under income tax laws?

Sum assured payouts are generally tax-free under Section 10(10D) of the Income Tax Act, subject to specific policy conditions.

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What is a zero-deductible insurance policy?

A zero-deductible policy means you do not have to pay anything before your insurance starts covering costs. While this eliminates out-of-pocket expenses, it often comes with significantly higher premium payments.

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Can AI improve environmental sustainability?

Yes, AI optimizes energy consumption, enhances climate modeling, supports precision agriculture, and helps develop sustainable solutions to reduce carbon footprints and waste.

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