When must insurable interest exist in an insurance policy?

In life insurance, insurable interest must exist at the time the policy is purchased. In property and casualty insurance, it must exist both at the time of purchase and at the time of loss to ensure a legitimate claim.

---

What happens if a policyholder misses a premium payment?

Insurers may offer a grace period, after which coverage can lapse. Some policies allow reinstatement, but missed payments may result in penalties or higher rates.

---

What protections exist against insurance fraud?

Consumer protection laws safeguard against fraud by requiring transparency in policy sales, ensuring proper licensing of insurance providers, and penalizing fraudulent claims or deceptive sales practices. Regulators also monitor insurers and brokers to prevent scams and protect policyholders.

---

What does public liability insurance cover?

It covers medical expenses, legal fees, and compensation claims related to third-party injuries or property damage caused by your business, including accidents at your workplace or events.

---

How do I determine the right amount of whole life insurance?

Consider financial obligations, future expenses, income replacement needs, and estate planning goals when deciding on coverage.

---

How quickly are payouts made in parametric insurance?

Since there is no need for on-the-ground damage assessments, payouts can be processed within days or even hours after the event is confirmed. This rapid response helps businesses and communities recover faster and reduces the financial strain caused by delayed compensation.

---

How does blockchain ensure the security of sensitive insurance data?

Blockchain uses advanced cryptographic techniques to secure sensitive data. Each transaction or piece of data is encrypted and stored in a block, linked to others in a chain. Once entered, the data becomes immutable, making it nearly impossible to alter or hack. Since blockchain is decentralized, there is no single point of failure, further enhancing security and reducing the risk of unauthorized access to personal insurance information.

---

How did Lloyd’s handle claims from 9/11?

Lloyd’s paid billions in claims related to property damage, business interruption, and aviation losses, showcasing its financial resilience.

---