Is routine care included in standard pet insurance policies?

Most standard pet insurance policies do not include routine care by default. Instead, it is usually available as an optional add-on or as a separate wellness plan that covers preventive treatments and annual vet visits.

Does term life insurance build cash value?

No, term life insurance does not accumulate cash value. It is a pure protection plan that pays out only if the insured dies within the policy term.

Can parametric insurance cover multiple events or locations?

Yes, parametric insurance can be structured to cover multiple events or locations, such as earthquakes across a region or hurricanes affecting several areas within a defined zone.

Can a minor be a beneficiary of an insurance policy?

Yes, minors can be named as beneficiaries, but insurance companies may require a legal guardian or trustee to manage the funds until the minor reaches adulthood, usually 18 or 21 years of age.

What are exclusions in an insurance policy?

Exclusions are specific risks, conditions, or circumstances not covered by an insurance policy, such as intentional damages, war, or pre-existing conditions in health insurance.

How does climate change affect agricultural insurance?

Climate change increases the frequency and severity of extreme weather events, making agricultural insurance more essential. However, it also raises challenges such as higher insurance premiums, increased claim payouts, and the need for insurers to develop innovative risk assessment models to adapt to changing climate patterns.

What is a deductible in collision insurance?

A deductible is the amount you pay out of pocket before your insurance covers the rest of the repair costs. Common deductibles range from $250 to $1,000, depending on your policy.

Why is it important to review my insurance policy regularly?

Reviewing your policy ensures that coverage aligns with current needs, identifies any gaps, and helps adjust limits or terms as circumstances change.