What are the key terms and conditions included in a reinsurance treaty?

Key terms in a reinsurance treaty include the scope of coverage, retention limits, premium rates, duration of the agreement, claims settlement procedures, and exclusions. Specifics like "follow the fortunes" clauses (where the reinsurer agrees to follow the ceding company's claims decisions) are also critical in treaty agreements.

Does Uninsured Motorist coverage cover hit-and-run accidents?

Yes, UM coverage generally applies to hit-and-run accidents, as long as the identity of the at-fault driver is unknown and you file a police report.

How can I compare insurance premiums from different providers?

Compare premiums by evaluating coverage limits, deductibles, exclusions, insurer reputation, available discounts, and customer reviews to ensure the best value for your needs.

Are deductibles refundable?

No, deductibles are not refundable. Once you pay the deductible as part of a claim settlement, that amount is your responsibility and will not be reimbursed by the insurance company. However, if another party is found at fault, their insurer may reimburse you for the deductible under subrogation.

What is the environmental impact of blockchain technology?

Blockchain, particularly proof-of-work-based systems like Bitcoin, can have significant environmental impacts due to the high energy consumption required for mining. However, alternative consensus mechanisms like proof-of-stake aim to reduce this environmental footprint by requiring less computational power, making blockchain more sustainable for the long term.

What should I do if my insurance premium becomes unaffordable?

You can adjust coverage, increase deductibles, shop for better rates, or discuss payment options with your insurer to lower costs.

Does pet accident insurance cover accidental poisoning?

Yes, accidental poisoning from ingesting toxins like chocolate or household chemicals is generally covered under pet accident insurance.

Is a medical exam required for term insurance?

Some policies require a medical exam, but many insurers offer no-exam policies for lower coverage amounts or healthy applicants, though premiums may be slightly higher.