What happens after I file an insurance claim?

After filing a claim, the insurance company will review the details and assess the situation. They may send an adjuster to inspect damages, request additional documentation, and verify the information. Once reviewed, they will determine if the claim is approved or denied.

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How soon should I buy trip cancellation insurance?

It is best to purchase insurance as soon as you book your trip to maximize coverage benefits, especially for pre-existing condition waivers and CFAR options, which have time-sensitive eligibility.

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Does third-party insurance cover passengers?

Third-party insurance may cover injuries to passengers in another vehicle but typically does not cover injuries to passengers in the insured’s own vehicle.

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What is blockchain’s role in Insurtech?

Blockchain enhances security, transparency, and efficiency in insurance transactions. Smart contracts automate claim settlements, reducing fraud and human error. Decentralized ledgers ensure accurate policy and claim records, preventing duplicate claims and unauthorized alterations in customer data.

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What does umbrella liability insurance cover that regular policies don’t?

Umbrella liability insurance provides additional coverage for large claims not covered by regular policies. It protects against lawsuits, legal fees, and other liabilities that exceed the limits of standard home or auto insurance.

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Does indemnity insurance cover consequential losses?

Standard indemnity policies do not cover consequential losses, but additional coverage, like business interruption insurance, can be purchased separately.

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Who needs Employer’s Liability Insurance?

Any business that hires employees, including full-time, part-time, temporary, and contract workers, may need this insurance. It is essential for businesses in industries with high workplace hazards, such as construction and manufacturing.

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What is a deductible in private health insurance?

A deductible is the amount of money the policyholder must pay out-of-pocket for covered healthcare services before the insurance company begins to pay. For example, if a policy has a $1,000 deductible, the insured must pay the first $1,000 of medical expenses, after which the insurance covers a percentage of additional costs. Higher deductibles typically result in lower premiums and vice versa.

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