How does facultative reinsurance affect underwriting?

Facultative reinsurance enables insurers to take on risks they might not otherwise accept by allowing customized underwriting solutions. It enhances an insurer’s ability to write large or complex risks while maintaining control over their overall risk portfolio.

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Does homeowners insurance cover home improvements and renovations?

Home improvements may increase the home's value and insurance needs. Some renovations, like roof upgrades, may lower premiums, while major additions should be reported to ensure proper coverage.

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What are the main types of reinsurance?

The two main types of reinsurance are facultative reinsurance, which covers individual risks, and treaty reinsurance, which covers a portfolio of risks.

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Do endorsements expire, or do they remain for the policy duration?

Some endorsements last for the entire policy term, while others have expiration dates based on specific conditions (e.g., temporary increased coverage for valuable items during travel). Check with your insurer to confirm the duration of an endorsement.

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Can Big Data help improve customer retention in insurance?

Yes, by analyzing customer behavior and satisfaction metrics, insurers can proactively identify and address issues, offer personalized services, and improve overall customer experience, enhancing retention.

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When do I have to pay a copayment?

You typically pay a copay at the time of service, such as doctor visits, specialist appointments, or when filling prescriptions.

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Can I extend my travel medical insurance if I decide to stay longer?

Many insurers allow policy extensions, but travelers must request an extension before the original policy expires. Some policies may have restrictions on extensions, especially if medical treatment has already been received during the trip.

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What is treaty reinsurance?

Treaty reinsurance is an agreement between a primary insurer and a reinsurer where the reinsurer agrees to cover a specified portion of the insurer's entire portfolio of policies. This agreement covers multiple policies under pre-defined terms and conditions, providing the insurer with a more stable and predictable risk management strategy. It differs from facultative reinsurance, which covers individual risks.

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