Does UBI affect my credit score?

No, participation in a UBI program does not impact your credit score. However, your driving behavior may influence your insurance rates, which could affect your financial planning for car insurance expenses.

Does a higher deductible always mean lower premiums?

Generally, higher deductibles reduce premiums, but savings depend on the insurer, coverage type, and risk level. Always compare costs before choosing a deductible.

What is short-term disability insurance?

Short-term disability insurance provides income replacement for a limited period when you are unable to work due to a covered medical condition, such as an illness, injury, or surgery recovery. It typically covers a portion of your salary, usually 50% to 70%, for a period ranging from a few weeks to a few months, depending on the policy.

How does third-party insurance affect premium rates?

Third-party insurance premiums are usually lower than comprehensive insurance because it offers limited coverage. However, the premium amount is still affected by factors like the type of insurance, the level of coverage, and the perceived risk associated with the insured.

How quickly does a guaranty fund pay claims?

Payment timelines vary but generally depend on the complexity of liquidation. The goal is to process claims as quickly as possible while ensuring proper verification.

What are the key emerging trends in the insurance industry?

The insurance industry is evolving rapidly with trends such as AI-powered underwriting, blockchain for smart contracts, IoT-based risk assessment, embedded insurance, and on-demand coverage. The rise of insurtech startups is also disrupting traditional models, enabling faster claims processing, personalized policies, and digital-first experiences for policyholders.

What happens if there is no insurable interest at the time of claim?

If there is no insurable interest at the time of the claim, the insurance contract may be void, and the insurer may refuse to pay out the claim.

Does accident-only pet insurance cover accidental poisoning?

Yes, most accident-only policies cover poisoning caused by ingestion of toxic substances like chocolate, chemicals, or harmful plants.