What is a no-claim bonus (NCB)?

A no-claim bonus (NCB) is a reward given to policyholders for not filing any claims during a policy period. Common in auto and health insurance, NCB can result in premium discounts for subsequent years. Accumulating NCB over multiple years can lead to significant savings on renewal premiums.

How does liability affect an insurance claim?

If you're found liable for an accident or damage, your liability coverage will pay for damages up to the policy limit. If someone else is liable, their insurance may cover your losses.

Does emergency evacuation coverage cover repatriation to my home country?

Yes, most travel insurance policies with emergency evacuation coverage include repatriation, which means being transported back to your home country if necessary for further treatment.

What happens to the cash value when I pass away?

In most Universal Life policies, the insurer only pays the death benefit, and the cash value reverts to the company unless the policy includes an option that allows the cash value to be paid to beneficiaries.

Are Insurtech companies replacing traditional insurers?

Insurtech companies complement traditional insurers by enhancing efficiency, but they are not replacing them. Many established insurers partner with Insurtech startups to integrate new technologies into their operations.

What is the purpose of a policyholder protection fund?

A policyholder protection fund is a reserve created to safeguard the interests of policyholders in case an insurance company becomes financially unstable or insolvent.

What is the Minimum Capital Requirement (MCR) in insurance regulation?

The Minimum Capital Requirement (MCR) is the minimum amount of capital an insurance company must hold to operate legally. If an insurer’s capital falls below the MCR, it may be required to take corrective action. The MCR is typically lower than the solvency capital requirement (SCR), which is more risk-sensitive.

What types of businesses need cyber insurance?

Any business handling customer data, online transactions, or digital operations should have cyber insurance, especially those in finance, healthcare, retail, and tech industries.