How do I know what perils are covered by my insurance policy?

Your insurance policy document lists the covered perils under the coverage section. Standard homeowners, auto, and health insurance policies specify the risks they protect against. If uncertain, you should contact your insurer for a clear understanding of your policy.

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What role did Edmund Halley play in the development of life insurance?

Halley, an English mathematician, created the first life table in 1693, enabling insurers to estimate life expectancy and set fair premium rates.

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Can I reinstate my policy after it lapses?

Yes, many insurance providers allow you to reinstate a policy after it lapses, but you may need to pay any overdue premiums, along with interest or penalties. Some insurers may require you to provide proof of insurability before reinstating the policy.

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What does travel medical insurance typically cover?

Coverage includes emergency medical treatment, hospitalization, ambulance services, doctor visits, prescription drugs, medical evacuation, repatriation, and sometimes dental care for accidents or sudden pain relief.

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Does surrender value increase over time?

Yes, surrender value typically increases as the policy matures, with higher benefits in later years due to accumulated cash value and bonuses.

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What happens if the insured fails to disclose important information?

If the insured fails to disclose material information, such as pre-existing health conditions or past claims, the insurer may deny coverage, cancel the policy, or refuse to pay claims. Providing complete and truthful information is essential to maintain valid coverage.

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How are premiums determined in insurance policies?

Premiums are determined based on several factors, including the type of insurance, coverage amount, policyholder's age, health status, lifestyle choices, and sometimes location. For instance, in life or health insurance, the risk level associated with the individual plays a significant role in setting the premium. The more risk an insurer faces, the higher the premium. Other factors such as the policy type and duration also influence the cost.

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What happens if another driver is at fault in an auto insurance claim?

If the other driver is at fault, their insurance should cover damages, but your insurer may assist and seek reimbursement later.

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