Are deductibles refundable?

No, deductibles are not refundable because they are your share of the financial responsibility for a claim. Once you pay the deductible, it is applied toward your claim, and your insurer covers the rest based on your policy terms.

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What should I do if my home is flooded?

Contact your insurance provider immediately, document the damage with photos and videos, remove valuable items if safe, and begin the claims process. Avoid entering heavily flooded areas due to safety risks.

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Can I choose the replacement item under a replacement cost policy?

Yes, most policies allow you to choose the replacement item, but the item must be of like kind and quality, meaning it should be a reasonable equivalent to the lost or damaged property.

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Can I lose my insurance coverage if I miss multiple payments in a row, even with a grace period?

Yes, if you miss multiple payments in a row, even within a grace period, insurers may cancel your policy or decide not to reinstate it. Consistent late payments are often seen as a breach of contract, and insurers may take action. To avoid this, always keep track of payment schedules and communicate with your insurer.

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What are the disadvantages of on-demand insurance?

Possible drawbacks include higher per-use costs, limited coverage options, the need for frequent activation, and potential gaps in protection if users forget to renew or extend policies.

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What happens if a beneficiary dies before the policyholder?

If the primary beneficiary dies, the benefit typically goes to a contingent beneficiary or the policyholder’s estate, depending on the policy terms.

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Is trip cancellation coverage included in credit card travel insurance?

Some credit cards offer trip cancellation coverage as a benefit, but coverage limits and reasons for cancellation may be more restrictive than standalone policies. Always review your credit card’s terms before relying on it as your primary travel insurance.

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How does the cash value component work in universal life insurance?

The cash value grows based on interest rates or investment performance, and policyholders can borrow against it, withdraw funds, or use it to cover premiums.

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