What are the ethical concerns of using Big Data in insurance?

Ethical concerns include data privacy, potential discrimination, and biased algorithms. Insurers must ensure data protection, transparency in decision-making, and fair pricing models. Regulations like GDPR and CCPA enforce strict compliance in handling personal data, preventing misuse and ensuring consumers’ rights are protected.

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What is the difference between a high and low deductible?

A high deductible means lower monthly premiums but higher out-of-pocket costs when filing a claim. A low deductible means higher premiums but lower out-of-pocket costs per claim.

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How do I file a claim for earthquake damage?

To file an earthquake damage claim, contact your insurance company immediately after the event, document the damage, and provide any necessary information or assessments.

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Can third-party insurance cover passengers?

Yes, in most cases, third-party insurance covers passengers in the affected vehicle if the insured is at fault. However, coverage depends on local laws and policy terms, so it’s best to check with the insurer.

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What types of risks are typically covered under facultative reinsurance?

Facultative reinsurance is often used for large, unique, or high-risk policies, such as aviation, marine, energy, infrastructure projects, and high-value property insurance.

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Are on-demand insurance policies customizable?

Yes, on-demand insurance policies are typically customizable, allowing you to choose the coverage amount, duration, and specific types of risks you want to be covered for.

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What happens if insurable interest does not exist?

If an insurance policy is taken out without valid insurable interest, the policy is considered void and unenforceable. Any claim made under such a policy would be denied, and in some cases, legal action could be taken against the policyholder for fraudulent intent.

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Does my credit card travel insurance include emergency evacuation?

Some premium credit cards offer travel insurance with emergency evacuation benefits, but coverage limits are often lower than standalone travel insurance policies.

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