What happens if subrogation is not successful?

If subrogation efforts fail, the insurance company absorbs the cost and doesn't recover the payout it made. As a result, the policyholder may not receive a refund or reduction in their premium, and the claim may remain settled as originally paid by the insurer.

How do I know if my reason for cancellation is covered?

Review your policy details to understand covered reasons for cancellation. Insurers typically list covered reasons, such as illness, injury, and natural disasters, along with any exclusions. If unsure, you can contact the insurance provider for clarification.

How often should I review my Variable Life Insurance policy?

At least annually, or whenever there are major market shifts or personal financial changes. Regular reviews help optimize investment allocations and ensure the policy remains aligned with financial goals.

What are the benefits of digital underwriting in insurance?

Digital underwriting uses AI and big data to assess risks quickly and accurately. It eliminates manual processes, speeds up policy approvals, reduces costs, and ensures fair pricing based on real-time customer data rather than broad demographic factors.

What is an administrative agency?

An administrative agency is a government body tasked with the implementation, enforcement, and regulation of laws and policies in specific sectors, like the Securities and Exchange Commission (SEC).

What are Own Risk and Solvency Assessments (ORSA)?

ORSA is a process where insurers evaluate their current and future solvency position based on their risk profile. It is a key requirement under Solvency II, ensuring that insurers proactively manage risks and maintain sufficient capital to remain solvent.

Does cyber insurance cover social engineering fraud or phishing scams?

Some policies cover social engineering fraud, such as phishing attacks where hackers trick employees into transferring funds or revealing sensitive information. Coverage depends on the policy terms.

How do I find doctors in my HMO network?

You can check your insurer’s website, call customer service, or ask your primary care physician for a referral within the network.