What is the role of AI in healthcare?

AI helps diagnose diseases, analyze medical images, predict patient outcomes, and develop new drugs. AI-powered robots assist in surgeries, while chatbots provide healthcare advice. AI enhances efficiency in medical research, patient care, and hospital management, improving overall healthcare services and accessibility.

Why do insurers use facultative reinsurance?

Insurers use facultative reinsurance to protect against large losses, increase underwriting capacity, manage risk exposure, and provide coverage for specialized or high-risk policies.

Does homeowners insurance liability cover accidents involving guests or tenants?

Yes, liability insurance typically covers accidents involving both guests and tenants on your property, providing protection if they are injured or cause damage.

Does the Surrender Value change over time?

Yes, the surrender value can change over time as it depends on the premiums paid, the policy duration, and the accumulated bonuses or interest. As the policy matures, the surrender value may increase, especially if bonuses or returns are added.

Why would a business be placed in the E&S market?

Businesses may require E&S insurance due to prior claims history, high liability exposure, new or untested business models, hazardous operations, or operating in disaster-prone regions.

How does big data affect policy pricing?

Big data allows insurers to customize premiums based on real-time risk assessment rather than traditional demographic-based pricing.

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.