Are there exclusions in pet accident insurance policies?

Yes, exclusions may include intentional injuries, injuries caused by neglect, or certain high-risk activities like dog fighting. Check the policy details.

Can businesses use term insurance?

Yes, businesses use term insurance for key person coverage, buy-sell agreements, and employee benefits, ensuring financial stability in case of the insured’s untimely death.

What causes a life insurance policy to lapse?

A life insurance policy lapses when the policyholder fails to pay the premium within the due date and grace period set by the insurer.

How does regulatory compliance impact reinsurance agreements?

Regulations ensure that insurers and reinsurers maintain sufficient capital reserves, disclose financial stability, and meet obligations to policyholders. Compliance varies by jurisdiction and includes solvency requirements like Solvency II and Basel III.

What happens if multiple insurers are involved in subrogation?

When multiple insurers are involved, they may negotiate proportional recoveries based on liability and coverage limits of each policy.

What types of hacking incidents does cyber insurance cover?

Cyber insurance generally covers ransomware attacks, phishing scams, malware infections, denial-of-service (DoS) attacks, and data breaches. Coverage may include expenses related to incident response, data restoration, liability claims, and business interruption due to a cyber event. Policy terms vary, so businesses should review specifics with insurers.

What are riders in Variable Life Insurance?

Riders are optional add-ons to a policy that provide additional benefits or coverage, such as accelerated death benefits or additional coverage for critical illness.

Are defense costs included in the limit of liability?

It depends on the policy. Some policies include defense costs within the liability limit, while others cover them separately, meaning legal fees do not reduce the coverage available for claims.