Can Guaranty Funds pay claims for insurers that have not yet been declared insolvent?

No, Guaranty Funds can only step in once an insurer is officially declared insolvent by the courts or relevant authorities.

Can gig workers get disability insurance?

Yes, private disability insurance policies provide income replacement if a gig worker cannot work due to illness or injury, essential since employers do not offer such benefits.

What is IRDAI, and what is its role?

The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body that regulates and promotes the insurance industry in India. It ensures policyholder protection, oversees insurers, licenses insurance companies, and sets rules to maintain financial stability and fair practices in the sector.

Are dental illnesses covered under pet insurance?

Some policies cover dental illnesses like infections, tooth extractions, and gum disease. However, routine dental cleanings and cosmetic procedures are usually excluded unless covered under a wellness plan.

Can I surrender my whole life insurance policy?

Yes, you can surrender the policy and receive the cash surrender value, but surrendering early may result in high surrender charges and tax consequences.

What is a No-Claim Bonus (NCB)?

No-Claim Bonus (NCB) is a discount offered by insurance companies to policyholders who do not file any claims during their policy tenure. It is a reward for safe and responsible driving, helping to reduce the cost of future premiums. The discount increases with consecutive claim-free years.

How does adverse selection impact long-term care insurance?

Since those with higher health risks are more likely to buy long-term care insurance, insurers face higher claims, making policies expensive or unsustainable.

Are insurers obligated to disclose policy exclusions under consumer protection laws?

Yes, insurers are required to clearly disclose policy exclusions and limitations, so consumers understand what is and isn’t covered before purchasing a policy.