What are the advantages of facultative reinsurance?

The key advantages include underwriting flexibility, customized risk assessment, enhanced capacity for large risks, and improved risk management. It allows insurers to accept policies they otherwise couldn’t, while reinsurers can carefully select which risks to cover.

What is homeowners insurance?

Homeowners insurance is a policy that provides financial protection against damages to a home, personal property, and liability claims. It covers risks such as fire, theft, weather damage, and legal liability.

Does car insurance provide reimbursement for repairs?

If a policy includes collision or comprehensive coverage, it reimburses repair costs up to the policy limit after deductibles, depending on the claim’s circumstances.

Can an insurance company add an endorsement without my consent?

Generally, insurers cannot add endorsements without notifying the policyholder. However, certain policy changes, such as regulatory updates, may be applied automatically. It's important to review policy updates carefully to understand any changes.

What is Big Data, and how does it apply to the insurance industry?

Big Data refers to large volumes of data that can be analyzed to uncover patterns, trends, and associations. In insurance, it allows for better risk assessment, pricing, and customer insights.

Are insurance deductibles refundable?

No, once you pay a deductible on a covered claim, it is non-refundable, even if the total claim cost is low.

Can I get travel medical insurance if I have a pre-existing condition?

Some policies offer coverage for pre-existing conditions, but they usually require a waiver or additional premium. It’s important to disclose medical history honestly, as failure to do so can result in claim denial if a condition is excluded.

Can a third-party insurance claim be rejected?

Yes, claims can be rejected if the policyholder was not at fault, the claim lacks sufficient evidence, or the incident falls outside the policy’s coverage terms.