Can I cancel my policy before it expires?

Yes, policies can usually be canceled before expiry. Refunds depend on policy terms, with insurers deducting charges for administrative costs and time used. Some policies have surrender values, while others may not offer refunds upon cancellation.

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What are the consequences of unchecked moral hazard?

If not controlled, moral hazard can lead to increased claims, higher insurance costs, potential fraud, and unsustainable pricing models, negatively impacting both insurers and policyholders.

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Is employer liability insurance mandatory?

The requirement for employer liability insurance varies by country and state. In many places, businesses with employees must carry it to comply with labor laws. Even when not mandatory, it is strongly recommended to protect businesses from unexpected claims and financial burdens.

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What happens to my whole life insurance when I die?

When you die, your beneficiaries receive the death benefit tax-free, provided there are no outstanding policy loans or unpaid premiums that could reduce the payout.

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How does Insurtech personalize insurance policies?

By analyzing user data from IoT devices, wearable tech, and online behavior, Insurtech tailors policies to individual risk profiles, ensuring fair pricing and relevant coverage.

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How does cash value accumulate in a life insurance policy?

The cash value grows as a portion of the premiums paid into the policy, after deducting the cost of insurance and fees. It earns interest or investment gains based on the policy type. Over time, the balance increases, providing financial flexibility for policyholders through loans, withdrawals, or premium payments.

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What technology is used to combat insurance fraud?

Insurers use AI, predictive analytics, blockchain, voice stress analysis, and real-time data monitoring to detect fraudulent activities and prevent fraudulent claims from being processed.

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Does cyber insurance cover phishing attacks?

Some policies cover losses from phishing attacks, including fraudulent wire transfers, stolen credentials, and data breaches caused by social engineering.

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