What happens if I miss a premium payment?

If you miss a premium payment, your insurer may grant a grace period to make the payment before canceling coverage. If you fail to pay within this period, your policy may lapse, leaving you uninsured and potentially subject to waiting periods when reapplying.

Can a lapsed policy be converted into another type of insurance?

Depending on the policy, some insurers offer options like converting a lapsed term policy into a permanent policy or using the cash value of a lapsed whole life policy to purchase a reduced paid-up policy or extended-term coverage.

How is artificial intelligence transforming the insurance industry?

AI helps insurers automate claims processing, detect fraud, personalize policies, and improve underwriting by analyzing vast datasets with machine learning algorithms for better risk assessment.

What are the best travel insurance companies?

Top travel insurance providers include Allianz Travel Insurance, Travel Guard (AIG), World Nomads, and AXA Assistance. These companies offer coverage for trip cancellations, medical emergencies, lost baggage, and travel interruptions, making them ideal for frequent travelers and international tourists.

Does cyber insurance cover business interruption after a ransomware attack?

Yes, many policies cover financial losses from business downtime caused by a ransomware attack, including lost revenue, additional operational costs, and temporary relocation expenses.

How does a PPO plan work?

PPO plans allow you to see any doctor or specialist without a referral, but you'll pay less if you use providers within the plan's network.

Is there a time limit to file a reimbursement claim?

Most insurers impose deadlines for filing claims, ranging from 30 days to several months after the event. Missing the deadline may result in claim denial. Policyholders should review their contract and submit claims promptly to avoid delays or rejections.

What is the difference between an independent adjuster and a public adjuster?

Independent adjusters work for insurance companies, assessing claims on their behalf, while public adjusters are hired by policyholders to represent their interests and negotiate higher settlements.