Is medical underwriting required for Universal Life Insurance?

Most Universal Life policies require medical underwriting to determine the insured’s health risks. Some policies offer simplified or guaranteed issue options with no medical exam, but these typically have higher premiums.

What are chatbots and virtual assistants in Insurtech?

Chatbots and virtual assistants use AI to handle customer inquiries, provide policy information, assist with claims filing, and enhance customer service through instant, automated responses.

What does 'actuarial valuation' mean in the insurance context?

Actuarial valuation is the process of assessing the financial health of an insurance company, typically involving the evaluation of its reserves, liabilities, and solvency to ensure it can meet future claims.

How are insurance companies supervised to ensure they meet capital and solvency requirements?

Insurance companies are supervised by national and international regulatory bodies that monitor their financial health. Regulators require insurers to submit regular financial reports, undergo stress tests, and comply with solvency and capital standards to ensure they can meet their obligations.

How does cyber insurance help in case of a data breach?

It provides financial assistance for forensic investigations, customer notification, credit monitoring, legal fees, regulatory fines, and data recovery expenses to minimize business impact.

Does liability insurance cover injuries to household members?

No, liability coverage only applies to third parties (non-residents). If a family member is injured at home, their medical expenses may be covered by health insurance, not homeowners liability insurance.

How is my insurance premium calculated?

Insurers calculate premiums based on factors like your age, location, type of coverage, claims history, and risk level. For auto insurance, driving history matters, while for health insurance, medical history and lifestyle choices play a role.

How does homeowners insurance handle claims for natural disasters?

Coverage depends on policy terms; some disasters like floods or earthquakes may require separate policies, while others like storms or fires are typically covered.