What was Lloyd’s role in the Titanic insurance claim?

Lloyd’s insured the RMS Titanic in 1912 for £1 million (about £100 million today). After the sinking, Lloyd’s promptly settled the claim within 30 days, demonstrating its financial strength and solidifying its reputation for reliability in catastrophic claims.

Do I need to provide evidence of weather damage for an insurance claim?

Yes, farmers must provide evidence, such as weather reports, photos, and expert assessments, to substantiate their claims for weather-related damage or loss to crops or livestock.

Can seasonal or temporary workers receive Workers' Compensation benefits?

Yes, seasonal and temporary employees are generally eligible for Workers' Compensation benefits if they suffer a work-related injury. Coverage rules vary by state and employer classification, so businesses must ensure compliance when hiring short-term workers. Staffing agencies may also be responsible for providing coverage in some cases.

What is the role of Solvency II in European insurance regulation?

Solvency II is a European regulatory framework that sets capital requirements for insurers to ensure financial stability. It mandates risk-based solvency calculations, governance rules, and transparency in reporting to protect policyholders from insurer failures.

How does a deductible work?

When a claim is made, the insured must first pay the deductible amount. Once paid, the insurer covers the remaining claim costs, up to the policy limit.

Why do younger drivers pay higher car insurance premiums?

Younger drivers, especially teens, pay higher premiums due to their lack of experience and statistically higher accident rates. Insurers consider them a higher risk compared to older, more experienced drivers. Taking driver safety courses and maintaining a clean driving record can help lower their premium costs.

Can a lapsed policy be converted into a paid-up policy?

Some policies allow conversion into a paid-up policy, reducing benefits but maintaining some coverage. This depends on the policy’s non-forfeiture options, such as reduced paid-up or extended term insurance.

What does trip cancellation insurance typically cover?

Trip cancellation insurance covers the cost of flights, accommodations, and activities that you pre-paid for and can’t get refunded, provided the cancellation is due to a covered reason.