What is catastrophe insurance?

Catastrophe insurance is a specialized policy that provides financial protection against extreme events like hurricanes, earthquakes, floods, and wildfires. Standard insurance policies often exclude such disasters, making catastrophe insurance essential for individuals, businesses, and governments in high-risk areas. Coverage varies by insurer and region, often requiring additional riders.

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Can a beneficiary be designated for a health or disability insurance policy?

Typically, health and disability insurance policies do not have beneficiaries. However, certain policies, like accidental death or critical illness insurance, may have beneficiaries named to receive payouts.

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What factors affect business property insurance premiums?

Premiums depend on location, property value, risk factors, security measures, type of business, and coverage limits.

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What is Usage-Based Insurance (UBI)?

Usage-Based Insurance (UBI) is a type of auto insurance where premiums are based on real-time driving behavior. Insurers use telematics technology to track metrics such as mileage, speed, braking, acceleration, and time of day to assess risk and determine pricing. This allows safer drivers to pay lower premiums.

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How do building codes help reduce hazards?

Building codes establish safety standards for construction, electrical systems, fire protection, and structural integrity, reducing hazards and ensuring properties meet risk management requirements.

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What is co-insurance?

Co-insurance is a cost-sharing arrangement where the policyholder pays a percentage of a covered expense after meeting the deductible.

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What is the Financial Conduct Authority (FCA)?

The Financial Conduct Authority (FCA) is a UK regulatory body responsible for overseeing financial markets, including insurance companies. It ensures fair competition, consumer protection, and financial stability by setting regulations, enforcing compliance, and penalizing misconduct in the financial sector.

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Can I get pet insurance after my pet has been diagnosed with an illness?

You can still get insurance, but the diagnosed condition will likely be excluded from coverage as a pre-existing condition, limiting what expenses the policy will reimburse.

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