Can an insurance company increase my premium?

Yes, insurance companies can increase premiums due to factors such as an increase in claims, inflation, changes in risk assessment, or adjustments in regulations. If you've filed multiple claims or had changes in your circumstances, such as moving to a high-risk area, your premium may also go up.

Can I get financial assistance for flood damage without insurance?

Federal disaster assistance may be available, but it is often a low-interest loan and not a replacement for comprehensive flood insurance coverage.

Do pet insurance policies include waiting periods?

Yes, pet insurance typically has waiting periods of a few days for accidents and weeks to months for illnesses and hereditary conditions.

What is the retention limit in facultative reinsurance?

The retention limit is the portion of risk that the ceding insurer keeps on its own books before transferring the remaining amount to the reinsurer. It is determined based on the insurer’s risk appetite and financial capacity.

Who typically uses parametric insurance?

Businesses, governments, farmers, disaster relief agencies, and infrastructure providers use it to mitigate financial risks from unpredictable catastrophic events.

Can I take life insurance on a co-worker?

No, unless there is a direct financial relationship, such as a business partnership or key person insurance. Regular co-workers typically do not have an insurable interest in each other, preventing individuals from profiting from colleagues' deaths.

How do I file a long-term disability claim?

You must submit medical documentation, proof of income, and claim forms to your insurer. The approval process can take weeks or months, and insurers may request periodic updates.

Can UBI be used for other types of insurance beyond auto?

Yes, UBI can be applied to other types of insurance, such as health insurance, where premiums could be based on physical activity levels, or home insurance based on usage patterns.