How do I activate and deactivate an on-demand insurance policy?

Most on-demand insurance providers offer mobile apps or online platforms where users can activate or deactivate coverage with a few clicks. Some policies are event-based, meaning they automatically start when a specific activity or rental begins.

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Does coinsurance apply to all medical services?

Not always. Some services, like preventive care, may be fully covered without coinsurance. Check the policy details to understand which services require cost-sharing.

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What happens if my claim is denied?

If your claim is denied, you can appeal the decision by providing additional medical documentation or correcting errors in your application. Contact your insurance provider to understand the reasons for denial and follow their appeals process. Legal assistance may be an option if needed.

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What is an excess-of-loss treaty?

An excess-of-loss treaty is a non-proportional reinsurance agreement where the reinsurer covers losses exceeding a predetermined retention amount. It protects insurers against catastrophic events by absorbing major losses, while the insurer retains manageable claims.

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How do hazards differ from perils in insurance?

A peril is the actual cause of loss (e.g., fire, theft), while a hazard is a condition that makes the peril more likely to happen.

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What is on-demand insurance, and how does it work?

On-demand insurance allows consumers to activate and deactivate coverage as needed, providing flexibility for temporary or short-term protection. Examples include travel, rental car, and gig economy insurance. This model appeals to digital-savvy consumers seeking convenience and cost-effective coverage tailored to their specific needs.

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How do international insurance laws address solvency and financial stability?

International insurance laws often require insurers to maintain sufficient reserves to meet future claims, subject to solvency regulations. Bodies like IAIS create international solvency standards to safeguard policyholder interests.

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What types of illnesses does pet insurance cover?

Coverage typically includes infections, digestive issues, cancer, diabetes, arthritis, allergies, and hereditary or congenital conditions, depending on the policy.

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