How are disputes resolved in insurance contracts?

Disputes can be resolved through negotiation, mediation, arbitration, or litigation. Many insurance contracts include an arbitration clause, requiring disputes to be settled outside of court to reduce legal costs and ensure faster resolution.

Can I be sued even if I did nothing wrong?

Yes, clients can file claims even if no actual mistake occurred, and legal defense costs can be significant without professional liability insurance coverage.

Is comprehensive insurance required by law?

No, comprehensive insurance is not legally required. However, if you finance or lease your car, your lender may require it. Otherwise, it's optional coverage that provides financial protection from non-collision incidents.

Is parametric insurance regulated like traditional insurance?

Yes, parametric insurance is subject to regulatory oversight, though specific rules vary by country. Some regions require strict verification of event parameters, while others focus on transparency and consumer protection to prevent misinterpretation of policies.

What is the role of reinsurance in captive insurance?

Captives use reinsurance to transfer a portion of their risks to third-party insurers, providing additional financial protection and reducing potential exposure to large losses.

How did burial clubs contribute to life insurance?

Burial clubs in ancient Rome were early forms of mutual aid societies where members contributed funds to ensure proper burials. Over time, these clubs evolved into more structured financial arrangements, influencing the development of modern life insurance policies.

Can I get coverage for livestock genetic material, such as semen or embryos?

Some specialized policies cover genetic material like semen, embryos, and fertilized eggs, compensating for loss due to temperature failures, contamination, or accidental destruction.

Does homeowners insurance cover home renovations and improvements?

Standard policies may not fully cover renovations, so homeowners should update their coverage to reflect increased home value and added risks.