What are the positive impacts of AI on society?

AI improves efficiency, enhances productivity, and automates repetitive tasks. It has transformed healthcare, education, finance, and entertainment by enabling faster data analysis, better decision-making, and improved user experiences. AI also contributes to scientific discoveries, self-driving technology, and personalized recommendations, enhancing daily life.

What is a reinstatement clause in treaty reinsurance?

A reinstatement clause allows an insurer to restore coverage limits after a large loss, often requiring additional premiums for continued protection within the same policy period.

Are there exclusions to homeowners insurance liability coverage?

Yes, common exclusions include intentional damage, business activities on the property, or injuries resulting from illegal activities. Always review your policy for specific exclusions.

What is Surrender Value in insurance policies?

Surrender value is the amount an insurance policyholder receives when they cancel their policy before its maturity date. This value is determined by factors like the amount of premiums paid, policy duration, and any applicable penalties.

What is a return of premium rider in life insurance?

A return of premium rider refunds the premiums paid if the insured person outlives the policy term, making it an attractive option for those seeking financial return from coverage.

How do IoT devices contribute to big data in insurance?

IoT devices, like smart home sensors and wearables, provide real-time data that insurers use to assess risks and prevent losses.

What is insurance subrogation?

Insurance subrogation is the process by which an insurance company seeks reimbursement from the responsible party or their insurance for a claim it paid out to its own policyholder. This typically occurs when another party is at fault for causing damage or injury.

Is trip cancellation insurance refundable?

Most trip cancellation insurance policies are non-refundable, meaning you cannot get your premium back after purchase. However, some policies allow you to cancel and receive a partial refund within a certain period after purchase.