What are the risks of Variable Life Insurance?

Risks include investment losses, high fees, policy lapses due to poor market performance, and reduced death benefits. Unlike Whole Life policies, Variable Life does not guarantee a steady cash value increase.

How can I prevent my policy from lapsing?

To prevent a policy lapse, set up automatic payments, maintain sufficient funds in your account, monitor premium due dates, and utilize grace periods or premium reminders from the insurer.

How is artificial intelligence (AI) transforming insurance?

AI improves risk assessment, automates claims processing, detects fraud, and enhances customer experience through chatbots and personalized policy recommendations.

How do mutual insurance companies rank globally?

Mutual insurance companies like Nippon Life Insurance and New York Life Insurance Company are among the largest globally, with significant assets and premium writings, reflecting their strong market positions.

How can a company prove a cyber incident for insurance claims?

Businesses must provide forensic reports, logs, affected data details, financial impact assessments, and evidence of security measures to support their insurance claim.

What is flood insurance, and how does it work?

Flood insurance is a specialized policy that covers damage caused by flooding, including heavy rain, storm surges, overflowing rivers, and rapid snowmelt. Policies typically include two types of coverage: building coverage (for structural damage) and contents coverage (for personal belongings). There is usually a 30-day waiting period before coverage takes effect.

How do insurers use risk assessment to determine premiums?

Insurers evaluate risk using data such as age, health, driving history, location, and past claims. Higher risk individuals, such as those with chronic illnesses or multiple traffic violations, typically pay higher premiums.

Do claim adjusters always visit the property?

Not always. For minor claims, insurers may rely on photos, virtual inspections, or contractor estimates instead of an in-person visit by an adjuster.