How do insurance exclusions impact premiums?

Exclusions help keep premiums lower by limiting high-risk claims. However, purchasing riders to cover excluded risks can increase premiums. If a policy includes extensive exclusions, it may have lower premiums, but the policyholder should assess whether the exclusions impact the coverage's usefulness.

---

Can Workers' Compensation Insurance be purchased for self-employed individuals?

Workers' Compensation Insurance is typically for employees, not self-employed individuals. However, in some states, business owners or sole proprietors can opt to buy coverage for themselves to protect against work-related injuries or illnesses.

---

Does every insurance policy have a surrender value?

No, only policies with a savings or investment component, such as whole life or endowment plans, offer surrender value upon early termination.

---

How does home insurance work?

Home insurance protects homeowners from financial loss due to property damage or theft. It covers the structure, personal belongings, and liability for injuries on the property. Coverage varies, with policies typically protecting against fires, storms, vandalism, and other risks specified in the policy.

---

What role does technology play in risk and claims management?

Technology enhances risk and claims management through AI-powered analytics, automated claim processing, blockchain for secure transactions, and predictive modeling to identify potential risks before they escalate.

---

What documents are required for an insurance claim?

Required documents may include a claim form, photos of damage, police reports, medical records, and receipts for lost or damaged items.

---

What happens if I let my professional liability insurance lapse?

If your policy lapses, you may not be covered for claims filed during the gap. This can be problematic, especially with claims-made policies that require continuous coverage.

---

How do I choose the right whole life insurance policy?

Consider factors like coverage amount, premium affordability, insurer reputation, dividend history, cash value growth potential, and available riders before selecting a policy.

---