What is stop-loss reinsurance?

Stop-loss reinsurance is a type of non-proportional reinsurance where the reinsurer covers losses that exceed a predetermined aggregate limit. This protects the insurer from excessive losses within a specific period, ensuring financial stability in cases of unexpectedly high claims.

How does coinsurance impact hospital stays and surgeries?

For major medical expenses like surgeries, coinsurance requires the insured to pay a percentage of the total cost, which can be significant depending on the treatment and policy terms.

What are the benefits of obtaining a CPCU designation?

The CPCU designation provides enhanced credibility, career advancement opportunities, a deeper understanding of the insurance industry, and recognition as an expert in the field.

Does coinsurance apply before or after my deductible?

Coinsurance applies after you’ve met your deductible. You will need to pay your deductible first, then your coinsurance will apply to the remaining cost of the service.

How can I lower my renters insurance premium?

You can lower your premium by increasing your deductible, bundling policies, improving home security, or qualifying for discounts based on your insurer's offers.

What factors do underwriters consider when evaluating risk?

They assess age, health, occupation, claims history, property condition, and other factors depending on the type of insurance.

What happens if my state doesn't have a Guaranty Fund?

If your state does not have a Guaranty Fund, you may not have protection in the event of an insurer's insolvency, which could leave you responsible for unpaid claims.

What is professional indemnity insurance, and who needs it?

Professional indemnity insurance protects freelancers from claims of errors, negligence, or financial loss suffered by clients due to their professional services, critical for consultants and creatives.