How does the FCA regulate insurance product pricing?

The FCA ensures pricing is transparent and fair, preventing hidden fees and discriminatory pricing. It introduced regulations such as the General Insurance Pricing Practices (GIPP) to stop firms from charging loyal customers more than new customers.

How is Professional Liability different from General Liability?

General Liability Insurance covers bodily injury, property damage, and third-party claims, while Professional Liability Insurance covers issues arising from the professional services or advice you provide to clients.

What riders can I add to my term life insurance policy?

Common riders include accidental death benefit, waiver of premium, critical illness, disability income, and return-of-premium options for added protection.

Can my out-of-pocket maximum vary depending on my plan?

Yes, the out-of-pocket maximum varies based on your insurance plan. Plans with lower monthly premiums often have higher out-of-pocket limits, while those with higher premiums may have lower limits. Always check your plan’s terms to understand your specific limit.

Can I have multiple beneficiaries on my insurance policy?

Yes, policyholders can designate multiple beneficiaries and allocate specific percentages of the benefit to each. This ensures fair distribution according to the policyholder’s wishes.

How can employers benefit from hiring SOA-certified actuaries?

Employers gain highly skilled professionals trained in risk analysis, financial modeling, and data-driven decision-making, ensuring sound business strategies.

How does Marine Liability Insurance handle crew member injuries?

P&I insurance covers shipowners for crew injury, illness, and death claims, including medical expenses, lost wages, and compensation under international conventions such as the Jones Act and Maritime Labour Convention.

Will liability insurance cover legal expenses if I’m sued?

Yes, liability insurance typically covers legal fees, court costs, and settlements if you are sued for causing an accident that injures others or damages property.