Is AI able to make decisions without human involvement in underwriting and claims processing?

While AI can automate many aspects of underwriting and claims processing, human oversight is still necessary for complex cases, ensuring fairness and addressing situations AI may not handle perfectly.

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What is the difference between the FCA and the PRA in insurance regulation?

The FCA focuses on consumer protection and conduct, while the Prudential Regulation Authority (PRA) ensures insurers maintain financial stability and risk management.

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Are legal defense costs included in marine liability insurance?

Yes, marine liability insurance typically covers legal defense costs, including lawyer fees, court expenses, and settlements. Policies ensure financial protection for insured parties in case of lawsuits or liability disputes.

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Can I lose Medicaid coverage?

Yes, you can lose coverage if your income increases beyond the eligibility limit, you fail to renew on time, or your household situation changes. States periodically review eligibility to ensure continued qualification.

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What are common types of perils covered by insurance?

Common covered perils include fire, lightning, windstorms, hail, explosions, theft, vandalism, and certain types of water damage, depending on the policy.

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Do consumer protection laws cover misrepresentation by insurance agents?

Yes, insurance agents must provide truthful and accurate information when selling policies. Misrepresentation, false advertising, or failure to disclose critical details can result in legal consequences, including fines, license revocation, or compensation to affected policyholders.

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How does SOA certification compare to CAS certification?

The SOA primarily focuses on life, health, and pension actuarial fields, while the Casualty Actuarial Society (CAS) specializes in property and casualty insurance, such as auto and homeowners insurance.

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What types of livestock are covered under agricultural insurance?

Coverage typically includes cattle, poultry, sheep, goats, pigs, horses, and other farm animals, depending on the policy and insurer.

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