What is a revocable beneficiary?

A revocable beneficiary is one who can be changed at any time by the policyholder without needing consent. This provides flexibility in case life circumstances change, such as divorce, remarriage, or a shift in financial responsibilities. Most life insurance policies allow for revocable beneficiaries by default.

---

What are the different types of insurance contracts?

Common types include life insurance, health insurance, property insurance, liability insurance, marine insurance, and auto insurance, each covering different risks and subject to specific legal requirements.

---

Does product liability insurance cover damages from product misuse?

Product liability insurance usually does not cover damages resulting from misuse or improper use of the product by the consumer. It typically covers defects in the product itself.

---

Will collision insurance pay for a rental car after an accident?

Collision insurance generally does not cover rental car costs. However, you may have rental reimbursement coverage as an add-on to your policy to cover these expenses.

---

What is the difference between a peril and a hazard?

A peril is the actual cause of loss (e.g., fire), whereas a hazard increases the likelihood of a peril occurring (e.g., faulty wiring that increases the risk of fire).

---

How can a business determine if captive insurance is right for them?

A business should assess risk exposure, insurance costs, financial capability, and consult experts to evaluate captive insurance feasibility.

---

How did life insurance expand globally in the 20th century?

Life insurance expanded globally in the 20th century through the establishment of multinational insurers and the growing awareness of financial planning. Many Western insurance companies began to operate in emerging markets, and governments in countries such as Japan and South Korea developed state-sponsored life insurance programs, increasing coverage worldwide.

---

How can farmers reduce livestock insurance costs?

Maintaining herd health, implementing biosecurity measures, reducing mortality rates, having secure fencing, and choosing appropriate coverage options can help lower insurance premiums.

---