What are exclusions in marine freight insurance policies?

Common exclusions include inadequate packaging, inherent vice (damage due to natural decay), war risks (unless covered separately), intentional misconduct, and delay-related losses. Policies also exclude damages caused by customs seizures or illegal shipments. Understanding exclusions is important to ensure proper coverage.

Can I have both Medicare and Medicaid at the same time?

Yes, individuals who qualify for both Medicare and Medicaid are considered "dual-eligible." Medicaid may help cover Medicare costs, such as premiums, deductibles, and services not covered by Medicare.

Can parametric insurance be used for business interruption coverage?

Yes, parametric insurance can be used for business interruption by covering losses triggered by events like natural disasters, ensuring quick financial support without traditional claims processes.

What happens if my car is totaled under comprehensive coverage?

If your car is declared a total loss, the insurer will pay you the vehicle’s actual cash value (ACV) minus your deductible. If you still owe money on a car loan, the payment will go to the lender first, and any remaining balance is your responsibility unless you have gap insurance.

What topics are covered in CPCU exams?

CPCU exams cover topics such as risk management, insurance law, property and casualty insurance, underwriting, claims management, finance, and ethics in the insurance industry.

What factors affect the cost of weather-related agricultural insurance?

The cost depends on factors like the type of crops or livestock insured, geographic location, climate risks, coverage limits, and the deductible chosen.

Does renters insurance liability cover accidental damage to a neighbor’s property?

Yes, if you accidentally damage a neighbor’s property, such as flooding their unit due to a leaking appliance, your liability coverage can help cover the repair costs. However, intentional damage or negligence may not be covered under your policy.

Why is the solvency ratio important for policyholders?

A high solvency ratio indicates an insurer is financially strong and capable of paying claims, reducing the risk of policyholders being affected by company insolvency.