Does NCB affect my IDV (Insured Declared Value)?

No, NCB does not impact the IDV of your vehicle. IDV is the estimated market value of your vehicle, while NCB is a discount applied to the own-damage premium of your insurance policy. Both are calculated separately.

Can AI underwriting be customized for different insurance products?

Yes, AI models are tailored for various insurance types, such as life, health, auto, and property insurance, adjusting risk assessments based on product-specific factors.

What industries do SOA-certified actuaries work in?

SOA actuaries work in life insurance, health insurance, pensions, risk management, investment, consulting, and government regulatory roles.

How long does it take to process a claim?

Claim processing time varies by insurer and complexity of the case. Simple claims may be settled within weeks, while complicated cases involving disputes or investigations may take months. Prompt document submission speeds up the process.

What is property damage liability in auto insurance?

Property damage liability pays for repairs or replacement of another person’s vehicle or property (such as fences or buildings) that you damage in an accident.

How does reinsurance impact an insurer’s solvency ratio?

Reinsurance helps insurers manage risk, reducing liabilities and improving solvency ratios by transferring high-cost claims to reinsurers.

When do I have to pay a co-payment?

Co-pays are typically required when you visit a doctor, specialist, urgent care, or emergency room, or when you purchase prescription medications. The amount depends on your insurance plan and the type of service received. It is usually paid at the time of service.

What impact did Lloyd’s of London have on modern insurance practices?

Lloyd’s introduced risk pooling, underwriting syndicates, and actuarial assessments, influencing modern insurance models and expanding coverage beyond marine risks to other industries.