Does comprehensive insurance cover broken windshields?

Yes, most comprehensive policies cover windshield damage due to accidents, weather events, or vandalism. However, some policies may have specific exclusions or require a deductible for glass claims.

What is the Society of Actuaries (SOA)?

The Society of Actuaries (SOA) is a professional organization that provides education, certifications, and research for actuaries working in insurance, pensions, risk management, and finance.

How does an insurance company assess risk?

Insurance companies assess risk by evaluating factors such as past claims history, industry trends, location, health conditions, credit score, and operational risks. They use actuarial analysis, statistical models, and underwriting processes to determine the likelihood of loss and set appropriate premium rates.

How can I lower my business liability insurance costs?

Businesses can lower costs by reducing risks, maintaining a safe workplace, training employees, choosing higher deductibles, bundling policies, and shopping around for competitive rates.

What is the difference between subrogation and indemnification?

Subrogation allows an insurer to seek recovery from a third party, whereas indemnification ensures the insured is financially protected without seeking further compensation.

What are some examples of insurable interest in different insurance types?

Examples include a person insuring their own life, a business insuring key employees, a landlord insuring a rental property, and a car owner insuring their vehicle. In each case, the policyholder stands to lose financially if the insured person or asset is harmed or lost.

What is subrogation in insurance?

Subrogation allows an insurer to recover claim amounts from a third party responsible for the loss after compensating the insured, commonly seen in car accident claims.

Will my insurer notify me when my grace period is ending?

Insurers typically send reminders before the grace period ends, but it’s your responsibility to ensure timely payments to avoid a lapse.