What are exclusions in marine freight insurance?

Exclusions vary by policy but commonly include losses due to inherent defects, insufficient packaging, willful misconduct, delay losses, financial default of the carrier, war, terrorism, and nuclear risks unless specifically covered under additional clauses.

What happens if my Medicaid application is denied?

If denied, you can appeal the decision by providing additional documentation or requesting a hearing. Many states have assistance programs to help applicants through the appeal process.

What is a solvency ratio in insurance?

A solvency ratio measures an insurer’s financial stability by comparing its available capital to its liabilities, ensuring it can meet claim obligations.

Can a policyholder cancel their insurance policy under consumer protection laws?

Yes, consumer protection laws allow policyholders to cancel their insurance policies, typically within a certain "free look" period (usually 10-30 days), during which they can cancel without penalty and receive a refund of premiums.

What is the impact of SOA’s predictive analytics initiatives?

SOA’s focus on predictive analytics helps actuaries leverage data science, machine learning, and statistical modeling to enhance insurance underwriting, pricing, and risk assessment.

What are insurance exclusions?

Insurance exclusions are specific conditions, circumstances, or events that are not covered under an insurance policy. They help insurers manage risk by clearly defining what is outside the scope of coverage, such as pre-existing medical conditions, self-inflicted injuries, or damages due to illegal activities. Always review your policy to understand exclusions.

What happens if my business expands to a new location?

Expanding to a new location may require adjusting your policy to include the new property. Some policies offer temporary coverage for newly acquired locations, but businesses should update policies promptly.

How does inflation affect the sum assured in life insurance?

Inflation reduces the real value of the sum assured over time, so policyholders should consider inflation-linked policies or higher coverage to maintain financial protection.