Who offers the CPCU designation?

The CPCU designation is awarded by The Institutes, a leading provider of professional education in risk management and insurance. The Institutes offer various certifications, but CPCU is considered the most advanced in property-casualty insurance.

What are Protection and Indemnity (P&I) Clubs?

P&I Clubs are mutual insurance associations that provide shipowners with coverage for liabilities not included in standard hull or cargo insurance policies.

What happens if a business doesn’t have liability insurance?

Without liability insurance, a business is financially responsible for claims and lawsuits. This can result in paying thousands or even millions in damages, legal fees, and settlements. Small businesses are especially vulnerable, as a single lawsuit can wipe out assets and lead to bankruptcy, severely impacting operations and reputation.

Why do insurers need reserves?

Reserves are essential for insurers to remain financially stable and solvent. They help cover expected and unexpected claims, ensuring policyholders receive payouts when needed. Regulators also require insurers to maintain reserves to protect consumers and prevent financial instability.

Are there protections against insurance discrimination?

Yes, laws prohibit discrimination based on race, gender, disability, or other protected categories when underwriting policies or determining premiums for consumers.

Does car insurance cover gig economy work, like driving for Uber or Lyft?

Traditional car insurance policies usually don’t cover driving for gig economy platforms. Gig workers should opt for rideshare insurance or add coverage to their policy to ensure they're protected.

Why is risk management important in insurance?

Risk management helps minimize potential losses, ensures financial stability, and improves decision-making by identifying risks and implementing strategies such as insurance coverage, loss prevention, and risk transfer.

What is the difference between temporary and permanent disability benefits?

Temporary disability benefits compensate for lost wages during recovery, while permanent disability benefits apply when an employee cannot return to work fully.