Can liability insurance cover rental cars?

Liability insurance typically extends to rental cars, but coverage depends on your policy. Some states require rental car companies to include liability coverage. You can also purchase additional liability coverage through the rental company if needed.

Do health insurance premiums count toward the out-of-pocket maximum?

No, monthly health insurance premiums do not count toward your out-of-pocket maximum. You must continue paying your premiums even after reaching the maximum, as it only applies to cost-sharing expenses like deductibles, copayments, and coinsurance.

Can a will override a life insurance beneficiary?

No, a beneficiary designation in an insurance policy takes precedence over a will unless legal action proves fraud or coercion was involved.

Does the SOA offer certification programs?

Yes, the SOA offers various certification programs for actuarial professionals, including the ASA, FSA, and CERA (Chartered Enterprise Risk Analyst). These certifications validate an actuary's expertise and provide opportunities for career advancement and recognition in specific actuarial areas.

How does agricultural insurance handle flood damage?

If a flood damages or destroys crops, the insurance policy may compensate farmers based on lost yields. Some policies include coverage for delayed planting or replanting due to flooding.

Does comprehensive insurance cover damages from riots or civil disturbances?

Yes, damages from riots, vandalism, or civil unrest are covered under comprehensive auto insurance policies, subject to policy terms.

What happens if an insurance company fails to maintain the required solvency ratio?

If an insurer’s solvency ratio falls below regulatory requirements, it may face penalties, increased supervision, or restrictions on underwriting new policies. In extreme cases, the regulator may intervene, forcing a merger, acquisition, or liquidation to protect policyholders and maintain market stability.

What is liability coverage, and why is it important?

Liability coverage protects you financially if you’re responsible for causing harm to someone else or their property. It covers legal fees, medical expenses, and damages, making it critical for risk management.