What expenses count toward the out-of-pocket maximum?

Typically, expenses that count include deductibles, copayments, and coinsurance for covered services. However, monthly premiums, out-of-network charges, and costs for non-covered treatments do not count toward the limit. Always check your policy to confirm what applies.

How does AI contribute to predictive analytics in underwriting?

AI predicts future risks by analyzing trends in health, lifestyle, and claims data, allowing insurers to adjust premiums and policies proactively based on emerging risks.

What is the difference between the SOA and CAS?

The SOA primarily focuses on life, health, and retirement actuarial fields, while the Casualty Actuarial Society (CAS) specializes in property and casualty insurance.

What types of risks are covered under Marine Liability Insurance?

This insurance covers third-party bodily injury, property damage, pollution liabilities, cargo loss, collision liabilities, wreck removal, and fines for regulatory breaches. Coverage depends on the policy type and specific endorsements purchased.

Will liability insurance cover me if I drive someone else’s car?

It depends on the policy. Some liability coverage extends to other vehicles you drive, while others only cover the insured vehicle. Check with your insurer.

How does the solvency ratio affect policyholders?

A strong solvency ratio reassures policyholders that the insurer can pay claims, while a weak ratio increases the risk of unpaid claims.

Can co-pays change over time?

Yes, co-pays can change depending on the insurance provider and policy renewal terms. They may also differ for different services or medications. Checking your policy details annually ensures you stay informed about any changes in co-pay amounts.

What types of insurance did Lloyd’s offer beyond marine insurance?

Over time, Lloyd’s expanded to insure aviation, space, fine art, natural disasters, sports events, cyber risks, and even celebrity body parts.