How do consumer protection laws affect insurance advertising?

Consumer protection laws ensure that insurance advertising is truthful and not misleading. Insurers must clearly represent the benefits, costs, and limitations of their policies in advertisements to prevent deceptive marketing practices.

How can an actuary maintain SOA certification?

Actuaries must fulfill Continuing Professional Development (CPD) requirements, attend SOA-approved events, and adhere to professional ethics to maintain their certification.

How does cyber insurance help manage digital risks?

Cyber insurance protects businesses against financial losses resulting from cyberattacks, data breaches, or ransomware incidents. It covers costs related to data recovery, legal fees, customer notification, regulatory fines, and reputational damage. With the rise of cyber threats, businesses are increasingly using cyber insurance as a key risk management tool.

How can I lower my business property insurance premium?

You can lower premiums by installing security systems, fire alarms, and sprinklers, choosing a higher deductible, bundling policies, maintaining good credit, and regularly reviewing and updating coverage needs.

Does sum assured include bonuses and riders?

No, sum assured is the base payout. Bonuses, riders, and other benefits may increase the final payout, depending on the policy’s terms and conditions.

Can an ex-spouse still have insurable interest in their former spouse?

In most cases, an ex-spouse no longer has insurable interest unless there are ongoing financial obligations, such as alimony or child support. Some life insurance policies may remain in force post-divorce if they are part of a court settlement or agreement.

How do riders affect life insurance premiums?

Riders, such as accidental death benefits, waiver of premium, or critical illness coverage, increase premiums because they provide additional financial protection beyond the basic policy.

How do insurers prevent adverse selection?

Insurers use underwriting, medical exams, waiting periods, and premium adjustments to identify and price risks appropriately to prevent adverse selection.