Do all insurance companies use TPAs?

Not all insurers use TPAs; some manage claims in-house through their own claims departments. However, many insurers prefer TPAs due to their specialized expertise in claims handling, reduced operational costs, and improved customer service, particularly in health insurance.

Does Freight Marine Insurance cover pollution from spills?

In many cases, Freight Marine Insurance covers pollution caused by oil spills or hazardous materials that leak from the cargo. However, certain hazardous cargoes may require additional, specialized coverage. Always confirm with the insurer if pollution risks are covered.

Can I increase my liability coverage limits?

Yes, you can increase liability limits beyond the state minimum to provide better financial protection in case of a serious accident.

Does replacement cost apply to commercial properties?

Yes, commercial property insurance can include replacement cost coverage for buildings, equipment, and inventory. Businesses benefit from this coverage as it helps restore operations quickly after a loss, ensuring structures and assets are replaced without depreciation deductions.

What happens if an excluded peril causes damage?

If damage results from an excluded peril, the policyholder must bear the cost unless they have supplemental coverage or a separate policy covering that specific risk.

How long does it take to complete the SOA actuarial pathway?

The timeline varies based on exam success and study pace, but it typically takes 4–7 years to earn an ASA or FSA designation.

What happens after an underwriting decision is made?

After underwriting, the insurer either approves, modifies, or declines the policy. If approved, the policyholder receives a premium quote and coverage details. If modified, the insurer may add exclusions or adjust premiums before issuing the policy.

Does business liability insurance cover employee injuries?

No, employee injuries are covered under workers’ compensation insurance, which is separate from business liability insurance policies.