What is the difference between an "occurrence" policy and a "claims-made" policy?

An "occurrence" policy covers claims that arise from incidents occurring during the policy period, regardless of when the claim is filed. A "claims-made" policy only covers claims that are filed during the policy period, provided the incident occurred after the policy's retroactive date. Occurrence policies offer broader coverage, while claims-made policies may be more affordable but limit the time in which claims can be made.

Is product liability insurance required by law?

While not legally required, many retailers, distributors, and clients demand proof of product liability insurance before working with manufacturers or suppliers to minimize financial risk.

What are the benefits of variable life insurance?

Benefits include lifetime coverage, tax-deferred cash value growth, investment control, and the potential for higher returns compared to traditional policies.

How do named storm deductibles affect peril coverage?

Named storm deductibles apply specifically to damage caused by hurricanes or named tropical storms and are usually higher than standard deductibles. These deductibles are common in coastal areas and may be a fixed dollar amount or a percentage of the home's insured value.

How do captive insurance companies save money for the parent company?

Captives can reduce overall insurance costs by avoiding commercial insurance premiums, retaining underwriting profits, and improving risk management strategies, which helps lower claims and operational expenses over time.

What are the benefits of AI in healthcare?

AI improves diagnostics, predicts diseases, assists in robotic surgeries, enhances patient care, and streamlines administrative processes in healthcare systems.

Are there any limitations to agricultural insurance coverage?

Limitations may include exclusions for pre-existing conditions, lack of coverage for non-weather risks (such as pests or market fluctuations), waiting periods, and payout thresholds that may not always match actual farm losses.

Is comprehensive auto insurance worth it?

Comprehensive coverage is worth it if you want protection against theft, natural disasters, vandalism, and animal collisions. It's especially valuable for newer or high-value vehicles.