Is liability insurance required by law?

Yes, liability insurance is required in most states in the U.S. Each state sets its own minimum coverage limits for bodily injury and property damage liability. Driving without the required coverage can result in fines, license suspension, or legal penalties.

Can I still get NCB if my policy lapses?

If your policy lapses and you renew it within 90 days, you can still retain your NCB. However, if you renew it after the grace period, your accumulated NCB will be lost, and you will have to start over from 0%.

What if I get divorced? Does my ex-spouse remain my beneficiary?

Unless you update your policy, your ex-spouse may still be the beneficiary. Some state laws automatically revoke spousal designations after divorce.

What exams are required to become a member of the SOA?

To become an Associate or Fellow of the SOA, individuals must pass a series of rigorous exams covering topics such as probability, financial mathematics, statistics, and actuarial modeling. The process typically includes exams at various levels of complexity, depending on the chosen specialty.

Are organic and specialty crops covered by crop insurance?

Many insurers offer coverage for organic and specialty crops, but premiums and risk assessments may differ due to higher production costs and potential market price volatility.

What happens if my car is declared a total loss under comprehensive coverage?

If repair costs exceed the car’s value, the insurer pays the actual cash value minus the deductible, and the vehicle is considered totaled.

What is a good solvency ratio for an insurance company?

A good solvency ratio depends on regulatory requirements, but most regulators set a minimum threshold. In many jurisdictions, a solvency ratio above 150% is considered strong, while anything below 100% could indicate financial distress. The higher the ratio, the better the insurer's ability to withstand economic downturns.

How do co-payments work with out-of-network healthcare providers?

Co-payments for out-of-network healthcare providers are usually higher than for in-network providers. If your insurance plan covers out-of-network services, the co-pay might be higher, or the insurer may not cover the service at all, depending on your policy. In some cases, you might have to pay the full cost upfront and file a claim for reimbursement. It's important to check your plan’s out-of-network benefits for details.