How much uninsured motorist coverage do I need?

The amount of uninsured motorist coverage you need depends on your financial situation and state requirements. Many experts recommend matching your UM limits to your bodily injury liability coverage to ensure sufficient protection in case of serious injuries or high medical costs.

What are the key components of an insurance policy?

The main components include the declarations page, definitions, insuring agreement, exclusions, conditions, endorsements, and policy riders. Each section explains specific details, such as coverage amounts, covered risks, policyholder responsibilities, and limitations.

Does the cash value earn interest?

In some life insurance policies, the cash value earns interest. The interest may be fixed (as in whole life policies) or variable (as in universal and variable life policies), depending on the policy type.

Will AI make human workers obsolete?

AI will change the job market, but it is unlikely to make humans obsolete. Many jobs require emotional intelligence, creativity, and human interaction, which AI cannot replicate. Instead, AI will assist workers in performing tasks more efficiently, creating a need for new skill sets and hybrid job roles.

What types of risks are typically covered under facultative reinsurance?

Facultative reinsurance is used for high-value or unusual risks, such as large commercial properties, aviation, marine insurance, or complex liability exposures that may exceed normal policy limits.

How do I file a claim under homeowners liability coverage?

To file a claim, contact your insurance provider immediately after an accident or injury occurs on your property. They will guide you through the process and assess damages.

Can I increase the Surrender Value of my policy?

While you can't directly "increase" the surrender value, keeping the policy active for a longer period may help accumulate more bonuses or interest, which would ultimately increase the surrender value. Additionally, paying higher premiums or choosing higher sum assured plans can improve the value.

Who typically needs E&S insurance?

Businesses with unique risks, such as construction firms, entertainment events, cannabis businesses, and high-risk individuals like celebrities or professional athletes, often require E&S coverage.