How do I file a claim under replacement cost coverage?

After a loss, policyholders should document damage, file a claim with their insurer, and provide receipts or estimates for replacements. Some policies initially reimburse based on actual cash value, with the remaining balance paid after proof of replacement is provided. Check policy terms for details.

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Does comprehensive coverage protect against theft and vandalism?

Yes, comprehensive policies cover theft, attempted theft, and vandalism-related damages, including stolen parts, broken windows, and keying damage, subject to policy terms and conditions.

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What industries employ SOA-certified actuaries?

SOA actuaries work in life and health insurance, pensions, finance, risk management, investments, government, consulting, and predictive analytics.

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What are underwriting guidelines?

Underwriting guidelines are rules and criteria insurers use to assess applicants and set policy terms. These guidelines ensure consistency in risk evaluation, pricing, and eligibility decisions while adhering to legal and regulatory requirements.

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What does general liability insurance cover?

It covers third-party bodily injuries, property damage, legal defense costs, and advertising injuries like defamation or copyright infringement lawsuits against your business.

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What is non-proportional treaty reinsurance?

Non-proportional treaties cover losses only after they exceed a certain threshold, such as in excess-of-loss or catastrophe reinsurance agreements.

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What is indemnity in insurance?

Indemnity in insurance refers to compensation provided to the insured to restore their financial position to what it was before a loss. It ensures that the insured does not profit from the claim but is reimbursed for their actual losses.

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What is an insurance underwriter?

An underwriter evaluates risk, determines coverage eligibility, and sets policy terms, including premium costs, based on an applicant’s risk profile.

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