Do I need a college degree to earn a CPCU?

No, a college degree is not required for CPCU certification. However, having a background in business, finance, or risk management may help in understanding complex insurance principles covered in the coursework.

How does Marine Liability Insurance handle wreck removal?

It covers expenses for removing a wrecked vessel from navigational routes, as required by maritime law or port authorities.

What is employment practices liability insurance (EPLI)?

Employment Practices Liability Insurance (EPLI) covers claims related to employee lawsuits, such as wrongful termination, discrimination, harassment, or wage disputes. It protects businesses from costly legal battles with current or former employees. As workplace lawsuits rise, EPLI is becoming essential for businesses of all sizes.

Can insurance reserves be adjusted?

Yes, insurers periodically review and adjust reserves based on new claim data, economic conditions, and actuarial predictions. If claims are higher than expected, they may increase reserves to ensure adequate coverage.

Why do insurance companies charge co-payments?

Co-pays help control healthcare costs by discouraging unnecessary visits, ensuring shared financial responsibility between insurers and policyholders, and keeping premiums lower.

What happens if a gig worker gets injured while working?

If a gig worker gets injured while working, they may not be covered by workers' compensation unless they have their own personal injury or disability insurance to provide financial support.

What is risk retention in insurance?

Risk retention occurs when an individual or business decides to absorb a portion of the financial risk instead of transferring it to an insurer, often through self-insurance or high deductibles.

How long does business interruption coverage last?

The coverage period varies but typically lasts until the business is restored or up to the policy’s maximum coverage period.