Can a spouse automatically be the beneficiary?

While spouses are often named as beneficiaries, insurance policies do not automatically assign them this role unless specified. Some states have community property laws requiring spousal consent to name someone else as the beneficiary. It is advisable to check state laws and update policy details accordingly.

How does misrepresentation affect an insurance contract?

If a policyholder provides false or misleading information, the insurer may void the contract, deny claims, or adjust premiums, depending on whether the misrepresentation was intentional or accidental.

What does employer liability insurance cover?

It covers legal defense costs, settlements, and damages from employee lawsuits related to workplace injuries, illnesses, or negligence claims.

Does my credit score affect the cost of collision insurance?

Yes, your credit score can influence the cost of collision insurance. Insurers may charge higher premiums for those with lower credit scores, as they view them as higher-risk drivers.

Does homeowners insurance cover flood peril?

Standard homeowners insurance does not cover floods. Policyholders must purchase separate flood insurance through the National Flood Insurance Program (NFIP) or private insurers.

What does an insurance adjuster do?

An insurance adjuster investigates claims, verifies policy coverage, assesses damages, negotiates settlements, and ensures compliance with policy terms.

How did life insurance change during the post-World War II era?

After World War II, life insurance became increasingly popular, with the rise of employer-sponsored group life insurance policies, which provided affordable coverage for workers. This period also saw the introduction of more flexible insurance products, such as universal life insurance, which combined life coverage with an investment component, allowing for policy customization.

What is treaty reinsurance?

Treaty reinsurance is an agreement where an insurer cedes a portion of its risks to a reinsurer under predefined terms, covering multiple policies automatically.