What is the difference between all-risk and named perils coverage?

All-risk coverage protects against all potential losses except explicitly excluded risks, while named perils coverage only protects against specific listed risks, such as fire, collision, or sinking. All-risk coverage is more comprehensive but costs more.

Do I have to pay for Medicaid services?

Medicaid is free or low-cost, but some states require small copayments for certain services, such as prescriptions or specialist visits, depending on income and specific Medicaid plans.

Are solvency ratios the same for life and non-life insurers?

No, life insurers typically require higher solvency ratios due to long-term liabilities, while non-life insurers focus on short-term risk coverage.

Do consumer protection laws require insurers to disclose policy exclusions?

Yes, consumer protection laws mandate that insurance companies fully disclose policy exclusions and limitations. Policyholders must be informed of what is not covered by their policy to make informed decisions.

What is the significance of SOA fellowship tracks?

SOA fellowship tracks allow actuaries to specialize in areas like life insurance, health, pensions, enterprise risk, and investment, tailoring their expertise to industry needs.

What are key steps in developing a risk management plan?

Key steps in developing a risk management plan include identifying risks, assessing their impact, prioritizing risks, implementing risk control measures, transferring risks through insurance, monitoring changes, and regularly reviewing and updating the plan to ensure continuous protection against emerging threats.

Does business property insurance cover damage caused by employees?

Most policies cover accidental damage caused by employees, but intentional acts of damage or theft by employees typically require additional crime insurance or employee dishonesty coverage.

What is the difference between sum assured and sum insured?

Sum assured applies to life insurance and guarantees a fixed payout, while sum insured is used in general insurance and compensates for actual financial losses.