Can I transfer my NCB to another person?

No, NCB is not transferable to another person, as it is linked to the policyholder’s history. However, in cases of inheritance, some insurers may allow the transfer of NCB to legal heirs upon proper documentation and approval.

---

What role does AI play in risk assessment for life insurance?

AI assesses risk by analyzing medical records, lifestyle habits, and genetic data, allowing insurers to offer personalized policies based on precise risk evaluations.

---

Do insurance companies have to offer renewal guarantees under consumer protection laws?

Some jurisdictions require insurers to offer policy renewal guarantees, meaning they must allow policyholders to renew their policy unless there are specific reasons not to.

---

How is the premium for marine freight insurance calculated?

The premium depends on factors such as cargo value, destination, route risk, packaging type, mode of transport, coverage extent, and the insurer’s underwriting policies. Higher risks and broader coverage usually result in higher premiums.

---

Are prescription drugs covered by Medicaid?

Yes, Medicaid covers most prescription drugs, but each state has a preferred drug list and may require prior authorization for certain medications or require generic substitutions.

---

What is the difference between solvency margin and solvency ratio?

Solvency margin is the excess of assets over liabilities, while solvency ratio measures this margin relative to required capital.

---

Can consumer protection laws prevent insurance companies from using fine print?

Yes, consumer protection laws require that all material terms and conditions of an insurance policy be clearly stated and explained in a way that policyholders can understand, minimizing the impact of deceptive fine print.

---

Can non-actuaries join the SOA?

Yes, the SOA offers Affiliate and Associate memberships for professionals interested in actuarial science, risk management, and related fields without pursuing full actuarial credentials.

---