How does the FCA regulate insurance comparison websites?

The FCA ensures insurance comparison sites provide unbiased, clear, and accurate pricing and policy information. It prohibits misleading rankings and requires firms to disclose commission structures and product limitations.

What is an occurrence policy in Professional Liability Insurance?

An occurrence policy covers claims made after the policy period as long as the event occurred during the active coverage period, regardless of when the claim is reported.

How does the cash value in whole life insurance grow?

The cash value grows through interest accumulation, insurer dividends, or investment returns, depending on the policy’s specific structure.

How can I track my out-of-pocket expenses?

You can track your out-of-pocket expenses through your insurance provider’s online portal, monthly statements, or Explanation of Benefits (EOB) documents. Some insurers offer mobile apps to monitor costs and remaining limits.

What is a per stirpes vs. per capita beneficiary designation?

Per stirpes distributes benefits to a beneficiary’s descendants if they pass away, while per capita divides benefits equally among surviving named beneficiaries, without passing to descendants.

How does Lloyd’s of London differ from traditional insurance companies?

Unlike insurers with fixed capital, Lloyd’s operates as a marketplace where individual underwriters and syndicates pool resources to cover risks.

How does Marine Liability Insurance apply to cargo loss?

If cargo is lost or damaged due to negligence or failure to meet contractual obligations, the liable party (such as a carrier or freight forwarder) can be covered for financial compensation under the policy.

What is collision coverage in auto insurance?

Collision coverage helps pay for damage to your car resulting from a crash with another vehicle or object, regardless of who is at fault in the accident.