Is E&S insurance legal in all states?

Yes, E&S insurance is legal in all states, but regulations vary. Each state has surplus lines laws that govern how non-admitted insurers operate. Businesses must work with a licensed surplus lines broker to ensure compliance with state-specific E&S insurance rules.

Will UBI affect my privacy?

UBI programs collect driving data, and some may track location. However, insurers have privacy policies detailing data use, and drivers should review these before enrolling.

What does an underwriter do in insurance?

An underwriter assesses applications, reviews risk factors, analyzes data, and decides whether to approve, modify, or decline insurance coverage.

What is the "own occupation" vs. "any occupation" definition in LTD insurance?

"Own occupation" policies pay benefits if you cannot perform your specific job. "Any occupation" policies require that you be unable to work in any job suited to your skills and experience. "Own occupation" policies provide better protection but are more expensive.

How is a treaty reinsurance agreement structured?

A treaty reinsurance agreement is typically structured with key provisions, such as the scope of coverage, the retention limit, the premium amount, the attachment point (for non-proportional treaties), the duration of the agreement, and the settlement process for claims. It will also specify any exclusions, conditions, and reporting requirements. The agreement outlines the reinsurer's financial responsibilities and the obligations of both parties.

How does the limit of liability affect claim payouts?

If a claim exceeds the limit, the policyholder is responsible for the remaining costs unless additional coverage is in place.

What are the ethical concerns surrounding AI in insurance?

Ethical concerns include biased algorithms, data privacy issues, and lack of transparency in AI-driven decisions. Insurers must ensure fair underwriting practices, data protection, and explainability in AI models to maintain customer trust.

Is insurable interest required for travel insurance?

Yes, travel insurance requires insurable interest, meaning the insured person or trip must be linked to the policyholder through financial or legal dependency.