What is the difference between marine cargo and marine freight insurance?

Marine cargo insurance covers the actual goods being transported, while marine freight insurance covers the cost of shipping those goods. Freight insurance ensures the shipper recovers expenses even if the cargo is lost or damaged.

Can I use Medicaid in a different state?

Medicaid coverage is state-specific. If you move, you must reapply in the new state, as eligibility requirements and covered services vary across states.

How does an economic downturn impact an insurer’s solvency ratio?

Economic downturns can reduce investment returns and increase claim payouts, potentially weakening an insurer’s solvency ratio.

How do consumer protection laws help in price regulation?

Consumer protection laws help regulate the pricing of insurance premiums to ensure that pricing is fair, transparent, and based on sound underwriting practices. They also prevent discriminatory pricing based on race, gender, or other irrelevant factors.

How does SOA research benefit the insurance industry?

SOA research provides insights into actuarial science, risk assessment, mortality trends, predictive modeling, and regulatory impacts, helping insurers develop better risk management strategies.

What is the impact of deductibles on risk management?

Deductibles affect risk management by determining how much the insured must pay out-of-pocket before insurance coverage kicks in. Higher deductibles generally lower premiums but increase the financial burden on the insured in case of a claim, whereas lower deductibles lead to higher premiums but reduced out-of-pocket costs.

What is the difference between replacement cost and actual cash value coverage?

Replacement cost coverage pays to replace damaged property with new items, while actual cash value (ACV) coverage deducts depreciation, paying only the property's current market value at the time of loss.

Is the sum assured the same as the maturity amount?

No, the sum assured is the guaranteed payout, whereas the maturity amount includes bonuses, interest, or investment returns applicable to certain policies.