What is Excess & Surplus (E&S) Lines Insurance?

Excess & Surplus (E&S) Lines Insurance is a type of coverage for high-risk individuals or businesses that cannot obtain insurance from standard carriers due to their unique or high-risk nature. It provides customized coverage for risks that fall outside standard underwriting guidelines.

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What role does AI play in insurance data analysis?

AI helps insurers process large data sets, detect fraud, automate claims processing, and provide predictive analytics for better underwriting and risk management.

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What happens if a policyholder recovers money from the at-fault party?

If a policyholder receives a settlement from the responsible party after the insurer has paid a claim, the insurer may have the right to reimbursement. Most policies contain a "subrogation clause" requiring the insured to return any duplicated payments.

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What is emergency evacuation coverage in travel insurance?

Emergency evacuation coverage pays for transportation to the nearest suitable medical facility if you experience a serious illness or injury while traveling. It may also cover repatriation to your home country if medically necessary.

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How do reinsurers price treaty reinsurance agreements?

Reinsurers price treaties based on risk exposure, historical claims data, underwriting quality, industry trends, and potential catastrophic loss probabilities.

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Is there a penalty for a lapsed insurance policy?

Some insurers may charge a penalty or interest on overdue premiums when reinstating a lapsed policy. In addition, certain riders or benefits may be lost, and the policyholder may have to go through additional underwriting to have the policy reinstated.

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What is the difference between a law and a regulation?

A law is a legal rule enacted by a legislative body, while a regulation is a guideline issued by a government agency to enforce or clarify laws through specific rules and procedures.

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Does insurable interest apply to marine insurance?

Yes, shipowners, cargo owners, and charterers must have insurable interest in vessels and goods to receive compensation for potential losses.

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