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Class 5 - Operations

Math 3620 - Class 5 - Insurance Company Operations

QuestionAnswer
What does insurance need to succeed? -Needed Product - ratemaking -Attract customers to their business - marketing -Analyze the prospective customers & whether they fit the desired company profile - underwriting -Manage the float between receipt of premium & payment of claims -records
Ratemaking -Pricing insurance & the calculation of insurance premiums Premium = rate x exposure units
Production The sales of & marketing activities of insurers
Underwriting -process of selecting, classifying, and pricing applicants for insurance
Basic Principles of Underwriting -Attaining an underwriting profit -Select prospective insureds according to the company's underwriting standards
Objectives of claim settlement -Verification of a covered loss -Fair & prompt payment -Provide personal assistance to the insured
Steps in claim management - 1st Notice of loss, immediately or as soon as possible after a loss has occurred
Steps in claim management - 2nd The claim is investigated
Steps in claim management - 3rd Proof of loss may be required before claim is paid
Steps in claim management - 4th The adjustor decides if the claim should be approved or denied
Created by: killerkite
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