Chapter 1 Flashcards
(8 cards)
1
Q
3 Main components of the Insurance Market?
A
Buyers, Sellers, Intermediaries
2
Q
Six Main Buyers in the insurance market?
A
Public bodies Private individuals Corporate customers Sole traders Partnerships Clubs and associations
3
Q
Difference between a proprietary company and a mutual company
A
Proprietary = Owned by shareholders
Mutual = Owned by policyholders
4
Q
Main advantages of direct insurance?
A
Competitive premiums
Immediate cover can be obtained directly through phone or internet
5
Q
Main functions of underwriters?
A
Assess the risk presented
Decide to accept the risk/ how much risk to accept
Arrange the scope + terms and conditions of the cover
Calculate a sustainable premium
6
Q
What is an insurance call centre
A
A place where the majority of incoming calls are handled for the insurer
7
Q
Most common forms of additional services
A
Helplines Authorising repairers and suppliers Risk control/advice Uninsured loss recovery Third party admin
8
Q
Any of the features carried out by third party admin?
A
Claims administration Underwriting Customer service Product design Price negotiation Advice, information and management feedback
