Chapter 7: Related Services Flashcards
Define ‘helplines’
Freephone numbers often operating 24 hours a day, providing emergency assistance and expert advice to policy holders
Which lines of insurance may have helplines available for their customer/
Personal lines, such as private motor, household insurance, or travel insurance.
Whyw ould a helpline not be spremium rate pone number for a consumer?
The Consurmer Rights Act 2015 says that phone helplines have to charge the basic rate onlu
Define ‘authorised repairers and suppliers’
People authorised to do repairs, normally on household or motor insurance policies.
Why is it beneficial to have authorised repairers and suppliers?
Convenienve for both parties, the insurer can have a cost benefit through negotiations, and you can be sure the repairer is competent
What is an insurance engineer?
Someone who can virtually inspect a vehicle without being present at the garage.
Define ‘risk management’
The identification, analysis, and economic control of those risks which can threaten the assets or earning capacity of an enterprise.
Define ‘risk identification’
Analysising the upside and the downside of the risk
Define ‘risk analysis’
Examining past data to evaluate the risk
Define ‘risk control’
Putting in to action plans to reduce and eliminate the risk
What are the two main ways insurers control risks?
Physical control measures to try and improve the risk, and financial control measures to try and improve the loss
Define ‘risk surveyors’
Insurer’s agent in identifying risk!
What is the difference between a loss adjustor and a loss surveyor?
A loss adjustor works for an insurance company, a loss surveyor for the insured.
Define ‘uninsured loss recivery services’
Services to help recover uninsured losses (eg liabilities)
What is the usual limit of indemnity for a legal expenses policy?
£50,000 to £100,000
What will household damage normally cover accidental damage to?
Underground telephone cables
