Chapter 9 Flashcards
4 main functions of an underwriter
assess the risks presented
decide how much if at all of the risks to accept
determine T&C’s
calculate an appropriate premium
what is a scratch
combination of initials and date
4 reasons an underwriter may only take a small % of risk
size of risk and authority levels
balancing the portfolio
insurance broker input
new class of business
what tasks is the lead underwriter responsible for
review risk
consider whether to accept
decide t&c’s
quote a premium
who is the overall leader
leader outside of the market
who is slip leader
leader inside of market
who is bereau leader
first lloyds and IUA company on the slip
if you are not a leader, what are you
follower
who records risks for insurers
XIS
What is BIPAR
european federation of insurance intermediaries
