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UNDERWRITING IS THE PROCESS WHEREBY RISKS ARE ACCEPTED OR REJECTED. DISCUSS
This essay has discussed on underwriting which is a process whereby risks are assessed. it has outlined the roles of underwriting, basic principles, classes of insurances e.t.c
|language || ||english
|wordcount || ||2086 (cca 5.5 pages)
|contextual quality || ||N/A
|language level || ||N/A
|price || ||free
|sources || ||3
Table of contents
1.0 INTRODUCTION 1
1.1 ROLES OF UNDERWRITING 2
1.2 THE PROPOSAL FORM 2
1.3 BASIC PRINCIPLES OF UNDERTAKING AND MAIN CLASSES OF INSURANCE3
Personal Insurance 3
Life Assurance 3
Commercial insurance 4
The cover note 4
Insurance certificates 4
1.4 THE POLICY SCHEDULE / DOCUMENT 5
1.5 POLICY CLAUSES AND ENDORSEMENT 5
1.6 THE CLAIM 5
Claims procedure 6
Claim processing 6
Claim settlements 7
1.7 METHODS OF SETTLEMENT 7
Dispute settlement 8
Methods of dispute settlement 8
Preview of the essay: UNDERWRITING IS THE PROCESS WHEREBY RISKS ARE ACCEPTED OR REJECTED. DISCUSS
Underwriting – This is the most important link in the chain between the initial receipt of the proposal and the subsequent issue of the policy.
- Not every proposal is accepted by the insurer and not all proposals accepted have the same terms and premiums
- Underwriting deals with the identification of the risk brought forth and the management of the pools of money brought fourth by clients.
- The underwriter – This is a person who is required / manages the pool of money contributed by clients as effectively and profitably as possible for this he has the following roles to
... arbitrator Judgment isn’t final and incase or disagreement the case shall be referred to the legal courts for determination.
iii. The Ombudsman Bureau - This institutions deals with major insurance disputes i.e in some countries like U.K.
- It only deals with personal insurances not Business Insurances and resolves disputes concerning policy term, amount payable and delays in settlement.
- The diamonds can only refer their cases to this Bureau only if the insurer is a member.
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