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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

Details
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
References 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
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... 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.
Essay is in categories

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Finance
 / 
Insurance
 / 

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Economics
 / 
Management
 / 
Risk Management
 / 
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