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Transfer System
Business
Contract
By,
Auto Liability,
Commercial General Liability,
Personal Liability,
Professional Liability
The policy holder has a cash value account that is credited with the
premium paid.
Types of Insurer
Financial Operations
Financial Performance of insurer
State insurance regulation
Benefits and costs of insurance
Rate Regulation
Solvency Surveillance
Consumer Protection
Prior-approval laws
Flex rating laws
File and Use laws
Use and File laws
Open competition
State mandated rates.
Licensing Insurers
Licensing Insurance Company representatives
Approving policy Forms
Examining Market Conduct
Investigating Consumer Complaints.
Typically includes
Insurers Profitability
Insurers Solvency
Premium includes
Loss reserve
Unearned Premium reserve
Loss Ratio
Expense Ratio
Combined Ratio
Investment Income Ratio
Overall operating Ratio.
It includes
Express Authority
Implied Authority
Apparent Authority
Sales Commissions
Percentage of the premium that the insurer
pays to the agency or producer for new policies sold or
existing policies renewed.
Contingent Commissions
commission that an insurer pays, usually
annually, to an independent agency and that is based on
the premium volume and profitability level of the agencys
business with that insurer.
To supervise producers,
To motivate them, and
To provide them with insurance products for sales.
It Includes
Selecting insured
Pricing coverage
Determining insurance policy terms and conditions
Monitoring the underwriting decisions made,
Premium = $250000
---------------- * $.40 per unit = $ 1,000.
$100
A judgment rate :
Type of individual rate used to develop a premium
for a unique exposure for which there is no
established rate and the underwriter relies heavily
on his or her experience .
by
They are
Staff claim representatives
Independent adjusters
Agent
Public adjusters.
They are
Investigation
Valuation
Negotiation
It involves,
If the property loss occurs , the insurer will pay the agreed
value, without regard to the exact value of the property at the time of
the loss.
Unfair claim practices law are state laws that specify claim
practices that are illegal.
A personal Contract
Insurers right to select Insureds.
A Conditional Contract
Action performed under Specified
condition.
A contract of Utmost Good Faith Concealment and
Misrepresentation.
A contract of adhesion Rules insureds should stick to.
A contract of Indemnity To recover an insured from covered
loss.
A contract Involving the exchange of unequal amounts
They are
Declarations
Definitions
Insuring Agreements
Exclusions
Conditions
Miscellaneous provisions.
Cancellation
Changes
Duties of the insured after a loss
Assignment
Subrogation
Types of Property
Causes of loss
Financial Consequences
Buildings
Personal Property
Money and Security
Motor Vehicles and Trailers
Property in Transit
Ships and their Cargo
Boilers and Machinery
snow mobiles.
Autos
Non owned property
Movable property
Breakage of glass
Falling objects
Weight of snow, ice or sleet.
Sudden and accidental water damage
Collapse
Crime perils
It includes
Catastrophe perils - war and nuclear risks
Coverage on ocean going vessels and cargo.
Maintenance perils - Wear and tear, Marring and
scratching, rust, Gradual,
damage by insects, etc
Policy Limit
Valuation Provision
Settlement Options
Deductibles
Insurance to value provisions
Other insurance provisions.
Replacement cost
Actual cash Value
Definition:
It specifies
The structure of the federal government
Outlines the respective powers of the legislative,
executive, and judicial branches of the government.
It guarantees certain fundamental rights such as
Freedom of speech
Freedom of religion
Freedom from unreasonable searches, right to trail by
jury.
03/10/17 Insure to Ensure Safety 151
Statutory Law
Statutory Law consists of the formal laws, or statues,
enacted by federal state, or local legislative bodies.
It Includes
Civil law is the category of law that deals with the rights and
responsibilities of citizens with respect to one another and applies to
legal matters that not governed by criminal law.
Torts
Contracts
Statutes
Assault -
Intentional threat of bodily harm
Battery -
Unlawful physical contact
Libel -
Written untrue statement
Slander -
Oral untrue statement
False Arrest -
Unlawful physical restrain of
anothers freedom
Invasion of privacy - Violation on another persons right
to be left alone.
It includes
Damages
For those who can show that
actual harm or loss occurred
due to negligence.
Defense Costs Those who required to defend
themselves in court.
A Split limit are separate limits that an insurer will pay for
bodily injury and for property damage.
Typically includes
Avoidance
Loss Control
Retention
Non Insurance Transfer
Insurance
It includes
They are
Benefits to Business
Benefits to Individuals
Benefits to Families
Benefits to society
Benefits to Insurers.
Books:
Web:
www.googleimages.com
www.animationfactory.com
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