●A Liability Loss Exposurepresents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. ●A liability loss is a claimfor monetary damages because of injury to another party or damage to another party’s property. ●Liability claimsmight result from bodily injury, property damage, libel, slander, [...]

Covered Causes of Loss:- ●Basic form coverage ●Fire and Lightning ●Windstorm ●Hail ●Aircraft ●Vehicle Damage ●Riot and Civil Commotion ●Explosion ●Smoke ●Vandalism ●Sprinkler Leakage ●Sinkhole Collapse and Mine Subsidence ●Volcanic Action ●Broad Form Coverage This coverage additionally includes: – ●Breakage of glass ●Falling objects ●Weight of snow, ice or sleet ●Sudden and accidental water damage [...]

●Property Loss Exposures:- A Property Loss Exposure is any condition or situation that presents the possibility that a property loss will happen. The three important aspects of Property Loss Exposures are: – ●Types of property that might be exposed to loss, damage or destruction. ●Causes of loss that might result in property being lost, damaged [...]

Manuscript Policies and Standard Forms:- ●A Manuscript Policy is an insurance policy that is specifically drafted according to the terms negotiated between a specific insured and the insurer. ●Standard Forms are insurance forms that contain standardized policy wordings.  Insurance advisory organizations develop standard forms that many insurers use in their insurance policies.  Some insurers develop [...]

Elements of a Contract:- Insurance Contract, called a policy, is an agreement between the Insured and the Insurer. The validity of the contract depends upon four essential elements: – ●Agreement (Offer and Acceptance) ●Competent Parties ●Legal Purpose ●Consideration Insurance Contracts:- Special Characteristics of Insurance Contracts ●A personal contract ●A conditional contract ●A contract involving the [...]

There are three steps that are involved in processing most claims: – ●Investigation ●Valuation ●Negotiation and Settlement ●Claim Handling Process ●Property Insurance Claims ●Step 1: Investigation ●Determining the cause of loss and assessing damage ●Verifying Coverage Following are the checklist of questions which forms part of verifying the coverage: – ●Does insured has an insurable [...]

●For insurance purposes, a claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy. ●A claim representative, also called an adjuster, is a person responsible for investigating, evaluating and settling claims. ●A claimant is anyone who submits a [...]

●An underwriting decision must be made on every new insurance application as well as on the renewal policies.  The Underwriting process comprises the following steps: – ●Gathering the necessary information ●Making the Underwriting Decision ●Implementing the Decision ●Monitoring the decision ●Gathering the necessary information ●Producers ●Consumer investigation reports ●Government records ●Financial rating services ●Inspection reports [...]

●Participating in the overall management of the insurance company ●Arranging Reinsurance ●Treaty Reinsurance ●Facultative Reinsurance ●Delegating underwriting authority ●Underwriting Authority ●Centralized ●Decentralized ●Making and enforcing underwriting guidelines ●Monitoring the results of the underwriting guidelines ●Underwriting Audits

Underwriting Activities:- ●Pricing Coverage ●Premium Determination ●Type of Rates A) Class Rates (Manual Rates) ●Merit Rating Plans B) Individual Rates (Specific Rates) (Commercial Property Insurance on Unique Structures) ●Judgment Rates (Ocean Marine Insurance) ●Determining Policy Terms and Conditions ●Standard Forms (Insurance Advisory Organizations) ●Monitoring Underwriting Decisions ●Book of Business (Portfolio)