CH 7 RELATED SERVICES Flashcards
In insurance what are helplines
Also known as advice lines these are mainly freephone numbers often operated 24 hrs a day providing emergency assistance and expert advice to insurance policyholders
In relations to helplines what did the implementation of the consumers rights act 2015 restrict
It restricted the use of premium rate phone numbers
What rule has the FCA also implemented in accordance to helpline telephone calls
In its Handbook it has stated that customers shouldn’t pay no more than a basic rate for telephone calls
Household insurers usually offer what type of helpline assistance
provide legal advice,legal cost services, emergency services(provide immediate assistance in emergencies whether or not relate to claims)
What class of insurance are approved repairers found
Motor Insurance
What is Risk Management
This is the identification,analysis and economic control of those risks which can threaten the assets/earning capacity of an enterprise
What are the three steps to managing risks
- Risk identification
- Risk Analysis
- Risk Control
Risk identification involves two types of analysis which are
It involves the analysis of both upside and downside of risks
Risk identification of the upside of the risk relates to
The failure to maximize opportunity
The Risk identification of the downside of the risk involves
Discovering what threats already exist and what potential threat exist in the future
The initial assessment of risk by underwriters is carried out through
-Examine the proposal form and physical examination or survey to assist in identifying existing and potential risks
Risk analysis deals with
Examining past data to evaluate the risk
What does risk analysis help in
It will help identify measures that could be taken to control the risk
Risk Control deals with
This deals with putting together action to reduce and even eliminate risk
What are the two risk control ways an insurer uses
- Physical Control measures of the risk
- Financial Control Measures of potential risks
Who is a risk surveyor
This is the eyes and ears of an insurer identifying the risks which the insured can control or eliminate
Risk Surveyor is also known as
Loss Control Engineer
Who is the risk surveyor advised to work closely with
The underwriter in identifying the ,measures of risk control and ensuring policy term reflect these
Helplines services provided under private motor insurance may be used for
- They provide 24 hours access to call center for assistance in the event of vehicle breakdown
- Insured only pays labor and parts for assistance provided, depends on the policy
Helplines services provided under travel insurance may be used for
They provide medical emergency service
Under travel insurance who is appointed to provide helpline advice
A specialist company providing 24- hour multi lingual helpline facility. In an emergency the company will advise/organise the necessary treatment /repatriation
To whom does a contractor e.g. a glaizer submit their repair invoice
The contractor will attend a call out and if claim is valid will submit an invoice directly to the insurer
Recommended/preferred contractors of the insurers are known as
Authorized repairers
What are insurance engineers able to do with the introduction of high tech equipment
With digital video cameras They are able to inspect the vehicle without actually visiting the garage carrying out the repairs
Increased insurance premium due to loss of No claim Discount is not recovered in
It is not recoverable as uninsured loss
Why is NCD not recoverable as
uninsured loss
This is because the insurer has met their own damage claim, thus reduces the insured’s NCD but makes a subsequent full recovery of its outlay, the insured will be reimbursed the increased premium due to the initial loss of NCD
What do accident management companies and solicitor offer interms of uninsured loss recovery
They offer additional similar services like replacement vehicle services and pursuing personal injury claims
On what basis are accident management and solicitor based on
No Win No fee basis
Under uninsured loss recovery what is the most common instruction of solicitors
Through Legal expense policy They will provide an indemnity for legal expenses in pursuing an uninsured loss claim, where reasonable prospects of success exists
How does the insured obtain legal expense policy
They obtain this policy through conjunction in the purchase motor policy a to provide cover exactly for his contingency
What is the limit for legal expense policy
50k-100k pounds
