Chapter 2: Insurance Professionals and Bodies Flashcards
What is the role of an underwriter?
To manage their pool of risks as effectively and profitably as possible.
What is a loss adjuster?
A claims processor who acts for the insurer. They investigate the circumstances of the claim and determine the insurer’s liability.
What is the professional body for loss adjusters?
Chartered Institute of Loss Adjusters (CILA).
What is the role of a loss assessor.
An expert in negotiating claims who works for the insured.
Why might an insurer use a surveyor?
To establish the circumstances which led to a claim. For instance, a surveyor may be hired to determine the ‘seat’ of a fire and its origins.
A surveyor is a more specialist version of a loss adjuster essentially.
What is the role of an actuary?
Actuaries provide statistical theory to problems of insurance. They play a role in pricing and underwriting methods in an insurance company.
Why would an insurer employ a risk manager?
To ensure an insurer complies with the Solvency-II risk-based capital requirements.
What is the role of a compliance officer?
Responsible for reporting to the various regulatory bodies.
Responsible for ensuring compliance of the organisation with the regulations of the FCA and PRA.
What is the role of a risk manager?
- Provision of guidance on best practices in management.
- Transferring risks by contract or insurance.
What do internal auditors do?
Evaluates the overall operational efficiency of the company and how well they follow the regulations set by the various regulatory bodies.
What is the ABI?
Association of British Insurers.
An interest group which provides feedback to government on policy which affects the insurance market.
What is BIBA?
The British Insurance Brokers Association.
Promoting the interests of the Broking market including liaising with other bodies on government policy.
What is the LMA?
The Lloyd’s Market Association.
Represents and provides technical services to underwriting business in the Lloyd’s market.
What is the LIIBA?
London and International Insurance Brokers’ Association.
Represents the interests of insurance and reinsurance Brokers operating in the London and International markets.
What is the LMRC?
London Market Regional Committee.
Lobbyist for interests of the London market. Overlaps with the LMRC.
