Chapter 7 Flashcards
What is a helpline?
An advice line providing assistance or advice for policyholders.
Name 2 types of insurance that might have a 24 helpline.
Travel, private motor, household.
Can insurers charge premium rates for helplines?
No! It was prohibited by the consumer right acts 2015.
What are authorised repairers and what type of insurance typically used them.
A panel of approved repairs which are preferred or appointed directly by insurers to carry out repairs.
Motor.
What are the 3 steps in risk management?
- Risk identification
- Risk analysis
- Risk control
What is risk identification and how do underwriters do this?
Discovering what threats already exist and potential threats in the future.
Proposals forms or surveys.
What is risk analysis?
Examining data to evaluate and calculate risks:
What is risk control?
Action plans to reduce or eliminate the risk.
What are the 2 types of risk control and give examples.
- Physical - e.g., Locks
- Financial - e.g.? Excess
What is a risk surveyor and how can they help an insured get better terms?
They often attend sites on behalf of the UW and identify ways an insured can eliminate or control risks.
If they find ways to control certain risks, the insurers terms could reflect this.
What is an uninsured loss?
A loss that isn’t insured. For example, the cost of a hire car.
What would an uninsured loss recovery service do?
To recover uninsured losses, a solicitor or specialist firm may help you claim this back.
What is needed to pursue a legal expenses claim?
A reasonable prospect of success.
How can legal expenses policies help when pursuing an uninsured loss claim?
They can provide indemnity.
What are claims management companies?
Specialist companies which pursue personal injury claims. They act as intermediaries between claimants and the companies being claimed against and handle the whole claim through to settlement.
