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IF3 > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What three things will be assessed during the underwriting process?

A
  • The major underwriting factors affecting claims experience for the particular class of business
  • The average claim per member of the group
  • The proposers characteristics in comparison with the average member
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2
Q

What are the key factors in the motor insurance underwriting process?

A
  • Drivers age
  • Type and make of vehicle
  • Type of use
  • Geographical area
  • Storage
  • Driving record
  • Cover required and/or extensions requested
  • Vehicle modificiations
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3
Q

What are the key factors in the health insurance underwriting process?

A
  • Occupation
  • Age
  • Family circumstances
  • Lifestyle and physical condition
  • Medical history
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4
Q

What are the key factors in the household insurance underwriting process?

A
  • Construction
  • Location
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5
Q

What are the key factors in the contents insurance underwriting process?

A
  • Area
  • Occupation during the day
  • Security
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6
Q

What are the key factors in the travel insurance underwriting process?

A
  • Destination
  • Purpose and duration of travel
  • Group policies
  • Existence of pre-existing conditions
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7
Q

What are the key factors in the fire and special perils underwriting process?

A
  • Use
  • Types of goods stored on premises
  • Construction and material
  • Safety features
  • Risk management features
  • Number of floors and area
  • Method of heating and lighting
  • Location relative to perils
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8
Q

What are the key features in the theft insurance underwriting process?

A
  • Trade
  • Geographical area
  • Any moral hazard of the owner
  • Nature and construction of the property
  • Theft precautions
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9
Q

What are the key features in glass insurance?

A
  • The use of the building
  • Geographical area
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10
Q

What are the key features of money insurance?

A
  • How much money is handled
  • Precautions in storing and transporting money
  • How employees are paid
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11
Q

What are the key features of legal expenses insurance?

A
  • Proposers employment criteria, views and actions in respect of health and safety legislation and occupation
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12
Q

What are the key features of employers liability insurance?

A
  • Trade and occupation of the employee
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13
Q

What are the key features of public liability insurance?

A
  • proposers trade or business
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14
Q

What are the key features of pollution liability insurance?

A
  • Trade
  • Material used
  • Whether there are adequate controls to prevent the escape of pollutants into the air or water
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15
Q

What are the key features of products liability insurance?

A
  • ## Proposer’s trade or business
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16
Q

What are the key features of professional indemnity insurance?

A
  • Occupation
  • Professional qualifications
  • Experience
  • Degree of moral hazard
17
Q

What is the impact on the insurer if a fraudulent claim is paid?

A

Impact their bottom line (profit)
Claim costs will rise, impacting on premiums and making them less competitive

18
Q

What is the impact on the insured if a fraudulent claim is paid?

A

Genuine policyholders will be affected by the commensurate increase in premiums

19
Q

What is the impact on the fraudulent claimants if a fraudulent claim is paid?

A

Temptation to continue this practice in the future

20
Q

Who mainly deals with fraud prevention?

A

The Insurance Fraud Bureau

21
Q

What was the Insurance Fraud Bureau established to do?

A
  • co-ordinate industry-wide action
  • actively run public education campaigns
  • operate centres of expertise on fraudsters and their methods of operation
22
Q

What does the Motor Insurance Anti-Fraud and Theft Register have details of?

A

All total loss and theft claims

23
Q

What does the Motor Insurance Database have details of?

A

All registered vehicles in the UK and the related insurance details

24
Q

What does the Claims and Underwriting Exchange have details of?

A

Information on incidents reported to insurers by personal insurance policyholders, which may or may not result in a claim

25
Q

What does the Art Loss Register have details of?

A

Art theft - to increase the recovery rate of stolen art and antiques and to deter theft by making the resale of stolen articles more difficult

26
Q

When would claims handlers be cautious with claims?

A

Claims made soon after policy inception or renewal
Where the insured has no documentation for lost items
Where the insured has several similar claims for similar accidental loss or damage within a short space of time

27
Q

Who does the UK GDPR apply to?

A

Data controllers and processors in the UK including NI

28
Q

What information does the UK GDPR apply to?

A

Personal data of an identified living individual
Both automated personal data and to manual filing systems where personal data is accessible according to specific criteria

29
Q

What data protection principles apply to all personal data?

A
  • Lawfullness, fairness, and transparency
  • Purpose limitation
  • Data minimisation
  • Accuracy
  • Storage limitation
  • Integrity and confidentiality
30
Q

What are the six lawful bases for processing data?

A
  • Consent
  • Contract
  • Legal obligation
  • Vital interests
  • Public task
  • Legitimate interests
31
Q

What are the rights under the UK GDPR?

A
  • Right to be informed
  • Right of access
  • Right to rectification
  • Right to erasure
  • Right to restrict processing
  • Right to data portability
  • Right to object
  • Rights in relation to automated decision-making and profiling

IF3 (7 decks)

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