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IF3 > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What are some specific underwriting considerations for Motor? (Name 3)

A

Drivers age,
Type of vehicle,
Type of use,
Area, (theft)
Storage,
Driving record,
Vehicle modifications

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2
Q

What are some specific underwriting considerations for Health Insurance? (Name 2)

A

Occupation,
Age,
Family history,
Life style,
Medical history

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3
Q

What are some specific underwriting considerations for Household insurance? (Name 2)

A

Construction,
Location,
Area,
Security (alarms)

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4
Q

What are some specific underwriting considerations for travel insurance? (Name 2)

A

Destination,
Purpose,
Group or individual,
Pre-existing conditions

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5
Q

What are some specific underwriting considerations for commercial property insurance? (Name 2)

A

Use,
Types of goods stored,
Safety features,
Number of floors,
Area,
Location relative to perils

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6
Q

What are some specific underwriting considerations for theft insurance? (Name 2)

A

Trade,
Area,
Moral hazard of owner,
Security

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7
Q

What is the main underwriting consideration for glass insurance and why?

A

Use of the building - it often determines whether vandals (one of the greatest risks) will target it in a riot or is there stock inside worth stealing.

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8
Q

What are some specific underwriting considerations for money insurance? (Name 2)

A

How much money,
How it is stored,
Safe/security,
Transit,
If employees are paid in cash

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9
Q

What are some specific underwriting considerations for legal expenses insurance? (Name 2)

A

Employment criteria, (age and gender of employees)
Health and safety regulations,
How many staff,
Trade,

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10
Q

What are some specific underwriting considerations for Business interruption insurance? (Name 2)

A

Can they operate from another premises,
Stock,
Is there replacement machinery,
Critical machinery,
Seasonal features,
Suppliers

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11
Q

What is the main underwriting considerations for EL and PL?

A

Trade!

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12
Q

What is the main underwriting considerations for Pollution and Products insurance?

A

Trade!

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13
Q

What are some specific underwriting considerations for PI insurance? (Name 2)

A

Trade,
Professional qualifications,
Experience,
Moral hazard.

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14
Q

What is the main underwriting consideration for extended warranties?

A

How likely the product is to breakdown over a period of time.

They will likely use statistics to work this out.

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15
Q

Would insurers look at credit ratings as an underwriting consideration?

A

Yes!

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16
Q

What does the insurance fraud bureau do?

A

It helps prevent fraud by
- co-ordinating industry wide action
- running education campaigns
- having expertise on fraudsters and their methods

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17
Q

How is technology being used to prevent fraud?

A

Insurers are now using AI to help detect fraud and sharing information to compare and trap repeat offenders.

18
Q

What is the MIAFTR?

A

The motor insurance anti-fraud and theft register - it contains data of every theft claim and total loss so insurers can check if a vehicle is being claimed for more than once.

19
Q

How does the MID help to prevent crime?

A

It contains details of all registered cars and their insurances - which assists the police in tackling motor thefts and uninsured vehicles.

20
Q

What is the CUE?

A

Claims and underwriting exchange.

This data base contains information of all incidents reported by personal insurance policyholders. This can eliminate multiple claims and policies held by the same person.

21
Q

What is the art loss register?

A

It is a register of all stolen art. You can check the legitimacy of something’s origins before you buy it. It aims to reduce theft of art and help return art to its rightful owners. Insurers can subscribe to it.

22
Q

When is application fraud committed and how do insurers try to prevent this?

A

When someone applies for a policy. They can try and validate information provided in the proposal forms.

23
Q

How can claims handlers help to prevent fraud?

A
  1. Being cautious of claims made soon as the policy is incepted
  2. Being cautious of similar claims made over a short period
  3. Being cautious if no documentation is provided e.g., for a stolen item
24
Q

How can asking a policyholder to complete a claim form over the phone, help to prevent fraud?

A

People find it harder to lie over the phone. And they can use «anti lie detection «AI over the phone.

25
Q

How can giving claims settlements as replacement rather than cash help prevent fraud?

A

It would make things more difficult and frustrating for the fraud, as if they are trying to make money, they would have to sell the replaced item.

26
Q

What did the Equality Act of 2010 aim to do?

A

Harmonise and replace previous legislation and protect further groups of people.

27
Q

Name 5 ´protected characteristics ‘

A

Age, disability, gender reassignment, race, religion, sex, sexual orientation, marriage status, pregnancy.

28
Q

What are 4 types of discrimination?

A
  1. Direct
  2. Associative
  3. Perceptive
  4. Indirect
29
Q

Can underwriters discriminate based on disability?

A

Yes and no. They can with justification e.g., if something is standard practice and written down in their philosophy and is supported by medical reports and data. For example, charging more for travel insurance because there is a higher risk. But they cannot treat them unfairly just because they are disabled.

30
Q

Can underwriters charge higher rates for men?

And what is Test-Achats?

A

No.

The ruling that made it illegal to use gender as rating for risks.

31
Q

What information does GDPR apply to?

A

Personal data that can be used to identify a living individual.

32
Q

Name 3 categories of personal data that are ‘special’ which GDPR would apply to?

A

Race, ethnic origin, politics, religion, genetics, health, sex, sexual orientation

33
Q

What do GDPR principles generally set out?

A

How we handle, store, process and use sensitive data.

34
Q

What are the 6 principles of data protection?

A
  1. Lawfulness
  2. Purpose Limitation
  3. Data minimisation
  4. Accuracy
  5. Storage Limitation
  6. Integrity and Confidentiality
35
Q

What are 6 lawful reasons for processing data?

A
  1. You’ve been given consent
  2. It’s needed for a contract
  3. It’s a legal obligation
  4. Vital interest - to save someone’s life
  5. Public task
  6. Legitimate interest
36
Q

Name 3 rights individuals have over their data.

A

Right to be informed, right of access, right of rectification, right of erasure, right to restrict processing, right to data portability, right to object, right to reject automated decision making.

37
Q

Is the right to erasure absolute?

A

No - sometimes the law or other reasons means this isn’t always possible

38
Q

What value are firms expected to have regarding GDPR

A

Accountability

39
Q

Do firms have to inform anyone if there is a breach of GDPR?

A

Yes! They have a duty to do so.

40
Q

Who do firms have to inform of breaches?

A

Information Commissioner’s Office (ICO)

41
Q

Does GDPR still apply if transferring data over seas?

A

Yes there are restrictions on the transfer of personal data outside the EU. And GDPR applies to firm operating in the EU.

IF3 (11 decks)

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