Chapter 8 - Underwriting Consideration Flashcards
Specific Underwriting Consideration - Motor Insurance
- Driver’s age
- Make and model of car
- Type of use
- Geographical location
- Driving record
- Storage
- Vehicle modifications
- Cover required
Specific Underwriting Consideration - Household Insurance
- Location
- Construction
- Area
- Occupation during the day
- Security
Specific Underwriting Consideration - Travel Insurance
- Destination
- Purpose and duration of travel
- Group policies
- Pre-existing conditions
Specific Underwriting Consideration - Fire and Special Perils
- Building 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
Specific Underwriting Consideration - Theft Insurance
- Trade
- Geographical area
- Any moral hazard of owner
- Construction
- Security
Specific Underwriting Consideration - Glass Insurance
- Building use
- Geographical area
Specific Underwriting Consideration - Money Insurance
- How much money
- Storage
- Transportation of money
Specific Underwriting Consideration - Legal Expenses Insurance
- Employment criteria
- Health and safety legislations
- Occupation
Specific Underwriting Consideration - Business Interruption Insurance
- Can they operate from another premises?
- Is replacement machinery available?
- Any external dependencies
- Any piece of critical machinery?
Specific Underwriting Consideration - Employers’ Liability Insurance
- Occupation
- Trade
Specific Underwriting Consideration - Public Liability Insurance
- Trade
Specific Underwriting Consideration - Pollution Liability Insurance
- Trade
- Materials used
- If there are adequate controls to prevent the escape of pollutant
Specific Underwriting Consideration - Products Liability Insurance
- Trade
- Where are they exported?
Specific Underwriting Consideration - Professional Indemnity Insurance
- Occupation
- Qualifications
- Experience
- Degree of moral hazard
Specific Underwriting Consideration - Extended Warranties
- Type of product
Specific Underwriting Consideration - Health Insurance
- Occupation
- Age
- Lifestyle and physical condition
- Family circumstance
- Medical history
Insurance Fraud Bureau
Was established to:
* Coordinate industry wide action
* Actively run public education campaigns
* Operate centres of expertise on fraudsters and their methods of operations
Motor Insurance Anti-Fraud and Theft Register
Contains details of all total loss and theft claims.
Motor Insurance Database
Contains details of all registered vehicles in the UK and the related insurance. This assists the police.
Claims and Underwriting Exchange
Contains information on incidents reported for personal insurance. Subscribing members submit data and check the true history of individuals. The aim is to eliminate multiple claims on parallel policies. It covers domestic buildings, contents, motor and personal injury and illness policies.
Art Loss Register
Objectives is to increase the recovery rate of stolen art and antiques, and deterring theft by making the resale of stolen articles more difficult.
Common Fraud Indicators
- Claims made soon after policy inception
- Where the insured has no documentation for lost items
- Where the insured has several similar claims within a short space of time
Equality Act 2010
Aims to harmonise and replace previous legislation like, Disability Discrimination Act 1995 and Sex Discrimination Act 1975.
Protected Characteristics
- Age
- Disability
- Gender reassignment
- Race
- Religion or belief
- Sex
- Sexual orientation
- Marriage and civil partnership
- Pregnancy and maternity
Direct Discrimination
Someone is treated less favourably than another person because of a protected characteristic they have, thought to have, or are associated with someone who has.
Associative Discrimination
Discrimination against someone because they associate with another who has a protected characteristic.
Perceptive Discrimination
Discrimination against an individual because others think they have a protected characteristic.
Indirect Discrimination
Can occur when there is a condition, rule, policy or practice at a company that applies to everyone but particularly disadvantages people who share a protected characteristic.
Who does GDPR apply to?
Controllers and processors in the EU
What information does GDPR apply to?
Personal data
Sensitive Personal Data
- Race
- Ethnic origin
- Politics
- Religion
- Trade union membership
- Genetics
- Biometrics
- Health
- Sex life
- Sexual orientation
Data Protection Principles under GDPR
- Lawful, fairness and transparency
- Purpose limitations
- Data minimisation
- Accuracy
- Storage limitation
- Integrity and confidentiality
Lawful Processing
Firms need to identify a lawful basis before they can process personal data and document it.
Consent
Must be freely given, specific, informed and unambiguous indication of the individual’s wishes.
Rights
- The right to be informed
- The right of access
- The right to rectification
- The right to erasure
- The right to restrict processing
- The right to data portability
- The right to object
- Rights in relation to automated decision making and profiling
Subject Access Request (SAR)
Individuals have rights to find out if an organisation is using or storing their personal data. They can exercise this by submitting a SAR. Organisation has 1 month to respond. If organisation fails to respond the individual must complain to organisation at first, then to Information Commissioner’s Office if still dissatisfied.
Breach Notification
Organisations have a duty to report certain types of breaches to the relevant supervisory authority, and in some cases the individual.
