Chapter 9 - Underwriters Flashcards
1
Q
What are the main functions of an underwriter?
A
- Access risks in the pool
- Accept / Decline risks into the pool
- Determine T&Cs of policies
- Determine premium
2
Q
What is not a subscription market?
A
The Mutual Insurance sector, e.g. Protection and Indemnity clubs where 100% of each risk is taken by one insurer
3
Q
What are the European Federation of Insurance Intermedaries (BIPAR) position on premium rates?
A
Insurers who accepted a lower premium cannot increase premium just because someone else has - competition law
4
Q
How does GUA establish post-bind changes agreement parties?
A
Part 1 - non material = leader only
Part 2 - anything not part 1 / 3 will be lead and agreement parties
Part 3 - material changes = all underwriters
5
Q
Who can be a SCAP?
A
Lloyds syndicate or UK authorised insurer
