Insurance Flashcards
perils, rating factors, etc.
Employers liability:
Product definition
- Indemnifies the insurer
- Against legal liability
- To compensate an employee
- For bodily injury, disease or disability that was caused by negligence of the employer
- Loss of or damage to employees property is also covered
- Legal cost are also covered
- The payments can be in the form of a regular payment stream, say monthly to compensate an employee for disabilities that reduce an employee’s ability to work
- The payment can also be a lump sum to compensate for permanent injuries
- Usually care cost is also covered
Employers liability:
Perils
- Accidents caused by negligence of employer or other employees
- Exposure to harmful substances
- Exposure to harmful working conditions
- Unsafe parking for employees
- Injury due to lack of maintenance of building
Employers liability:
Rating factors
- Industry type of the business
- Number of employees
- Previous Claims experience
- Location of the workforce to assess nearby medical facilities
- Payroll to determine the severity of claim amounts
- Materials handled
- Processes involved
- Health and safety standards
- Turnover of the company
- Level of staff training
- Provision of first aid facilities
- Benefits to employees such as regular medical checkups
Public liability: Definition
The insurance indemnifies the insured against legal liability for:
- Death
- Bodily injury
to a third party or for damage of property belonging to a third party other than those liabilities covered by other liability insurances
Public liability: Perils
Dog bites
Pedestrian hit
Perils covered by the policy
Public liability: Rating factors
Residential area codes Dogs owned Frequency of walking pets Hobbies such as cycling Jogging etc.
Product liability: Definition
The insurance indemnifies the insured against legal liability for the death or bodily injury of a third party or for damage to property belonging to a third party that results from a product fault
Product liability: Perils
Faulty design
Faulty manufacture
Faulty packaging
Misleading or incorrect instructions
Product liability: Rating factors
Type of products produced
Financial turnover of the company
Distribution channels
