Insurance Process Flashcards
1
Q
What is the role of the insurance broker or agent?
A
To serve as the intermediary between the client and the insurer
2
Q
What is the primary role of the underwriter?
A
To select those risks likely to be most profitable for the insurer
3
Q
What are 2 kinds of hazards in every risk?
A
Physical hazards
Moral hazards
4
Q
What is the summery of the claim process?
A
Insured report claim to brokerage
Brokerage reports claim to insurer
