Marketing of Insurance, Claims Admin and Underwriting Flashcards
“matching and mirroring” behaviour is used when….
building rapport with a client. the broker/agent should deal with the client in a fashion that the client is comfortable with
when does tied selling occur?
when the broker or agent makes the purchase of one product contingent on first purchasing another product. THIS IS NOT AN ACCEPTABLE PRACTICE,
what is the definition of abeyance?
a state of temporary suspension
defense and settlement costs are paid for by the …
insurer. our client is the defendant and the insurance company will defend them.
in legal proceedings, our client is the _______ and the third party is the _________
defendant
plaintiff
what is the claims process?
-insured reports their claim to the broker
-the broker then reports the claim to the insurance broker
-an adjuster is assigned and directly deals with the insured to investigate the claim.
if a claim is not covered, then
it is denied
if a claim is covered, then
the adjuster evaluates damages, negotiates, settles, and recommends payment
what is the primary responsibility of the claims department?
to ensure the claims are expediently and fairly adjusted
claims personnel try to deliver on promises made to consumers by the…
the broker or agent
consumers do not understand the benefits of insurance UNTIL they…
incur a loss
what is a telephone adjuster?
one who usually handles a large volume of small losses, claims handled via telephone, usually a salaried employee of an insurance company
what are the duties of a claims adjuster?
-investigates, negotiates and settles claims
-visit accident scenes to determine causation and fault
-interview insureds, third parties and witnesses
-listen and observe body language and reactions
claims adjusters should possess the following skills:
-negotiation
-ability to meet deadlines
-attention to detail
-strong investigation skills
what is a staff adjuster?
an employee of the insurance company who administers claims
what is an independent adjuster?
an outside adjusting firm who is hired by the insurer and acts on behalf of both the insured and the insurer, adjusting the claim for both in a fair and impartial way
what are the duties of a claims examiner?
-directs, oversees adjuster activities, reviewing reports and assisting with settlement
-will work with insurance company lawyers and direct legal action
what does a claims manager do?
responsible for smoothly functioning claims department, involved in more complex claims
define what is meant by Utmost Good Faith?
insurance professionals are legally obligated to hold highest standard of care when dealing with clients. Clients are expected to be honest in their insurance transactions. full disclosure is necessary by both parties
what is typically included on a brokers report?
additional info about client, details such as knowing the drivers, inspected the property and how long the broker has known the client.
all important for underwriting to better assess the risk
