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IF 2 > non insurance services > Flashcards

non insurance services Flashcards

1
Q

General Insurances that provide emergency assistance/expert advice to their policyholders are

A
  1. Private Motor Insurance
  2. Household Insurance
  3. Travel Insurance
  4. Pet Insurance
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2
Q

Private Motor Insurance on Helplines and advice

A

They provide 24 hour helpline, thus policyholders have the ability to telephone control centers any time for assistance. Insured is inquired to pay labor and parts cost used unless its accident is covered by policy.Then recovery cost will be payable by the insurer

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3
Q

For Household Insurance what helpline and advice is provided

A

1.Legal advice/legal cost services- they provide advice on private legal problems
2.Emergency services-immediate assistance is provided whether its a claim or not. The policyholder is put in touch with a reliable contractor.
Glazing Services- after glass breaking in doors/window a replacement service is provided by specified supplier at a discount standard prices

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4
Q

For Travel Insurance what helpline and advice is provided

A

Insurers will hire a specialist company that provides 24 hour multilingual helpline facility for medical emergency services. For an emergency they will advise/organise the necessary medical treatment.

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5
Q

For Pet Insurance what helpline and advice do insurers provide

A

Insurer helpline will help with finding the location of surgeon if away from home or direct veterinary advice from nurses
They will also provide legal advice/replacement pets/ bereavement counselling for owners

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6
Q

How else do insurers incorporate these helplines

A

They incorporate these helplines to special apps which can be uploaded onto smartphones and tablets

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7
Q

What are some of the benefits to the insurer in providing helpline and advice services

A
  1. Th e provision of a helpline will help the policyholder get the repairs carried out quickly, thus minimizing the chances of a larger claim.
  2. Insurer can control the standard of work completed by the repairer because they are the ones that pay the repairer
  3. The insurer can control the costs involved in the repair and will use its bulk buying power to negotiate favorable rates for repairs
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8
Q

Who are authorized repairers

A

These are contractors/ suppliers recommended/provided by insurer to offer emergency and glazing services

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9
Q

When is Authorized repairers term applied

A

The term is applied in private motor insurance, when insurers have authorized/approved repairers

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10
Q

What are the major concerns of a motor insurer

A

There main concerns are that

  • repairers should be competent
  • fairly priced
  • long-distance tow should be avoided where a vehicle has been disabled as a result of an accident
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11
Q

Nominated Repairers( by insurer) will provide a price reduction on both labor and parts because

A

This is because the insurers have a certain amount of work that is guaranteed, and such repairers provide guarantee standard of workmanship

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12
Q

What are the benefits of approved repairer schemes for motor policyholders

A
  1. collection and delivery of the vehicle
  2. No requirement to obtain repair estimated
  3. provision of a loan car whilst repairs are carried out
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13
Q

When do insurers use authorized suppliers

A

When insurers wish to exercise their right to replace property/particular household goods under a household contents policy

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14
Q

How do insurers manage to obtain discount rates from major departments

A

Many insurers have arrangements with major department stores or other well- known retail outlets to achieve these discount rates

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15
Q

In the event of a total loss claim for households(refrigerator,tv) what do the insurers advice policyholders to do

A

They advice policyholders to obtain a replacement item form the specified suppliers

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16
Q

What are the benefits of having authorized suppliers

A
  1. Insured obtains the benefit of the guarantees provided by the retailer(10/15 day period for full refund of goods)
  2. Insurers benefit from preferential rates available to them from such outlets
  3. no need for any negotiations over the price, which may be necessary if cash settlement had been chosen by insurer
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17
Q

Why are insurers and intermediaries willing to provide advice in areas of risk control

A

This is because its in everybody’s interest to reduce the number and cost of claims

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18
Q

What is the insured’s approach to risk management

A

The insured is concerned about any issue that affects the balance sheet; like competition,labor relations etc

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19
Q

What is the insurer’s approach to risk management

A

The insurer is concerned with those areas that have direct impact on the risk proposed for insurance, including guarding machinery for employer’s liabilityrisks

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20
Q

Which classes of insurance are insurers willing to take up different aspects of risk management process

A
  1. material damage
  2. business interruption
  3. Theft
  4. Money
  5. Employers liability
  6. Public and product liability
  7. Motor fleet
  8. Engineering
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21
Q

Every Category of risk for material damage for fire insurance is classified for insurance purposes by

A

It is classified by the purpose occupation of the building and its construction. Insurers also consider the current level of protection and detection equipment

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22
Q

For fire and special perils risks (Material Damage), what is the insurer/surveyor concerned with (classification for insurance purposes)

A

The Insurer/Surveyor is concerned with the physical aspect of storage and the manufacturing process.They are concerned with the fire and explosion risks,the susceptibility of property to damage by water perils and any geographic consideration for perils like earthquake/subsidence

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23
Q

Apart from the physical risks,the survey report for fire ans special perils risk will always give the surveyors’s view of

A
  1. management and housekeeping standards
  2. the adequacy of sum insured
  3. the estimated maximum loss from an insured peril
  4. risk requirement-what needs to be done to make the risk acceptable for insurance
  5. risk recommendation-actions that are desirable to reduce the loss potential results to reduced premium if carried through
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24
Q

For Business interruption, how do surveyors asses risks and provide advice

A

Surveyor will consider aspects that may be unique to b’ness interruption like bottlenecks in the production processes, as they have a high chance of creating b’ness interruption

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25
Q

What other surveyor’s view of business interruption will feature separately from those for material damage in the report

A
  • the adequacy of sum insured

- EML, will require a review of the insured’s supply chain facilities

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26
Q

Surveyors recommendation and requirement for Theft cover will be related to

A

They are usually related to improving physical security, improving detection or methods of deterring would be thieves

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27
Q

Why does money insurance have its own particular risk requirement

A

This is because of the nature of the risk

28
Q

Why is it unusual for a survey to be carried out for Money Insurance

A

It is unusual because the insurer is able to consider the risk from the information provided in a proposal form. Supplementary questionnaire is used to elicit greater detail

29
Q

Which aspect of the money risk have similar characteristics to those for theft risk

A

Money kept on the premises overnight either in or out of a locked safe are examples of such risks

30
Q

The Transit risk for money has different consideration, What will the insurers be looking at

A

The insurers will be looking at

  • the sum involved
  • the method and frequency of transit
  • the number of cars/people involved
  • the routed used and whether they are varied
  • the use of specialist security firms
31
Q

For Employer’s Liability policy, what are specialist surveyors sometimes used for

A

They are used to carry our surveys or provide advice on employers’ liability risk

32
Q

What are some of the employers’ liability high risk according to surveyors

A

High hazard risks like foundries or one off risks like those that deal with civil engineering contract

33
Q

For risks employee is confined to the insured premises, what do the insurers consider

A

They consider things like the adequacy of safety warnings and fire exits as well as the guarding of dangerous machinery

34
Q

What aspects or risks that insurer could describe as relating to moral hazard

A

1.Terms and condition of employment
2.The adequacy of training
3.the cleanliness and tidiness of the premise
4.the control/Prohibition of smoking
5.staff relation
compliance with health and safety requirement
6.storage arrangements for dangerous substance

35
Q

What type of guidance do insurers provide for moral hazard risk

A

The insurers provide guidance/impose requirement for risk improvement

36
Q

For risks employee are working away from the insured premises, what do the insurers consider

A

The insurers consider issues such as safety codes and the supervision of staff

37
Q

How do these Surveys help the insured

A

They ensure that it complies with the increased number of regulations connected with health and safety

38
Q

Public Liability risks fall broadly into two categories, which are

A
  1. where the risk is related tot he insured’s premises

2. involving employees working away from the premises

39
Q

The category”where the risk is related to the insured’s premises” rarely requires a survey, why is that so?

A

This is because the main risks arise from visitors to the premises being injured/having their property damaged while there.For manufacturing risks its very rare for public to have general access to the premises, member of staff will accompany them

40
Q

The category”involving employees working away from the premises” requires a survey, why is that so?

A

This is because away risks do pose greater problems, as the potential for injury/damage at a third party’s premises could be critical

41
Q

For Liability risks, how are the variety of risks approached by insurer

A

The variety of risks presented to insurers require something of an individual approach to each one

42
Q

For product liability what are the recommendations made and requirement imposed by insurer

A
  1. storage arrangements that are consistent with the shelf-life of products
  2. labeling for clarity
  3. packaging (safety caps for dangerous liquids)
  4. warning notices
  5. quality control methods used in manufacture
43
Q

Many fleet related motor risks are placed with an insurer on what basis

A

They are placed on the basis of the historical claims experience

44
Q

How does the historical claim experience for motor risks assist the insurer

A

The insurer makes an assessment about likely future claims costs and terms are quoted accordingly

45
Q

Apart from a claims experience analysis, what other recommendations and imposing requirement can an insurer offer for Motor risk

A
  1. Analysis of claims by time/use/type/age or any common factor with a view to recommending changes in practice/policy cover
  2. reviewing the management of a fleet(e.g maintenance e issued)
  3. recommending advanced driving/defensive driving courses
46
Q

Which insurance area employs most specialist Surveyors

A

Engineering

47
Q

Which engineering cover is closely linked to physical inspections of the items

A

Boilers, Air receivers, and lifting plant and machinery

48
Q

There is often a cover that caters to both engineering cover and physical inspection, why is that so?

A

This is because of the legal requirement that such items (boilers/lifting plant and machinery) should be inspected regularly

49
Q

For such engineering risks i.e boilers/plants/machinery, the specialist engineers carrying out the inspection advise on what

A

They advise on requirements and recommendations relating to the physical condition of a particular item i.e plant/machinery etc

50
Q

The Association of British insurers produce a range of consumer information material covering a number of insurance issues, these include

A

They include beginners guide to insurance, basic principles, an explanation of how insurance works and individual fact sheets

51
Q

How can one acquire documents from ABI and what do the documents provide advice on

A

The documents are downloaded from the internet and provide advice on fire safety int he home, bad weather, motor,household,personal,medical and a range of codes that apply to insurers

52
Q

What does the Fire Protection Association provide

A

The FPA provides advice and guidance in specialist areas

53
Q

What is the difference in the information provided by the ABI and FPA

A

ABI provides consumer information free of charge, where as the FPA makes a charge for its publication

54
Q

What is the range of information provided by the FPA

A

the range of information is extensive and includes a business fire risk assessment guide and a range of DVD training products

55
Q

In general, what is the definition of risk requirement according to insurers view point

A

Risk requirement brings the risk up to an acceptable standard for cover to be granted

56
Q

In general, what is the definition of risk recommendation according to insurers view point

A

Recommendations includes areas where the risk would benefit from the particular measure and often there is an incentive by way of a premium reduction if its carried through

57
Q

What is uninsured loss recovery services concerned with

A

It is only concerned with situations in motor insurance where policyholder has no insurance cover, but has a legal right to recover losses from another person

58
Q

What are some examples of uninsured loss recovery situations

A
  1. Third Party only cover
  2. Excess
  3. Hire Car
  4. Compensation for personal injuries
59
Q

How does Third party only cover relate to uninsured loss recovery services

A

A motorist insuring against third party only risks, may have damaged caused to the insured vehicle by another motorist. This policyholder may be entitled to recover the damage amount from the other motorist who caused the damage

60
Q

How does Excess relate to uninsured loss recovery services

A

With a comprehensive cover an excess will probably apply, in the event of damage to vehicle caused by someone else, the insured can recover excess from the person responsible for the loss

61
Q

How does Hire Car relate to uninsured loss recovery services

A

A motorist whose car is damaged and is off the road for repairs because of someone else’s negligence, that they may need to hire a car, they will want to recover this cost to the responsible party

62
Q

How does compensation for personal injuries relate to uninsured loss recovery services

A

If negligence can be proved against the third party for injuries suffered as a result of a motor accident, the claim will need to be pursued

63
Q

When may insurers use specialist or solicitors to recover uninsured losses

A

They tend to be used for higher value claims that involve personal injury. It can also be offered as a legal expenses policy/fee/part of the service to the client

64
Q

When do accident management companies pursue claims for uninsured loss recovery

A

They only pursue these claims where they feel that their client is completely blameless

65
Q

What type of payment arrangement do accident management companies provide

A

They usually offer no win- no fee type of arrangement. Successful claims results in a percentage of personal injury damages being retained by the accident management company

66
Q

What other services do Accident Management Companies provide to their client

A

They may also become involved in the provision of a car for hire and the storage of vehicle for pending inspection

IF 2 (13 decks)

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