Professions in Insurance

Question 1

What is the task of the underwriter

Answer 1

The task of the underwriter is to manage the pool as effectively and profitably as po2sible

Question 2

What are the main functions of an Underwritier

Answer 2

1. Asses the risk bought in the pool by the people
2. Decide whether or not to accept the risk
3. Determine the terms, conditions and scope of cover to be offered
4. Calculate a suitable premium, that will cover expected claims, provide a reserve, meet all expense and provide a profit

Question 3

Who can an underwriter be?

Answer 3

An Underwriter Can be;

1. Lloyd’s Underwriter- who accepts all or part of the risk offered on the behalf of Lloyd members, and accepts part or all the premium in return for agreeing to meer the proportion of each loss
2. A person employed by an insurance company, whose job is to make decision on premium and acceptance and to apply company standards
3. It can also be a term used to describe an insurance company itself, fulfilling the role as an underwriter because it accepts risks

Question 4

Why is a claim personnel vital

Answer 4

So as to ensure the proper management of an Insurance Company’s fund

Question 5

What is the role of claim personnel

Answer 5

1. deal quickly and fairly with all claims submitted
2. distinguish between fradulent and real claims
3. asses the cost of claim, so as to place a realistic value, prior to making payments
4. Determine whether others need to be involvedi.e.Loss adjusters
5. Settle claims with minimum of wastage

Question 6

Who is a loss adjuster

Answer 6

Is an expert at processing claims from start to finish,usually in larger claims or complex policy wordings.
They act for the Insurer

Question 7

What are the roles of a loss adjusters

Answer 7

1. Investigate circumstances surrounding a claim
2. Determine whether and to what extent policy covers a loss
3. Facilitate emergency measures
4. Negotiate amount claimed
5. Negotiate with any specialist supplier
6. Make a recommendation of settlement to the insurer

Question 8

Who meets the fees of Loss Adjusters

Answer 8

The Insurers who hire them

Question 9

Who are Loss assesors

Answer 9

These are experts in dealing with Insurance claims, they act for the policyholders.They are appointed by an insured to prepare and negotiate claims on their behalf

Question 10

What are surveyors role in relations to claims

Answer 10

Insurers employ these specialist to determine the exact cause of loss or damage by investigation

Question 11

How are surveyors forensic experts different from loss adjusters

Answer 11

Surveyors/forensic experts tend to be more specifically focused and their advice may be sought when initial investigation of the circumstances surrounding a loss gives cause for concern

Question 12

What is the role of a surveyor

Answer 12

1. giving advice on the immediate necessary action following a loss
2. Making recommendation as to any underwriting action(reduce theft cover until the premise has good security)
3. establishing whether previously advised requirement made by the insurer have been complied with

Question 13

Who is an actuary

Answer 13

An Actuary is a professionally qualified person who applies probability and statistics theory to problems of insurance,financial and risk managment and demography

Question 14

What are the techniques applied by actuaries

Answer 14

There techniques include probability of loss, and the prediction of claim numbers and future values

Question 15

What key role do actuaries play

Answer 15

Actuaries key role in pricing and reserving methodology within an insurance company

Question 16

What are the functions of Risk Managers

Answer 16

1. The systematic Identification, analysis and economic elimination or control of risk that threaten the business
2. Providing guidance on best practice in these areas to management
3. The transfer of appropriately Identified risks by contract or Insurance

Question 17

What is the main role of the compliance officer

Answer 17

Their main role is to ensure that their firms abides by the rules and regulations set down by the regulator.
The key roles of a compliance officer is to carry out compliance oversight function

Question 18

what are the roles of a compliance officer

Answer 18

1.communicating company’s policy to member staff, setting up any associated training
2.Completing regular reports on governance, finance and complaints for the FCA
3.reviewing all stages of the b’ness processes to ensure that they are appropriate and compliant
4.maintaining the company’s compliance manual
5.performing the role of money laundering reporting officer as required by regulations
The responsibility and accountability of the compliance officer within the company cannot be delegated, eventhough some of the tasks can be carried out by an external compliance consultant

Question 19

Internal Auditors

Answer 19

They work within the firm to monitor and evaluate how well risks are being managed.