The Insurance Market Flashcards
1
Q
3 Components of Insurance Market
A
Buyers
Intermediaries
Sellers
2
Q
5 Main Types of Buyers within Insurance Mkt
A
Private Individuals Companies Public Bodies Clubs & Associations Sole Traders
3
Q
Main advantages to Insured of Direct Insurance
A
Immediate Cover available Less Costly (no commission)
4
Q
Main Functions of Underwriters
A
Assess the Risk Presented
Decide whether to accept risk & how much
fix terms, conditions & scope of cover
calculate a suitable premium
5
Q
What is a Call Centre
A
In a particular place where most calls are handled for an insurer
6
Q
Most Common forms of non-insurance services
A
Helplines and Advice Authorised repairers and suppliers risk control / advice uninsured loss recovery services third party administrators
7
Q
4 functions carried out by a TPA
A
claims administration underwriting customer service product design price negotiation advice, information & Mgt Feedback
8
Q
What is a Mutual Company
A
Owned by policyholders
