Underwriting Awareness

Question 1

In addition to the proposal form or broker presentation, name one other measure that could be used to obtain risk information:

Answer 1

Site visit
Supplementary questionnaire
Meeting

Question 2

List 3 factors an Underwriter would need to consider when assessing a motor policy:

Answer 2

Drivers age
Type and make of vehicle
Type of use
Geographical area
Storage
Driving record
Cover required

Question 3

List 3 factors an Underwriter would need to consider when assessing a commercial premises for fire cover:

Answer 3

Use
Type of goods stored
Construction
Risk management features
Number of floors
Method of heating and lighting

Question 4

For personal lines policies, when is an Underwriter likely to intervene during the renewal process?

Answer 4

Where certain types of claims have arisen, or the material facts have changed

Question 5

How has Zurich interpreted the FCA’s renewal requirement of ‘in good time’ to advise the policyholder of the renewal terms and conditions?

Answer 5

21 days for retail customers and 28 days for larger commercial risks

Question 6

What are the 2 main aims of the Risk Engineer?

Answer 6

To identify, assess and improve risks and to support customers and Underwriters

Question 7

What is the Zurich Way of Underwriting?

Answer 7

A framework for Underwriting best practise

Question 8

What are the 9 steps of the Zurich Way of Underwriting Process?

Answer 8

Underwriting strategy
Information gathering & risk selection
Risk assessment
Account structure & coverage
Rating
Pricing
Negotiation
Issuance
Account servicing