Chapter 1: The Insurance Market
- Created by: Emily Loughran
- Created on: 06-05-21 14:05
View mindmap
- Chapter 1: The Insurance Market
- The insurance market is made up of the following groups of people;
- Buyers (Insured)
- Intermediaries (including brokers)
- Sellers (insurers)
- How communication occurs within the groups themselves;
- 1. Buyers talk to their advisers (intermediaries) about placing their business.
- 2. Intermediaries present insurers with information to obtain quotations for new business.
- 3. Intermediaries then advise buyers of the terms of acceptance that insurers have offered and hope to receive instructions proceed.
- 4. If instructionsto proceed are given, insures and intermediaries will finalise the contract and the risk will be 'bound'
- 5. Insures talk to reinsurers about ways of protecting themselves from very large losses or losses from a single event.
- proposers:
- Private individuals
- Corporate customers
- Public bodies
- Clubs and associations
- Sole traders and partnerships
- Intermediaries
- Advisers
- Brokers
- Lloyds brokers
- Sellers
- composite companies
- specialistcompanies
- direct insurers
- captive insurers
- lloyds
- The insurance market is made up of the following groups of people;
Comments
No comments have yet been made