Chapter 1: The Insurance Market

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  • 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

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