Identify the 3 main components of the insurance market?
Buyers, Intermediaries and Sellers.
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List 6 main types of buyers within the insurance market?
Private individuals, corporate customers, public bodies, clubs and associations, sole traders and partnerships.
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Compare the ownership of a proprietary company with that of a mutual company?
A proprietary company is owned but it's shareholders, whereas a mutual company is owned by it's policyholders.
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What are the main advantages of direct insurance to the insured?
The main advantages are that:
- Savings are possible and are passed on through competitive premiums;
- Since some classes of insurance are especially price sensitive, immediate cover can be obtained via the telephone or internet.
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What are the main functions of underwriters?
The main functions of underwriters are to;
- Assess the risk presented.
- Decide whether or not to accept the risk or how much to accept.
- Fix the terms, conditions and scope of covers.
- Calculate a suitable premium.
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What is a call centre?
A call centre is usually a particular place where the majority of incoming calls are handled for an insurer.
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List the most common forms of additional services?
The most common additional services;
- Helplines and advice.
- Authorised repairers and suppliers.
- Risk control/advice
- Uninsured loss recovery services.
- Third party administrators.
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Identify Four functions carried out by third party administrators?
Any four of the following;
- Claims administration.
- Underwriting.
- Customer service.
- Product design.
- Price negotiation.
- Advice, information and management feedback.
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Other cards in this set
Card 2
Front
List 6 main types of buyers within the insurance market?
Back
Private individuals, corporate customers, public bodies, clubs and associations, sole traders and partnerships.
Card 3
Front
Compare the ownership of a proprietary company with that of a mutual company?
Back
Card 4
Front
What are the main advantages of direct insurance to the insured?
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