Which assessments does the insurance UW process consist of?
-Major UW factors affecting claims for a LOB
-Average claim per member of group
-Proposer’s characteristics in comparison to average
Why is commerical insurance more difficult to write than personal?
It is less homogenous and therefore more complicated
What are insurers concered with in Contents insurance?
-Area
-Occupation during the day
-Security
What are insurers concered with in buildings insurance?
-Construction
-Location
What are insurers concered with in travel insurance?
-Destination
-Purpose and duration
-Group policies
-Pre-exisiting conditions
What are some example of rating factors for fire and special perils?
-Number of floors
-Construction and material
-Types of good stored on premises
What is pecuniary insurance used for?
To protect against pure financial losses
What are some examples of Fraud Detection?
-The motor insurance anti-fraud and theft register (MIAFTR)
-Motor insurance database (MID)
-CUE
-Art Loss Register
What is the MIAFTR?
Contains details of all total loss and theft claims
What is the MID?
Contains details of all registered vechiles in the UK
What is CUE?
Information on Incidents reported to insurers by personal insurance policyholders
What are the Art Loss Register aims?
-Increase the recovery rate of stolen art
-Deter theft by making resale more difficult
What are the 4 types of discrimination included in the Equality Act 2010?
-Direct
-Associative
-Perceptive
-Indirect
