Insurance_Tutorial_4_1_ - UNIVERSITY OF TECHNOLOGY, JAMAICA...

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UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION TUTORIAL # 4 COURSE: Insurance SUBJECT: Insurance Company Operations GROUPS: Year 3&4 / BBA3-BFS3-B/ BBA3-BFS3-A/ E/PBBA4/BFS 1. How does rate making, or the pricing of insurance, differ from the pricing of other products? 2. Define the meaning of underwriting. 3. Briefly explain the basic principles of underwriting. 4. Identify the major sources of information available to underwriters. 5. Explain the basic objectives in the settlement of claims. 6. Describe the steps involved in the settlement of a claim. 7. Briefly describe the following types of claims adjustors: (i) Agent (ii) Company adjustor (iii) Independent adjustor (iv) Adjustment bureau (v) Public adjustor 8. What is the meaning of reinsurance? 9. Explain the reasons for reinsurance 10. Explain the meaning of “securitization of risk”
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APPLICATION QUESTIONS 1. Richard lives in a sparsely populated community in Westmoreland. He owns and operates an adjustment bureau that adjusts property insurance claims in the area. Property insurers that market insurance in the area cannot afford to hire full-time
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This note was uploaded on 02/26/2012 for the course ECON 101 taught by Professor Adam during the Three '11 term at University of Technology, Sydney.

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Insurance_Tutorial_4_1_ - UNIVERSITY OF TECHNOLOGY, JAMAICA...

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