Please enable JavaScript.
Coggle requires JavaScript to display documents.
RISK ASSESSMENT AND UNDERWRITING CONSIDERATION FOR MISCELLANEOUS PROPERTY…
RISK ASSESSMENT AND UNDERWRITING CONSIDERATION FOR MISCELLANEOUS PROPERTY INSURANCE
WHAT IS?
Underwriting is the function of evaluating the subject of insurance, whether a person, property, profession, business, or other entity, and determining whether to insure it.
PURPOSE
charge a premium commensurate with the risk transferred
guard against anti-selection
UNDERWRITING PROCESS
4. CONFIRMATION OF ACCEPTANCE
3. DETERMINATION OF PREMIUMS,
TERMS AND CONDITIONS
2. SELECTION OF RISKS
1. IDENTIFICATION AND EVALUATION OF RISK
5. RATING
DOCUMENT AND PROCEDURES TO RISK ASSESSMENT
PROPOSAL
Types of Questions
GENERAL QUESTIONS
SPECIFIC QUESTIONS
Questions
NAME OF THE PROPOSER
ADDRESS
THE BUSINESS/TRADE
OTHER RISK INFORMATION
Claim History
Insurance history
Moral History
Specific cover
Other Risk Information
Theft
Money
Business All Risks
Glass
SURVEY PROCEDURES
RISK IMPROVEMENT
STATMENTS OF FACTS
SOURCE OF UNDERWRITING CONSIDERATION
Proposal Form
Site visits/surveys
Meetings or interviews
Agents/Brokers feedback
Reports – health, maintenance
Reinsurers
Websites
Common knowledge
UNDERWRITING CONSIDERATION
Property To Be Insured**
Location Of Property
Security Of Premises
Previous Claim History