March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Summary
Rate making refers to the pricing of insurance. Insurance rates are determined by actuaries.
Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance. There are several important underwriting principles:
– Attain an underwriting profit.
– Select prospective insureds according to the company’s underwriting standards.
– Provide equity among the policyholders.
In determining whether to accept or reject an applicant for insurance, underwriters have several sources of information. Important sources include the application, agent’s report, inspection report, physical inspection, and a physical examination in life insurance.
Production refers to the sales and marketing activities of insurers. Agents ...
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