Underwriting Process Of Motor Insurance
Closing the loop of the life insurance value chain.
Underwriting process of motor insurance. Underwriting is the process of determining whether an insured is an acceptable risk and if so at what rate the insured will be accepted. Underwriters are responsible for assessing a person s risk before approving a car insurance company s policy. The underwriting process is of prime importance to any insurer as it represents the starting point of the legal and financial relationship between an insurer and a particular proposer. This research focuses on the perceptions of the leading short term insurers in south africa concerning the underwriting process of motor vehicle insurance.
Underwriting is the process of evaluating the risk of insuring a home car driver or individual in the case of life insurance or health insurance to determine if it s profitable for the insurance company to take the chance on providing insurance after determining risk the underwriter sets a price and establishes the insurance premium that will be charged in exchange for taking on that risk. An insurer has a responsibility to its current policyholders to make sure that it will be able to meet all the contractual obligations of its existing policies. To explain how we have delivered value in the underwriting process we first take a step back to describe how we view the insurance value chain within life insurance firms. The underwriting process of motor vehicle insurance article in corporate ownership and control 6 3 239 246 january 2009 with 3 382 reads how we measure reads.
One life insurance plan can be selected at a time with or without riders e g. Some parts of the underwriting process require action on your part while others require the input of someone else such as your doctor. The underwriting process is the method of determining that the company continues to function within workable boundaries. About the author based in ohio deborah waltenburg has been writing online since 2004 focusing on personal finance personal and commercial insurance travel and tourism home improvement and gardening.
8 1 describe the key underwriting criteria for motor insurance health insurance and personal insurances 8 2 describe the key underwriting criteria for. Car insurance underwriting is the heart of auto insurance with the underwriters acting as the invisible force behind insurance companies. Proposed insured s ages are from 1 month 1 day to 70 years of age s 70 years of age is only acceptable for certain insurance plans. Insurance underwriting process objective to provide knowledge and understanding of the role of underwriting including identification assessment.
Waiver of premium rider accidental rider hospital and surgical rider hospital benefit rider dread disease rider term life rider payer benefit rider etc. Insurers cannot accept every applicant.
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