insurance. introduction put in the right order you find an insurance agent or broker you file/submit...
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INSURANCE
INTRODUCTION
PUT IN THE RIGHT ORDER
you find an insurance agent or broker you file/submit a claim in case of an accident you decide to insure sth. against an accident/
theft or damage (or: seek insurance cover) you contract an insurance policy and pay a
premium for the insurance cover the insurance company settles a claim
1. you decide to insure sth. against an accident/ theft or damage (or: seek insurance cover)
2. you find an insurance agent or broker3. you contract an insurance policy and pay
a premium for the insurance cover4. you file/submit a claim in case of an
accident 5. the insurance company settles a claim
DESCRIBE THIS GRAPH
POOLOF PREMIUMS
CLAIMS
OVERHEADS
INVESTMENTS
INDUSTRY GOVERNMENT INDIVIDUALS
PROFITS
WHO DOES IT: THE INSURER OR THE INSURED?
Provides coverConsults an agentQuotes a premiumPays the premiumCompletes a claim formIssues a policyRequests compensationGives insurance cover
RB p. 30
UNDERWRITER/ BROKERINSURER/POLICY HOLDER/LOSS
ADJUSTER?
The person charged with evaluating an
insurance claim to determine the
insurance company's liability under the
terms of an owner's policy.
The person who evaluates the risk and
exposures of potential clients. S/he decides
how much coverage the client should
receive, how much they should pay for it, or
whether even to accept the risk and insure
them.
UNDERWRITER/ BROKERINSURER/POLICY HOLDER/LOSS
ADJUSTER?
A person or organization that has an
insurance policy. S/he receives the specific
types of coverage (life, health, etc.) stated
in the policy, subject to the payment of
premiums, usually on a monthly basis.
UNDERWRITER/ BROKERINSURER/POLICY HOLDER/LOSS
ADJUSTER?
The party to an insurance arrangement
who undertakes to indemnify for losses.
UNDERWRITER/ BROKERINSURER/POLICY HOLDER/LOSS
ADJUSTER?
The person who works with many
insurance companies to find the very best
available policies for his or her clients.
UNDERWRITER/ BROKERINSURER/POLICY HOLDER/LOSS
ADJUSTER?
DEFINE
UNDERWRITER
BROKER
INSURER
POLICY HOLDER
LOSS ADJUSTER
INSURANCE IN FILMS
“Along came Polly” (2004) shows the adventures of conservative risk analyst (underwriter) Reuben Feffer, played by Ben Stiller.
"Double Indemnity“ (1944) shows a typical life insurance fraud spiced with murder (film noir).
"Sicko" (2007) is a documentary made by Michael Moore in which he criticises America's health insurance system and non-universal, for-profit health maintenance organizations.
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