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.