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Questions and Answers
What does a loss adjuster do?
What does a loss adjuster do?
- Assesses the amount of compensation that should be paid after a person has made an insurance claim (correct)
- Calculates risks for insurance companies
- Calculates the value of something
- Manages insurance policy renewals
What is the role of an actuary?
What is the role of an actuary?
- Calculates risks for insurance companies (correct)
- Manages insurance policy renewals
- Calculates the value of something
- Assesses the amount of compensation that should be paid after a person has made an insurance claim
What does the term 'renewal' refer to in insurance?
What does the term 'renewal' refer to in insurance?
- The amount of money that an insured individual must pay out of pocket before their insurance coverage kicks in
- Specific conditions or situations that are not covered by an insurance policy
- A temporary insurance contract that provides coverage until a permanent policy is issued
- The process of extending or continuing an existing insurance policy for a subsequent term (correct)
What are 'exclusions' in an insurance policy?
What are 'exclusions' in an insurance policy?
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What does the term 'deductible' refer to in insurance?
What does the term 'deductible' refer to in insurance?
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Study Notes
Insurance Policy and Coverage
- Insurance policy on a car can protect against theft or damage, or both.
Reducing Premiums
- It is possible to reduce premiums without losing coverage.
Personal Insurance Policies
- Some people personally have insurance policies that cover theft.
Buying Insurance
- Insurance can be bought from a broker or directly from an insurance company.
Paying Deductibles
- Some insurance policies require the policyholder to pay a deductible before the insurance company pays the rest of the claim amount.
Making Claims
- People can make claims for insurance coverage, and some may have received compensation pay-outs.
Insurance Roles
Broker
- A broker advises about different companies and their policies.
Policyholder
- A policyholder pays premiums and has the right to make claims.
Third Party
- A third party receives insurance protection from someone else who has purchased an insurance policy.
Underwriter
- An underwriter evaluates the risks of insuring a particular person and sets premium pricing based on that information.
Claimant
- A claimant makes a claim with an insurance company.
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