WORKSHOP OBJECTIVES
Delegates who successfully complete this workshop will be able to:
• outline the types of information generally required by insurers to successfully underwrite a risk and describe the various means insurers have of accessing this information
• outline the options available to underwriters at the different stages of the insurance process (Quotation, Acceptance and Renewal) from the perspectives of pricing and application of contractual terms and conditions
• recognise the principles of Contract Law as they relate to underwriting
• explain the reasons why a property survey may be required
• demonstrate how a risk is assessed from a survey
• define risk management and the benefits for the insurer and customer
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WORKSHOP CONTENT
• An Outline of the Information Required by Insurers and the Various Means of Accessing it
• The Options Available to Underwriters at Inception of Cover, Renewal of the Policy and During the Policy Term:
• Acceptance of Cover
• Pricing of the Policy
• Terms and Conditions to be Applied
• Explanation of the Basics of Policy Documentation and its Interpretation
• Exploration of the Principles of Contract Law as they Particularly Relate to Underwriting
• Explanation of why Surveys are Carried Out and the Types of Reports Produced
• Features a Surveyor Looks for by Class of Business
• Consideration of Possible Risk Improvements and Their Purpose, e.g. Intruder Alarms, Sprinkler Systems
• An Introduction to Risk Management, What it Means and the Benefits to insurers and Customer
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