An insurance company is a form of business that is set up to protect businesses, entities, and individuals from a potential loss. The sole purpose of an insurance company is to compensate the insured during the time of catastrophe, injury or loss. Underwriting plays a vital role in the decision making in deciding who the insurance company will provide coverage for. The factors that commercial underwriters have to consider will differ depending on the type of coverage that an individual requests.
Upon the request of acquiring coverage, the first thing that an underwriter must consider is if the risk is an appetite that the company would like to entertain and will it make the business a profitable return. Although most underwriting duties are on the job training, a seasoned underwriter can review an application and instantly know if the risk should be accepted or declined. An experienced underwriter also acts as a detective to protect the firm and its clients from any suspicious fraud. A commercial underwriter should be able to make quick decisions and be able to communicate this information thoroughly either verbally or in written form.
In some cases, prior to the underwriter agreeing to issue a policy an inspection of the property must first be completed. This assessment is done to insure that the property is in excellent condition in case the property has to be used as collateral or to make sure that the value that is being insured is substantial to what the policy provides. A business with lots of machinery and permanently attached equipment is also surveyed to make sure that it is functional and operates according to its intended purposes. An underwriter has to evaluate and take all matters into account when insu...
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...nce company will have to encounter. The overwhelming number of fraudulent disability claims is crippling to an organization which causes their rates to increase excessively and creating large premiums for their clients. If a commercial underwriter suspects something suspicious on the policy, they will immediately consult someone from the loss department and have them investigate.
A waiver of subrogation on an insurance policy is when the insured or client of the insurance company gives over to the insurance company it’s right to recover from another party damages it may have had to pay in response to coverage (http://www.workcompconsultant.com/blog/posts/are-workers-compensation-waivers-of-subrogation-allowed/). A commercial underwriter must be sure that form (WC000313) is applied to the policy otherwise the insurance company will be negligent for all losses.
Underwriting is the assessment of risk that a potential customer may have, this allows the company to offer the customer a certain amount of coverage. This is something critical for
On March 10, 1937, Joseph Lewis and Jack Green started Progressive Mutual Insurance Company. They wanted to provide vehicle owners with security and protection and they thought an insurance company was a good investment for a couple of lawyers who were just getting started. Since its beginning, Progressive has taken an innovative approach to auto insurance. They offered drive-in claims service before any other auto insurance company and in another industry first, they allowed customers to pay their premiums in installments. An appealing option for those who could not afford annual payments. Progressive wanted and still wants to make auto insurance accessible and easy so more people could protect their vehicles.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
This case, which Cynthia Holderfield filed on behalf of her sister and legal ward, Elise Ann Wasson, a disabled adult, alleges that as a result of the insured’s neglect, Elise sustained significant and permanent injuries following a fall on January 17, 2016, while she was a resident at one of our insured’s Community Integrated Living Arrangement homes. The plaintiff further alleges that the insured neglected Elise when its staff failed to obtain prompt medical attention for her injuries and properly report the fall.
- The filing will also document billing irregularities, e.g., billing NP’s appointments to random unseen SSMC doctors and how the South Shore Medical network of physicians profited by your mistreatment. The claim will also expose a system that allows you to practice with impunity, void of standards, oversight, and
liability for issuer losses assessed by the Associations.” The Court justifies the decision the decision based on the explicit exclusionary limitations combined with specific references to penalties. It was
Managed care dominates health care in the United States. It is any health care delivery system that combines the functions of health insurance and the actual delivery of care, where costs and utilization of services are controlled by methods such as gatekeeping, case management, and utilization review. Different types of managed care plans came into development by three major factors. These factors include choice of providers, different ways of arranging the delivery of services, and payment and risk sharing. Types of managed care organizations include Health Maintenance Organizations (HMOs) which consist of five common models that differ according to how the HMO is related to the participating physicians, Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPO), and Point of Service Plans (POS). `The information management system in a managed care organization is determined by the structure of the organization' (Peden,1998, p.90). The goal of a managed care system is to provide subscribers and dependants with needed health care services at the lowest possible cost. Certain managed care plans also focus on prevention by trying to keep members healthy.
While our economy is struggling to get back on its feet, the unemployment rate is declining but at a very slow rate. With so many people still without jobs, many Americans who previously had health insurance found themselves unable to pay for private insurance or COBRA. COBRA is a health insurance plan which allows an employee who leaves a company to continue to be covered under the company’s health plan, for a certain time period and under certain conditions. With COBRA insurance one is now required to pay the full price for health insurance, meaning one is now responsible for the portion the company used to pay as well as the previous rates. For most of those who are unemployed, that is an amount that is not affordable. When one or more family members are unemployed, as is the case...
People purchase insurance policies to help protect themselves and their property in the event of a catastrophe of loss. If a catastrophe or loss occurs, the person who owns the insurance policy will submit a claim. The person submitting the claim is called a claimant and a claim is basically requesting for the insurance company to reimburse them for their loss. A claims adjuster works with the claims that people file in those situations (Bureau of Labor Statistics 1).
The following paper discusses the Federal False Claims Act, 31 U.S.C. §§ 3729-33 in more detail. While such violations may involve various types of health care providers, focus is placed on the applicability of the law within the pharmaceutical sector of health care. The roles and responsibilities of a health care administrator within the pharmaceutical sector are also discussed considering the impact this entity may play in preventing such violations (e.g., knowledge of law, how it impacts daily operations, consulting with legal entities, regulatory compliance, etc.).
Auto insurance is one of the most widespread utilized insurances in Canada. Insurance provides protection from liability claims after accidents and is required for licensing a vehicle. The concept of why basic automobile insurance is compulsory for modern-day Canadians is justifiable, as it holds the wrongdoer accountable for the potential losses of others that they have inflicted (Lanzenauer, 2006). However, if you live in British Columbia, Saskatchewan, Manitoba, or Quebec, where there is a monopoly of public auto insurance, you probably have a strong distaste for this provincial government-owned enterprise.
The underwriting cycle is the tendency of property and casualty insurance premiums, profits, and availability of coverage to rise and fall with some regularity over time. A cycle begins when insurers tighten their underwriting standards and sharply raise premiums after a period of severe underwriting losses or negative stocks to capital (e.g., investment losses). Stricter standards and higher premium rates lead to an increase in profits and accumulation of capital. The increase in underwriting capacity increases competition, which in turn drives premium rates down and relaxes underwriting standards, thereby causing underwriting losses and setting the stage for the cycle to begin again. All industries experience cycles of growth and decline, 'boom and bust'. These cycles are particularly important in the insurance and re-insurance industry as they are especially unpredictable. Lloyd's of London research in 2006 revealed, for the second year running, that Lloyd’s underwriters see managing the insurance cycle as the top challenge for the insurance industry, and nearly two-thirds believe that the industry at large is not doing enough to respond to the challenge. The Insurance Cycle affects all areas of insurance except life insu...
Long time ago, there was no need for health insurance in America, as doctors had many clients because their services were not so expensive and in some cases in rural areas, people could pay by giving other items. Doctors were not as knowledgeable as they are nowadays to care for the sick, therefore this didn't have much effect then on the patients, as they were treated for the basic illnesses.
When speaking with an at-fault party’s insurance agent after an accident, it is easy to get the impression that the representatives are there to help you. However, in reality, that agent is looking for every opportunity to decline or minimize your claim in order to save their company money, as every seasoned Corona plaintiff lawyer can attest.
"1- The name of the insured, or of some person who effects the insurance on his