SOCIAL SCIENCE TLM BOOK
SOCIAL SCIENCE TLM BOOK , social science tlm collection book pdf . SOCIAL SCIENCE TLM BOOK useful while studying the subject and social science corner.. More than 250 TML. Charts, projects, shortcuts, etc. Useful for all Social Science’s teachers.
SOCIAL SCIENCE TLM BOOK
Insurance Services Office (ISO) The ISO is the largest rating bureau for property and casualty insurers that provides statistics and advice regarding most property and casualty policy forms. The (ISO) is the advisory organization that develops forms for the standard market.
Workers Compensation Inspection Rating Bureau (WCIRB) – (CIC 11750.3) The California WCIRB is a consulting firm that provides reliable statistics, rating information, and advice for Workers’ Compensation insurers. It also collects and tabulates information and statistics for the purpose of developing pure premium rates to be submitted to the commissioner for issuance or approval.
The WCIRB also inspects risks for classification or rate purposes and to furnish to the insurer and upon request of the employer insurance company’s actuarial function is often its least-understood function.
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Actuaries who are certified by professional organizations take an academic look at loss histories, laws and financial trends to develop the guidelines, terms and conditions under which an insurance company will write policies. In some insurance companies, the actuarial staff is small and doesn’t interact much with the other functions.
You may hear actuaries referred to as “wizards” or “elves” since they operate apart from the rest of the company and their decisions are sometimes confusing to others.
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Sales & marketing is usually the most visible part of an insurance company (in this way, it’s much different than the actuarial function). Sales & marketing is the company’s “public face.” For most of the insurance industry’s history, independent agents were the main method of sales and marketing.
And, in many ways, the independent agent remains the classic example of how policies are marketed and sold. However, in the last few decades, other marketing and sales channels have grown.
Captive agents—who only sell the policies of one insurance company—have become a significant alternative to independent agents. Also, a number of companies have begun using direct marketing as their main method of selling coverage.
Direct marketers don’t use agents or brokers to sell their insurance; they sell through direct mail and telemarketing. Since they eliminate a sales staff—and a commission structure—these companies usually offer a cheaper premiums. The problem is: Some of those companies handle claims the same way they sell policies. In other words, the price break usually comes at the cost of service.
Underwriting is the application of actuarial guidelines to specific individuals and companies. It’s the process by which premiums are determined…and insureds are judged to be preferred, standard, substandard or uninsurable.
Preferred risks are entitled to premium discounts, while substandard risks may be declined, or they may have to pay an extra premium for the policy or have a policy issued with a rider omitting some element of the coverage.
Agents play an important role in gathering the information that a company’s underwriters will use to make these determinations. In some cases, the agent will also be trusted to make some preliminary underwriting judgments in the field.
Claims handling covers the entire process of evaluating and paying claims made under policies. This is the part of the insurance company that often draws the most attention from consumers, politicians and media outlets. In some cases, the insurance company’s customer service operations will fall under the supervision of the claims managers.
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