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12 Cards in this Set
- Front
- Back
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A survey does a number of things including |
Assists in identification for loss exposures
Helps to determine the coverage needed
Develops other underwriting information needed by the insurer |
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Following reasons for a checklist |
Alerts brokers to possible loss exposures
Ensures that I needed coverage are not forgotten or ignored
Helps to reduce the potential for an error and omissions claim |
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Miscellaneous building information WHORP |
Wiring Heating Over current protection Roof Plumping |
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Common hazards HOPED |
Heating Occupancy Protection Electrical services Detachment |
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Private protection |
Refers to things insured has done internally to prevent or reduce loss |
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Public protection |
Public protection provided to insured property in that which is external to it |
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Risk selection |
Primary duty of the underwriters to select those risks that are likely to be most profitable for the insurer |
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Adverse selection |
Occurs when applicant for insurance is is largely most likely to suffer risk |
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Key advantage of risk classification |
Enables that ensure to determine the proper premium to be charged |
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Why rates change |
Rising claims cost due to inflation
changes in the interest rates being paid on investments |
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Physical hazards |
Conditions relating to the use of tangible property which could cause apparel to occur |
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Physical hazards |
Type of building construction Occupancy Housekeeping External exposures Geography Protection |
