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Duration: 42 minutes (approx)
Issued: January 2010
Author: Process Knowhow
Email us at
service@processknowhow.com if you require further information
It can take time for directors and managers to pick up basic knowledge on insurance. Colleagues can expect them to know the difference between liability, material damage and continent loss covers, what policy endorsements are, what is meant by indemnity and what the roles are of an insurance broker and insurance captive. It can be a particular problem with a director or senior manager who has been assign the responsibility for renewing their group’s insurance.
This presentation is an introduction to the subject for medium sized and larger companies. It explains why insurance is taken out, factors affecting the cost paid for insurance, the different types of covers and common terminology. |
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Sections of the presentation:
Notice and Welcome
Introduction
Why do businesses take out insurance?
- Capital efficiency and self insurance
Basic background and common terminology
- Insurance contracts and documentation
- Policy Endorsements
- Indemnity insurance and policies for benefit
- Subrogation rights
- Contribution
- Periods of cover and claims basis
- Run-off cover
- Taking out insurance and renewals
How insurers operate and factors affecting premiums
- Outline of an insurer’s business
- Factors affecting the premiums charged to new customers
- Policy excess and policy limits
- Insurance captives
Types of insurance policies
- Liability covers
- Material loss or material damage
- Business interruption and consequential loss
- Insurance of people and for benefit
- Motor liability
- Speciality and miscellaneous covers
Role of an Insurance Broker
- Broker fees and broker independence
- Selection of brokers
- Notifying claims
- Disclosure to insurers
- Averaging
Test your knowledge
The following are words and phases mentioned in the presentation:
Averaging
Broker fees
Broker independence
business continuity procedures
business controls
Business interruption
Business survival
capacity of the market
capital
Capital efficiency
catastrophe
claims handling function
Claims incurred basis
Claims made basis
Commercial obligations
company secretary
Consequential Loss
continent loss
contribution
Cost, insurance, freight
cover
crime insurance
D&O
death benefit
defamation
Dental cover
derivative action
director remuneration
Directors and Officers liability
duty of disclosure
duty of utmost good faith
E&O
economic climate
emergency medical treatment
employee benefit specialists
employer’s liability certificate
Employers Liability
employers liability cover
Engineering insurance
Errors and Omissions
excess
Ex-Works
Fidelity insurance
financial loss
financial results
financial services
for benefit policies
Free on Board
Goods in transit
hurricane |
increased cost of working
Indemnity insurance
inspection specialist engineers
insurable event
insurable interest
insurance broker
insurance captive
insurance certificates
insurance company
Insurance contracts
Insurance of people
insurance premium
insurance questionnaires
insured
insurer
investment returns
Key Man insurance
layer
leasehold
legal protection
Legal requirements
letter of comfort
liability
Liability cover
liability to a third party
Life assurance
life cover
life-time cover
lines of insurance
Loss Adjusters
Loss Assessor
Loss of income
major disaster
Malpractice insurance
market practice
material damage
Motor liability
Named driver
objectives
outsourcing
perils
Permanent Health
Personal accident
personal injury
Personal Injury
PHI
physical property
PI
policy document
policy endorsements |
policy extensions
policy schedule
policy terms
Policyholder
Pool Re
premium
principle of indemnity
Private Health cover
Private Medical cover
Products Liability
professional costs
Professional Indemnity
protect the share price
Protection of objectives
Public Liability
questionnaire
Reduction of volatility
regulated environments
reinsurance contract
reinsurer
renewal premiums
reputation
reserves
Return on Capital
Risk avoidance
Risk mitigation
Risk Transfer
risks
Run-off cover
schools
Self insurance
Self-insurance
shortfalls in capital
Sickness policies
specialist insurers
standard policies
statement of wishes
statute and common law
statutory inspections
stratify the risks
Subrogation rights
terrorism
Third party insurance
Travel policies
types of covers
underwriters
underwriting capacity
Unnamed driver
upper limit |
This product was added to the catalog on Wednesday 17 February, 2010.
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