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Explain the steps in the underwriting process

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Reference no: EM133031612

  1. List and briefly explain the steps in the underwriting process.
  2. What sources of information are available to the underwriter? Explain the importance of each source. Why are multiple sources necessary?
    Sales representatives of property and liability insurance companies sometimes refer to the "sales prevention department." What department of the company are they referring to? Explain.
  3. Why is the pricing of the insurance product more difficult than pricing of other products?
  4. What is the difference between a premium and a rate?
  5. List and briefly explain the steps in the loss-adjustment process.
  6. Briefly explain the nature of retrospective rating plans and why they are used.
  7. List several reasons for which a claim might be completely denied.
  8. Name the various types of adjusters used by property and liability insurers.
  9. Distinguish between an independent adjuster and a public adjuster.

Reference no: EM133031612

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