Impact of indicated fraud in the motor account

Assignment Help Business Management
Reference no: EM133033858

You are the Underwriting Manager for a UK-based insurer, specialising in motor insurance. The insurer has been established for the last 10 years. The way in which the insurer has operated during this 10 year period has remained the same. In addition, the motor underwriting philosophy and motor insurance policy cover have also remained unchanged during this period. However, during the last two financial years, the motor account has experienced an increase in both notified claims and the cost of claims incurred. A recent audit has indicated that a higher proportion of these claims than was expected are fraudulent. You have decided to review the effect of the indicated fraud on the motor account.

(a) Describe how this indicated fraud could be occurring within the motor account.

(b) Discuss how this indicated fraud may impact the insurer and its policyholders.

(c) Explain two significant actions you could take to reduce the impact of this indicated fraud within the motor account.

Reference no: EM133033858

Questions Cloud

What is the standard deviation of the portfolio : The correlation between them is 0.66. If a risky portfolio has 26% invested in A and the rest in B, what is the standard deviation of the portfolio
Kohlberg theory of cognitive moral development : Describe Kohlberg's theory of cognitive moral development and critically evaluate its contribution to our understanding of ethical decision-making in organizati
International criminal police organisation : You have been appointed by Interpol - The International Criminal Police Organisation - to manage an international team to produce a high-level report on global
Prepare the journal entry to record the change : Straight-line depreciation expense has not yet been recorded for 2022. Prepare the journal entry to record the change in accounting estimate
Impact of indicated fraud in the motor account : Explain two significant actions you could take to reduce the impact of this indicated fraud within the motor account.
How much did the customer pay you : Question - On February 5 your business sold inventory worth $56000 to a customer for $42000. How much did the customer pay you
What is the total csr : Question: What is the total CSR you submit to the government for the month? Show your calculation.
Explain the definition of de-globalization : explain the definition of De-globalization and how it is happening with providing some examples
What is the value of the bond : Kirby Clean has issued a $1,000, three-year bond with a coupon rate of 15%. The investor's required rate of return is 10%. What is the value of the bond

Reviews

Write a Review

Business Management Questions & Answers

  What you understood from that current article

TOPIC: New Developments in Compensation - State and Federal FLSA and Minimum Wage and provide for me the source of it and write what you understood from that current article related to the topic mentioned above (1 page).

  Covid-19 pandemic

How Paytm strategy got effected due to Covid-19 pandemic.

  Complete specialization in production

The simple trade model demonstrates that countries can expand consumption by specializing in the production of goods and services in which they have a comparative advantage. In reality, we do not see the complete specialization in production. St..

  Define system 1 and system 2 thinking

Define System 1 and System 2 thinking. Explain how they are relevant to decision-making.

  Basic strategic management process

1. Describe SWOT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process? What are potential weaknesses and limitations of SWOT analysis?

  Sample email detailing new policy

Explain how your oral communication of this policy would be similar or different than the written policy - Sample Email Detailing New Policy

  Describe the challenges the companies staffs may have faced

Respond to the following questions: Describe the challenges the companies' staffs may have faced by using business analytics.

  Explain the rate of unemployment and inflation

Identify economic indicators and data that are used to explain the rate of unemployment and inflation. Pls ans as simple as possible

  Probability of tripling investment

An investor is considering two alternatives for which she has Rs. 1,00,000 to invest. The first is commercial property; the second is stocks. Analysis has revealed that the property alternative offers a 0.50 probability of tripling her investment ..

  Core and overall rate of pce inflation

What is the difference between the core and overall rate of PCE inflation? Why is the overall rate of inflation lower than the core rate of inflation?

  What is the student role in authentic assessment

What is the student role in authentic assessment? this is a classroom management question

  Case study-training and development-sherritt international

Sherritt International is one of the world's largest producers of nickel from lateritic sources and has operations and investments in Canada and Cuba. A key com

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd