IPO India Information (BSE / NSE)

Wednesday, August 18, 2010

Responsibilities of Insurance Professionals

An insurance policy is a contract wherein an insured gets monetary benefits or reimbursements against future losses from an insurance company. Whom should you goto when you need to purchase an insurance policy or when you file a claim? They are the insurance professionals who guide you to purchase an insurance policy, answer your queries and also help you while you file a claim. It is also a part of their responsibility to check whether or not the claim that you made is a real one. Read on to know about the responsibilities of insurance professionals.
1 . Insurance agents and brokers: Insurance agents and brokers serve as a mediator between you and the insurance company. They help you in determining the amount of coverage that you need. The duties of an agent and that of a broker are almost the same. The only difference is that the broker can represent a number of companies, but an agent represents only one insurance company.
2 . Insurance underwriters: Insurance companies provide protection from financial loss by assuming billions of dollars in risk every year. The work of an insurance underwriter is that he decides whether insurance is provided and if so under what terms. They identify and determine the risk of loss from policy holders. He is the one who is responsible for determining the appropriate premium and write exact policies that covers the risk.
3 . Claims examiner: Insurance claims examiner is another kind of insurance professionals who require a lot of analytic skills. When you file a claim in any kind of insurance policy, the duty of claims examiner is to review the claims that have been filed. It is also a part of his duty to check if there is a sudden increase in the number of claims filed.
4 . Insurance investigators: Above all, there is another group of insurance professionals who investigate a claim whether or not it is a fraudulent one. In this situation insurance investigators investigate by cross questioning the claimants and witnesses and submit the report to the insurance company. In short, they check the authenticity of the claim.
Thus, insurance professionals are a part and parcel of the insurance industry. They will guide you through the path of getting insurance till you file a claim.

Monday, August 16, 2010

Insurance Basics


Insurance is the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium and can be thought of small loss to prevent a large, possibly devastating loss. Business insurance can be any kind of insurance that protects businesses against risks. The concept of insurance is to provide shelter to a property, things and the human life against all expected losses. The procedure of insuring something may be complex in nature but the basic conception revolves round risk management. Insurers may offer insurance to any individual able to pay, or they may contract with members of a group to offer special rates for group insurance. Insurances vary in their contracts from life insurance to health and medical insurance to motor insurance to general non life insurances.In case of business, the presence of insurance facility plays a significantly vital role for the progress and growth of business activities. The insurance companies are also aware of the need of safety cover to the business world.