Description
This interactive insurance training session is designed to build knowledge and skills within Underwriting, from how to interpret the initial submission to quoting the risk. It includes identifying ‘good risks & bad risks’ across multiple classes, understanding common deductible, excess and aggregate terms, premium bases and the underwriting factors for these.
The workshop focuses upon the practical ways in which underwriters help to mitigate risks and the underwriting measures employed on policies to manage exposure.
The course is suitable for anyone who needs an understanding of the principles of underwriting and assumes no prior knowledge. It is also relevant for anyone who works in underwriting or broking who needs knowledge of the subject.
Throughout the session there will be a number of interactive examples and case studies for delegates to work through.
What you will learn
Course Objectives & Content:
- Submissions:
- Different formats of submission
- Understand how to identify key information.
- Identifying the risk & values
- Key questions to ask
- Overview of key Insurance Principles
- Insurable Interest
- Utmost Good Faith
- Proximate Cause
- ‘Good Risk / Bad Risk’:
- Identify underwriting concerns for sample of risks
- Multi class
- Develop understanding cross selling and class factors
- Impact of the recent Insurance Acts and Contract Certainty
- What Contract Certainty is & why it is important
- Financial Services Act 2012
- Consumer Act 2012
- Insurance Act 2015
- Impact of all three on Insurance & Underwriting.
- Structure of a Policy / Slip
- Key details to include from the submission
- Role of Warranties, Conditions
- Mid-term changes
- Retention, Deductibles & Aggregates and how used to manage exposure & risk:
- Understand deductible terms
- Retentions and limits and how work.
- Understand how aggregates work and terms used.
- Underwriting Factors:
- Base premiums & base rates
- Underwriting factors and how to apply
- Applying knowledge to working examples
- Claims:
- Reviewing claims information provided
- Frequency vs Severity
- Underwriting considerations
- Overview of Reinsurance and why needed.
- Treaty Reinsurance
- Facultative Reinsurance
- How both used to manage exposure
- Session will finish with Quiz at the end.
01525 850086
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