personal coverage clients
Auto Coverage Underwriting Considerations is helpful to understand the factors that drive the automated screening process and lead to the....
to the acceptance or rejection of submissions
Cross-selling benefits for the customer
Convenience
Reduced risk
______ __________ help an insurer fulfill its contractual promise by handling claims in a way that promotes peace of mind for policyholders and quickly restores claimants to their pre-loss condition.
Claims representatives
A conscious act or decision not to act that reduces the frequency and/or severity of losses or makes losses more predictable.
Risk control
Applications and questionnaires for personal liability insurance should be carefully evaluated to look for issues that can increase potential loss frequency and severity, such as
Select one:
A. Swimming pools surrounded by fences and well-lit porches.
B. Poor housekeeping and maintenance of premises or an unfenced pool.
C. The removal of dead trees and bicycles stored in a garage.
D. Stairways in good repair and free of obstructions.
B. Poor housekeeping and maintenance of premises or an unfenced pool.
What are the six points in Auto Coverage Underwriting Considerations that help lead to the acceptance or rejection of submissions?
The Driver
Vehicle Type
Age, Mileage, and Condition
Driver Records
Loss History
Financial Data of Driver
Cross-selling benefits for the agent:
Ease of sale
Increased profitability
Improved retention
During initial contact with a claimant, the claims rep should take these actions:
get 4 out of 8 and get the point
1. Listen to the claimant’s full story.
2. Show empathy.
3. Verify coverage.
4. Explain how details of the policy relate to the loss, including any exclusions or limitations that could affect coverage.
5. Outline what will happen next in the investigation, what forms must be completed, and how long the claims process will take.
6. Tell the insured what is required to protect property from further damage.
7. Supply the insured with any necessary paperwork, such as forms for recording personal property losses.
8. When necessary, make emergency advance payments to theinsured for clothing, living expenses, or food.
A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest.
Property loss exposure
As an insurance agent, Lucy uses various ways to keep in touch with customers. Based on her experience, she knows that this will help improve customer retention. Which one of the following would be considered cross-selling?
Select one:
A. Offering to quote other lines of coverage
B. Sending e-newsletters explaining loss exposures
C. Sending out “Getting to Know You” surveys
D. Completing an annual policy review
A. Offering to quote other lines of coverage
The information needed to make decisions about personal auto liability and physical damage coverage can be obtained from the
hint 4
The information can be obtained from the application, the producer, motor vehicle reports, and various financial reports.
Ways to Keep in Touch With Customers
call
send email
quote other lines of business
seasonal cards
annual policy review
get to know you surveys
When helping personal lines customers, it’s important for claims professionals to avoid making some common mistakes.
1. The first is the tendency to view a claim as “just another file.” It’s easy to let this happen when a lot of claims are coming in, but in reality, each file represents a person. To the insured, the claim may very well affect their livelihood—and they want it treated with the appropriate attention and severity.
2. The second is not speaking up when you don’t know something. Don’t be afraid to ask questions of peers or management. It’s critical that you get things right.
3. Another common mistake is failing to review the entire policy before beginning the claims investigation, particularly if there are customized conditions or endorsements.
4. Finally, avoid giving the claimant the impression that a claim will be covered when there may be grounds for denial.
A listing of past claims, including the date of occurrence, the line of business, the type or description of the claim, the date of the claim, the amount paid, the amount reserved, and the claim’s current status.
Loss history
The value of an insurance contract in the event of a claim
Select one:
A. Includes peace of mind.
B. Is purely remedial.
C. Is purely financial.
D. Includes the opportunity to profit.
A. Includes peace of mind.
Property Coverage Underwriting Considerations
hint 5
Loss history
Construction, age, and location
Property values
Financial data of owner
Risk control reports
A key goal for sales and service professionals is improving customer retention, this is because
long-term customers are much more
profitable than new ones
What sets the tone for the claims adjustment process?
The claims rep’s initial contact with the insured sets the tone for the adjustment process.
Cross selling
Selling new types of insurance products to existing clients.
Maggie is a personal lines underwriter evaluating an old Victorian house for homeowners coverage. Which one of the following will provide Maggie with the detailed information on the property loss exposures for this applicant?
Select one:
A. Property value and location
C. Risk control report
D. Loss history
Risk control report
Liability Coverage Underwriting Considerations liability loss exposure red flags are
Liability loss exposure red flags
Business activities
Poor maintenance
Hazardous equipment
Animal
Farming operations
Regina is an entry-level customer service representative helping a prospective customer over online chat. The customer wants to purchase a standard renter’s insurance policy—and to include a valuable guitar among the insured property. The customer is willing to purchase the renter’s policy now, but Regina knows that a standard renter’s policy won’t provide adequate coverage if the guitar is stolen. What step should Regina take next?
Regina should inform the customer that the renter’s policy won’t fully cover the guitar and offer to refer the customer to a producer who can suggest and provide adequate coverage.
Roberta called her homeowners insurance company to file a claim. She was in complete distress and assigned to Karen. Karen began asking for details about Roberta claim, verifying coverage, explain details how the policy related to the loss. What should she have done next?
Outline what will happen next in the investigation, what forms must be completed, and how long the claims process will take.
A single event that causes widespread losses.
Catastrophe
Insurers handling catastrophe claims should be prepared for
Select one:
A. Mortgagees that are eager to abbreviate their procedures.
B. News media eager to promote aggressive behavior.
C. Claimants who are not eager to assert their rights.
D. Claimants who are aggressive in their pursuit of settlement.
D. Claimants who are aggressive in their pursuit of settlement.