Insurance
If anything happens to you such as hurting yourself or a car crash, you need to tell the insurance company to give you money or help, and that report to the insurance company has a name. What do you call it?
That report to the insurance company is called a claim.
As we have learned in the past few years, reinsurance is the insurance of the insurance companies. Are there insurance for reinsurance companies?
Yes, there is. One reinsurance can buy insurance from another reinsurance company. This is actually called retrocession.
If you are a car owner and your car gets stolen, does it count in your property insurance or your auto insurance? Is it both? Explain why or why not.
It will only count as auto insurance because property insurance means homeowners or renters insurance, not auto.
When and where did Swiss Re open?
Swiss Re originated in 1863 in Zurich, Switzerland.
There has been a car crash!!! You came back from work with two other people. You crash between another car and it is your fault. You go to the hospital and the bills are too expensive because of your illness and one of the passengers died! 😢 You come out disabled for at least six months. You want to get the car repaired again. Name at least seven insurances that are needed in this situation situation.
You can use health insurance, life insurance, umbrella insurance, collision insurance, auto insurance, liability auto insurance, liability health insurance, major medical insurance, disability insurance, etc.
If you want insurance to pay you, you have to pay "monthly subscription." What do you call the money you pay to them?
The monthly payment to the insurance companies is called premium.
What exactly does insurance need reinsurance for? What is the term of reinsurance helping out insurance?
If an accident such as a natural disaster, a pandemic, a robbery, or other bad things you can't control, the insurance needs to pay to the whole town that had insurance. In that case, insurance might run out of money so they need help from the reinsurers. The term to identify this situation is called risk sharing.
Critical Thinking: What type of insurance helps you work or go to places when you are injured?
This insurance is called disability insurance.
How many offices does Swiss Re have globally and how many centered in Latin insurance. Name me one place where they cover Latino insurance.
80 offices globally and four centered specifically in Latin Insurance such as Miami.
Your are a reinsurance company. There are two insurance buildings to reinsure but you can only pick one. One is in California and the other is in Toronto. Which one should you insure and why.
You should insure Toronto because Toronto has very little natural disasters and a lot more safety than California since it is prone to wildfires and theft.
If a natural disaster occurs, it damages your home. The insurance you would pay is home insurance and more specifically...
The insurance paying when natural disaster is home insurance or property insurance.
When needed, reinsurance helps insurance stay more balanced or a more professional word...
Reinsurance helps insurance stay balances or stable.
What type of insurance kicks in after your primary policies reach their limits, adding extra liability protection?
The type of insurance is umbrella insurance.
Where is the headquarters of Swiss Re in the US, not Zurich?
Armonk, New York
You just came out of the hospital disabled and you can't go to work. What insurance will cover what you will earn without going to work because of your disability? Is it disability insurance, worker's compensation, or business interruption insurance? Explain which one why and why not the other ones.
The insurance will be disability insurance because worker's compensation is to still work but with rehabilitation benefit and business interruption because your work was not stolen.
Will insurance pay you coverage if you, yourself, lost something or broke something? Why or why not?
Sample Answer: Insurance will not pay anything you lost or broke because it was not something you couldn't control (uncertainty). If you lost or broke something, that is your responsibility.
What is it called when reinsurance combines all policies from the same event into one policy.
When reinsurance combines all policies, it is called treaty reinsurance.
Describe to me the difference between business liability insurance and business interruption insurance.
What is one record of Swiss Re in the reinsurance industry?
It is the oldest independent reinsurer still in operation
Critical Thinking: There are two types of people wanting to buy an auto insurance. The first one has a clean transcript in their license and has only one car crash. The other one has a transcript of doing illegal driving and has crashed many times. Which one will cost more and will all insurance companies ask for the same amount of money?
The person with the illegal transcript will have a more expensive insurance because it is likely for them to crash again; not every company will charge them the same amount of money, though.
Critical Thinking: Imagine yourself as a Swiss Re risk engineer. You are trying to compare two places to see which one is better to reinsure. The first place is Puerto Rico, but the second place is Colombia. Which one will you most likely insure and why? (think about the risks of each one)
The place they would most likely insure is Colombia because in Columbia, the geography of the city is more inside in the land than Puerto Rico so it has less chance of occurring a natural disaster. When looking at a place to insure, you always must know the risks.
What are two differences between property insurance and liability insurance? Please specify.
Sample answer:
Liability is damage caused to third person, or another person, while property is damage of first person, or to myself.
Liability can cover many things such as health, property, pet, etc. while property insurance is just home and buisness.
Critical Thinking: The main Swiss Re building, the Gherkin, was originally in Zurich, but it moved. Gherkin is actually an English word so there are three places where it could be located: US, Canada, or England. Based on the information I've told you, where is the gherkin now?
The Gherkin is actually in London. It could not be the US because gherkin in the US is cucumber and Canada has a very similar language to US English, so the only place left is the UK.