Insurance Market And Operators

Übersicht

Buying insurance can feel like dealing with one faceless company, but behind every motor cover note or fire policy stands a whole marketplace of specialists. Some sell risk, some carry it, some carry the carriers, and a quiet crowd of experts prices, inspects and settles it. Knowing who is who is the difference between a candidate who guesses and one who understands how a Nigerian risk actually gets placed.

In this lesson you will map the insurance market from the buyer at the bottom to the reinsurer at the top, learn the roles of insurers, reinsurers, brokers and agents, and meet the supporting operators such as loss adjusters, actuaries and surveyors. Above all you will settle the one distinction examiners test almost every year: a broker acts for the insured, while an agent acts for the insurer.

Ziele

  1. Describe the structure of the insurance market and identify its operators
  2. Distinguish the sellers of insurance from the buyers
  3. Explain the roles of insurers, re-insurers, brokers and agents
  4. Describe the supporting services in the market, including loss adjusters, actuaries and surveyors
  5. Explain how the parts of the market work together to place a risk

Lektionshinweis

A hotel owner in Uyo wants to insure her new building. She telephones a man who once sold her a motor policy, signs whatever he brings, and thinks she has dealt with her insurer. She has not. She has dealt with an intermediary, and whether that intermediary was working for her or for the insurance company will decide who is to blame if the cover turns out to be wrong. The insurance market is a chain of distinct operators, each with a defined job. Learn the chain and you can answer half of what WAEC asks on this topic before you read the rest of the question.

Unterrichtsbewertung

Herzlichen Glückwunsch zum Abschluss der Lektion über Insurance Market And Operators. Jetzt, da Sie die wichtigsten Konzepte und Ideen erkundet haben,

Sie werden auf eine Mischung verschiedener Fragetypen stoßen, darunter Multiple-Choice-Fragen, Kurzantwortfragen und Aufsatzfragen. Jede Frage ist sorgfältig ausgearbeitet, um verschiedene Aspekte Ihres Wissens und Ihrer kritischen Denkfähigkeiten zu bewerten.

Nutzen Sie diesen Bewertungsteil als Gelegenheit, Ihr Verständnis des Themas zu festigen und Bereiche zu identifizieren, in denen Sie möglicherweise zusätzlichen Lernbedarf haben.

  1. In the insurance market, an insurance broker acts as the agent of the: A. Insurer B. Insured C. Reinsurer D. Regulator Answer: B
  2. Which of the following best describes a reinsurer? A. A broker who deals only in large risks B. A company that insures members of the public directly C. A company that accepts risk ceded to it by an insurer D. A government body that regulates insurers Answer: C
  3. A large factory fire claim is to be investigated on behalf of the insurance company. The operator appointed is a: A. Loss assessor B. Loss adjuster C. Surveyor D. Actuary Answer: B
  4. An insurer can retain 40,000,000 naira on a risk and reinsures the balance of a 100,000,000 naira cover. If the reinsurer bears the same proportion of any loss as of the risk, its share of a 50,000,000 naira loss is: A. 20,000,000 naira B. 30,000,000 naira C. 40,000,000 naira D. 50,000,000 naira Answer: B
  5. Which supporting operator uses statistics and probability to calculate premiums and reserves? A. Surveyor B. Loss adjuster C. Actuary D. Broker Answer: C

Empfohlene Bücher

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Untertitel: Thirteenth edition
Verleger: Pearson
Jahr: 2016
ISBN: 978-0-13-408257-8
Beschreibung: The standard introduction to risk and insurance, covering risk management, insurer operations and the main lines of life, health, property and liability cover.
Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Untertitel: Tenth edition
Verleger: Wiley
Jahr: 2008
ISBN: 978-0-470-08753-4
Beschreibung: A clear account of the nature of risk and the economics of insurance, written for beginning students across life, health, property and liability insurance.
Fundamentals of Insurance
Fundamentals of Insurance
Untertitel: Second edition
Verleger: Himalaya Publishing House
Jahr: 2017
ISBN: 978-93-5097-079-9
Beschreibung: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Frühere Fragen

Fragen Sie sich, wie frühere Prüfungsfragen zu diesem Thema aussehen? Hier sind n Fragen zu Insurance Market And Operators aus den vergangenen Jahren.

WAEC SSCE - Insurance - 2015

Frage 1 Bericht

Explain the following terms as used in insurance.

(a) re-insurance

(b) Loss adjusters

(c) underwriters

(d) brokers

(e) assessor

 

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