Chapter 1 Summary
Diapositivas del conjunto (7)
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- Legal form of Ownership
- Proprietary
- Stock Insurers
- Lloyd's of London and American Lloyds
- Insurance Exchange
- Cooperatves
- Mutual Insurers
- Reciprocal Insurance Exchanges
- Fraternal Organizations
- Other Cooperatives - Captive Insurers, Risk Retention Groups & Purchasing Groups
- Other
- Pools
- Government Insurers
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- Place of Incorporation
- Domestic
- Foreign
- Alien
- Licensing Status
- Admitted
- Non-Admitted
- Insurance distribution system and channels
- Independent Agency and Brokerage Marketing System
- Direct Writer Marketing System
- Exclusive Agency Marketing System
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- Earn a Profit
- Meet Customers' Need
- Meet Regulatory Requirements
- Diversify Risk
- Fulfill their duty to society
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Constraints on Achieving Goals
- Internal
- Efficiency
- Expertise
- Size
- Financial Resources
- Other Internal Constraints
- External
- Regulation
- Rating Agencies
- Public Opinions
- Competition
- Economic Conditions
- Insurance Marketing and Distribution
- Other External Constraints
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- Meeting Profitability Goals
- Premiums and Investment Income
- Underwriting Performance
- Loss Ratio = (Incurred Losses+Loss reserves)/Earned Premiums
- Expense Ratio = Incurred Underwriting Expenses/Written Premiums
- Combined Ratio = Loss Ratio + Expense Ratio
- Overall Operating Performance
- Investment Income Ratio = Net Investment Income/Earned Premium
- Overall Operating Ratio = Combined Ratio - Investment Income Ratio
- Return on Equity = Net Income/Owner's Equity
- Estimation of Loss Reserves
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- Meeting Customers Needs
- Complaints and Praise
- Customer Satisfaction Data
- Insurer's Retention Ratio and Lapse Ratio
- Insurer-Producer Relationship
- State Insurance Department Statistics
- Consumer Reports
- Meeting Legal Requirements
- Meeting Social Responsibilities
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Functional Overview of Insurance
- Core Functions
- Marketing and Distribution
- Underwriting
- Claims
- Supporting Functions
- Risk Control
- Premium Auditing
- Actuarial
- Reinsurance
- Information Technology
- Other Common Functional Areas
- Investment
- Accounting and Finance
- Customer Service
- Legal and Compliance
- Human Resource
- Special Investigating Units (SIU)