The purpose of this course is to prepare a learner to operate as an Insurance Claims Administrator (Insurance Claims Assessor). An Insurance Claims Administrator (Insurance Claims Assessor) assesses the validity of the claim against the contract in order to determine or recommend whether to settle or reject a claim and provide comments on risk improvements and moral risks.
Who is the course intended for?
This course will benefit individuals who have worked competently within the underwriting profession without any option for formal education to obtain a certificate. It will also professionalise the occupation by providing a minimum educational standard against which to train new entrants and thus ensure that the ratio of technical expertise within industry to rate risk is kept at a sufficiently high level of competence, compliance and efficiency.
Topic Covered in the course:
- Ethical conduct in a business environment
- Identify and explain terminology of underwriting (incl. Reinsurance – Facultative and Treaty).
- An understanding of Insurance principles considered in the claims assessment process.
- The role of underwriters and the ‘cycle of underwriting’.
- Insurable Risk
- How the insurance process quantifies risk.
- The various types of risk and how they relate to the decisions required of underwriters.
- Risk Management Actions and why each action would be employed by an underwriter.
- How risk management principles are applied to the underwriting process.
- The main features and objectives of the important legislation affecting the insurance industry.
- Describe an Underwriting Mandate and the function thereof.
- Define underwriting criteria and the function thereof.
- The role players in the insurance industry and the interrelationship between them.
- Differentiate between binder and non-binder agreements