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The loss control
department is working
during the policy's entire
life to reduce the frequency
and severity of any loss
that would produce
a claim.
First, the marketing department receives a submission for an insurance policy.
A submission is an application for insurance.
A submission can come from a multitude of channels. Most notably, marketing reps solicit submissions from agents/preferred agents as well as the agents being able to submit them on their own. Employees may also submit, but this is not the primary way. Submissions can also be obtained via the internet.
A claim occurs when there is some type of loss. It can be bodily injury, property loss, or another type of loss based on coverage. Payment is made to the claimant who is not necessarily the policyholder. The claimant could be a third party.
The marketing, loss control, underwriting
and claims departments all work together
throughout the policy life cycle to decide whether or not a policy should
be renewed. This is an ongoing process so that when the policy is about to expire, which is typically a year after it is issued, they can just review the policy history and decide whether or not to renew. Ultimately, underwriting has the final say in whether or not it will be renewed.
The underwriters will then prepare
a proposal so that the marketing
team can present it to the agent
and the insured.
Once the marketing rep presents the
proposal, the agent and the insured have
the option to either accept or reject
the offer. If they choose to say
yes, it is bound and a policy is
issued.
A change, or an endorsement, can be made to a policy at any time. For example, say you have insurance on your car. Then, you trade your car in for a new one. An endorsement would be made to your existing policy to cover your new car. Otherwise, you would have to buy a new policy every time you bought a new car. If the change is not made, the car would not be insured.
If a submission seems like a good candidate for a policy, the underwriting department will rate and review it. To "Rate" means that the underwriter will generate a premium through the AQS system."Review" means that they will research the submission to ensure that it is something we would want to cover.