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Transcript

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.

Submission

First, the marketing department receives a submission for an insurance policy.

How do we get submissions?

What is a submission?

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.

Renew?

Life Cycle

Claim

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.

PATH

Renew?

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.

Resources

Issuance

A Proposal

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.

The Product

of a Policy

Endorsement

Rate and Review

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.

Issuance

Rate and Review

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