This course covers the key categories of risk and the steps involved in managing risk. It also describes the functions of underwriting, the underwriting process and the most common forms of reinsurance, insurance contracts and processing proposals. Insurance fraud fundamentals are also covered.
On completion of this course, participants should be able to:
- Recognise and classify risks for insurance purposes
- Identify appropriate risk prevention and risk management methods
- Recognise and apply organisational or industry sector standards for insurance policies and wordings
- Identify and apply organisational underwriting guidelines
- Explain the importance of gathering appropriate risk information
- Explain the importance of policy wordings, terms and conditions
- Recognise appropriate methods of reinsurance to manage risk
- Identify and obtain risk information
- Assess information against established risk acceptance criteria
- Communicate the results of a risk assessment
- Issue a quotation and interim cover
- Recognise and adhere to relevant laws
- Identify and enact appropriate procedures.
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