Risk - Insurance - insurance in belgian perspective
8 important questions on Risk - Insurance - insurance in belgian perspective
What is the difference in money between a life insurance and a general insurance?
What are civil liability rules?
under condition that there is a tangible proof of evidence
For who does this civil liability apply?
pets: owner is reliable for the pet
building: owner is reliable when his building does damage to others
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What is the task of the insurer?
damage -> valuation -> indemnity
How will the premium be determined?
- Risk history (earlier damage)
- risk type
- 'franchise' amount of damage insurer will take on him
- 'REM' English franchise
- other elements
How does the insurer use the premium?
insurance company = instututional investor
objectives: create value, maintain sufficient cash,...
Characteristics of general insurance policy
- Maturity: 1 year ( most common)
- tacit renewal
- cancelling period: 3 years
- termination:
if insurance taker defaults on paying premium
if risk dissapears or changes (increases)
termination by insurer on excessive risk occurence
What is the manager's risk in portfolio?
- Keep portfolio regularly updated
-changes outside company
- replacing old material
- decision must be based on:
-cover quality
- service quality of insurer
-premium
valuation of objects every 3 years
check 'small print'
---> relationship management between 2 counter parties is fundamental
---> good faith
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
