5. Insurance occupation In recent years in the U.s. some 2.2 million people were employed in the insurance industry, among whom 1.5 million work in home offices and 700,000 work as agents, brokers, or in service organizations
5. Insurance Occupation In recent years in the U.S., some 2.2 million people were employed in the insurance industry, among whom 1.5 million work in home offices and 700,000 work as agents, brokers, or in service organizations
I Insurance agents brokers Insurance agent---the link between the insurance company and the insurance Consumer 1. Duties of the agent 2. Agency contracts: specify the authorities to the agent 3. Agent should act within the limit of the authorities 4.Two other fundamental legal doctrines
I. Insurance agents & brokers ▪ Insurance agent---the link between the insurance company and the insurance consumer. 1. Duties of the agent 2. Agency contracts: specify the authorities to the agent. 3. Agent should act within the limit of the authorities. 4. Two other fundamental legal doctrines
Insurance broker 1, A broker is the agent of the insurance applicant. 2. A broker is needed when the applicant wants to tailor out specific insurance requirements Licensing requirements Direct writers---employed by insurers Independent agents
▪Insurance broker 1. A broker is the agent of the insurance applicant. 2. A broker is needed when the applicant wants to tailor out specific insurance requirements ▪ Licensing requirements ▪ Direct writers---employed by insurers ▪ Independent agents
I. Loss adjuster Employees, independent adjustment bureaus Public adiusters---an agent of the insured reservation of rights waiver and estoppel III, Underwriter IV. Actuary
II. Loss adjuster ▪ Employees, independent adjustment bureaus ▪ Public adjusters---an agent of the insured. reservation of rights waiver and estoppel III. Underwriter IV. Actuary
6.Insurance Regulation Regulation represents the rules by which the game is played. The government as market regulator: to protect the weak group
6.Insurance Regulation Regulation represents the rules by which the game is played. The government as market regulator: to protect the weak group