API 28

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Author:
avoegeli
ID:
14748
Filename:
API 28
Updated:
2010-04-15 23:09:19
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Chapter Terms
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Description:
Chapter 3
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  1. Risk Elgibility
    Determined by the rules adopted and filed for use in a state. An elgible risk falls wihtin the broad category of risk that can be written on a policy. A risk must be elgible before it can be acceptable.
  2. Risk Acceptability
    Broadly defined by underwriting guidelines published by an insured for a type of policy.
  3. Fraud
    A clear and willful act of obtaining money or value under false pretenses .
  4. Credit Report
    A record of an individual’s income, debt and payment history.
  5. Expert Systems
    Computer software programs that supplement the underwriting decision-making process
  6. Checklist Approach
    Refers to an underwriter only those applications that require underwriting decisions
  7. Eligibility
    Determined by the rules adopted and filed for use in a state.
  8. Litigous
    Means prone to engage in lawsuits
  9. Retention
    The percentage of policies renewed at anniversary
  10. Scorring
    Performed by a computer program that assigns a number grade to an application based on information in the application
  11. Account Underwriting
    The process of evaluating all of the policies written by an insurance company for an insured
  12. Special Investigative Unit
    Is a group within an insurance company typically staffed by former law enforcement professionals
  13. Redlining
    A practice underwriters once used of drawing a red line around an area on a map, where applicants would not be accepted.
  14. Modeling
    Method of assisting an underwriter in the decision-making process by identifying hazards and degrees of hazards that are not part of an ideal risk.
  15. Screening
    The process of categorizing applications to allow underwriters to concentrate on those applications that require a decision.

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