Profile of an Underwriter – What is Underwriting – The Objectives of Underwriting – Why Underwriting is Important – The Underwriting Process – Functions of Underwriting – Risk Selection – Classification and Rating – Policy Forms – Retention and Reinsurance – Rate Making – Underwriting Decisions – Policies on a preferred basis – Policies on a Standard Basis - Policies on a substandard basis – Higher premium – Limit Policy benefits – Excluding certain provisions from coverage – Rejecting Proposals – Monitoring Underwriting Decisions Methodology and Procedures of underwriting of new business – scrutiny of the proposal – limit of acceptance – acceptance subject to controlling office approval – acceptance of extra-hazardous risks – acceptance of risks subject to underwriting safeguards – provisional acceptance – issue of policies – underwriting of renewal business principles of ratemaking
making the rate structure – the process of ratemaking – mathematical equations – trended, projected ultimate losses – loading factors – individual risk rating – experience rating – composite rating approaches in pricing class rating – individual or merit rating – schedule rating – experience rating – the objective of experience rating – basis of experience rating – Applicability of experience rating – essentials of experience rating – disadvantages of experience rating methods – exposure rating – illustration – premium workout. file and use regulations filing of rates and policy forms for regulatory review – prior approval – file and use – use and file – flex rating regulations – Indian insurance market – IRDA requirements for consideration and review of products – classification of products Applications of file and use regulations file and use requirement – role of board – underwriting policy – role of moderator – role of compliance officer – Role of Appointed Actuary - Role of Advocate – Internal Technical Audit – Practical Applications of the Guidelines – Product Details – Product Features – Marketing – Underwriting and claims – Actuarial Support – Rates and terms – Documents – Supplementary Information Tools of Underwriting Risk Management Framework – Insurance Documentation – Proposal Form – The Policy Document – Endorsements – The Reinsurance Placement Slip – Insurance Certificates – Cover Note – Renewal Notice – Exclusions – Deductibles – types of Deductibles – Co-Insurance – Reinsurance and Levels of Retention types of Policies Named Perils Policy – All Risk Insurance Cover – Package Policies – Customized Insurance Policies – Special covers – First Loss Policy – Fire Declaration Policy – Fire Floating Policies – Valued Policies Underwriting Profitability and Re-underwriting Strategies Reviewing the Underwriting Policy or Re-underwriting – Underwriting Audit – Review of Claims and Special Events – Conclusion – Protection of Policyholders Interests – Point of Sale – Proposal for Insurance – Grievance Redressal Procedure – Contents of A General Insurance Policy – Claim Procedures – Policyholders‘ Servicing – Mutual Obligations – Policyholder Awareness – Disclosure by Insurers Research and Development in Underwriting, Rating and Product Innovation – challenges Ahead Innovative Rating Programs – Rate Making – Data, Concepts, terminology – Product Innovation I.T. Applications in Underwriting Technology and Underwriting – Underwriting – A Different Perspective – The Current Model of Underwriting