Types of Insurers and Marketing Systems
Types of Insurers and Marketing Systems Risk Management- Phase 2 ? Types of Insurers and Marketing Systems Deliverable Length: 1,200 words (2 pages) Part 1 What is the meaning of the term reinsurance? Explain the reasons for reinsurance. Explain the term securitization of risk. Part 2 What unfair trade practices are each of the following insurance agents violating? Explain the terms that you use. Agent Jones offers a client to pay a portion of the premium if the client purchases a policy. Agent Peterson convinces a client to replace a life insurance policy with a new policy that adds little value. Part 3 Julia owns a building worth $800,000. She insures the building for $300,000 with Company A, $400,000 with Company B, and $100,000 with Company C.?There is a fire, and the building sustains $100,000 in damage. ? How much will Julia collect in insurance? How much will each company pay? What insurance term describes this situation? What is its purpose? ? ? ? ? ? ? ? ? ? Answer Preview.. Part 1 The term reinsurance is a terminology, which refers to a practice where an insurance company opts to transfer all or portion of risk portfolio to a third party. It is a form of agreement, which aims at protecting the insurance company by reducing the possibility of having to pay large compensation, which the company would be unable to assume or execute. It is important to state that the reinsurance process does not affect the policyholder or the insured and the insurer remain liable for compensation (Chun, 2003). In essence, reinsurance is a way in which the insurance companies are able to share risks with third parties in case of compensation or claim benefits. The insurance company accepts to pay part of the premium to the third party in order to assume obligation that would result in case of insurance claim. It is a way of spreading risks associated with insurance claims across alternative institutions. ? The main reason behind reinsurance is the genuine. APA 1,323 Words Related Questions: Health care Sociology Theory Financial planner Insurance company Virtual Organizations Identify the skills and abilities that will move your career forward
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
