Among the primary sources of information to use in underwriting property and liability risks are:
(1) Information included in the application;
(2) Dunn and Bradstreet;
(3) Mechanical and electrical engineers’ reports. Other sources include the selected services discussed below
(4) Check your low cost car insurance
The hearth Marshal Reporting Service. A reverse phone lookup (FMRS) reports to fireplace marshals in 27 states unstoppable claims its members have paid. Furthermore, the FMRS maintains a catalog on reported fire losses in each and every state which any member can use to discover the prior loss record of your claimant.
The Burglary and Theft Loss Index. Utilization of the Burglary and Theft Loss Index enables an associate to detect simultaneous claims on a single item or a claim on a loss for which the claimant has previously been reimbursed.
The National Automobile Theft Bureau. This is a service organization sponsored, operated, and sustained by approximately 500 insurance firms writing automobile, fire and theft insurance. The Bureau assists inside the recovery of stolen automobiles, investigates automobile and theft losses which might be fraudulent, and promotes programs made to prevent or reduce such losses.
The Index System. The Index System accumulates and provides for the subscribers records concerning third-party personal and bodily injury claims.
Inside the processing of claims, the indexes with the American Insurance Association (AIA) might be checked to ascertain whether or not the claimant has already established a number of losses or possibly submitting claims for the same loss with other companies.
Reinsurance is only a transaction between insurance firms where risk exposures are redistributed. In fact, reinsurance might be understood to be the “insurance of insurance.”7 Reinsurance is a crucial arrangement which is used to spread or layer the liability on high volume risks. The Reinsurance Facilities Corporation reported that 20 insurers, including re insurers, were involved in covering the grain elevator explosions that occurred in the U.S. in 1977, when 54 persons were killed and $50 million in property damage was caused. A lot more than 120 insurers were involved in covering damage completed in 1979 to Pennsylvania’s Three Mile Island nuclear power plant, insured for more than $300 million.7 http://www.insurance.va.gov/miscellaneous/index.htm
Reinsurance involves a transfer of risk from one insurance carrier to a new. The organization that originally issues the agreement will be the direct writer or ceding company. The organization receiving accept all or an element of the risk will be the re insurer.