Insurance Job Job Summary: International Underwriting Agency is seeking a marketing representative to cover the state of New York. Job duties includes but not limited to working the company underwriters and customers to generate profitable business by promoting company products, initiate business opportunities with existing customers as well as prospective customers.
However, the business of insurance is generally poorly understood by those who do not work directly within the industry. Many first-time buyers of personal insurance are in their late teens or early twenties.
They know that in order to drive off the lot or to get through closing, they need a policy and in some cases, this may be all that they know. The underwriting process is designed to ensure that the expected financial risk to the company as presented by new customers does not exceed the price of the policy.
Once a policy offer by the company is accepted by the applicant, the relationship between the insured and company is governed by the contract issued by the company to the insured. Multiple decision points exist throughout the initial and renewing policy terms to ensure that the risk originally accepted remains acceptable to the company, and if not, that appropriate underwriting action be taken.
The complexities in the underwriting process of international underwriting agency personal lines insurance industry are to a great extent based upon the contract and compliance with various categories of laws. The affects of legal requirements as they apply to insurance consumers are found throughout all decision points of the underwriting process, which is first presented from the contractual perspective to serve as a comparison to the changes made to be legally compliant.
An applicant requests a quotation or a policy. When the risk is not acceptable, the agent or a company underwriter would so advise the applicant and the process would stop. Until a policy has been issued, the company has no contractual obligations towards the applicant.
The risk may become acceptable if the applicant accepts a premium increase by: For example, if an applicant requested towing coverage for a vehicle for which several towing claims were recently made, the policy may be acceptable so long towing coverage was not included for that particular vehicle.
When the risk is acceptable or made acceptable, the application will be rated, a quotation provided, and an offer to insure is made. The offer may be good for a short time, perhaps a week.
When the applicant accepts an offer to insure, a policy will be issued. By contract, a newly issued policy may be cancelled within a specified period of days from the inception date.
Companies want to retain newly acquired business but reserve the right to cancel should additional information be received which, if known before offering to insure would have resulted in the offer not being made.
Cancelling a policy for underwriting reasons is another type of adverse underwriting decision. When an applicant did not fully disclose the driving record of all drivers to be rated on the policy, the underwriter may elect to cancel the policy rather than continue.
Or the policy may be acceptable if the insured agrees to an increased premium or a coverage restriction. By contract the insurance company must send a written notice to the insured which conforms to contractual provisions when making an adverse underwriting decision. The insured is contractually obligated to make timely and adequate premium payments to maintain the policy.
When adequate and timely payments are received by the company, the policy will continue.
Otherwise, the policy would be cancelled based upon the contractual provisions regarding cancellation for nonpayment of premium. Insureds have the right to request cancellation of the policy at any time.
When an insured requests cancellation and the risk is acceptable to the company, the company may attempt to keep the insured as a customer.The Miramar liability insurance product caters to low, medium and high hazard liability placements within corporate and SME sectors backed by the security of certain underwriters at Lloyd’s.
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Contact information for INTERNATIONAL UNDERWRITING AGENCY INC located in BAYSIDE NY, your local Travelers Insurance representative. Contact us today for help with your auto, home, or .
DUAL is the world’s largest international underwriting agency and Lloyd’s largest international coverholder. The DUAL Group is the underwriting division of the Hyperion Insurance Group. An established and respected leading underwriter with annual gross written premiums of GBP million employing over people worldwide.