Among the primary sources of information to be used in underwriting property and liability risks are:
(1) Information contained in the application;
(2) Dunn and Bradstreet;
(3) Mechanical and electrical engineers’ reports. Other sources range from the selected services discussed below
(4) Check your affordable car insurance
The hearth Marshal Reporting Service. A reverse phone lookup (FMRS) reports to fireplace marshals in 27 states on fire claims its members have paid. Furthermore, the FMRS maintains a catalog on reported fire losses in each and every state which any member may use to determine the prior loss record of your claimant.
The Burglary and Theft Loss Index. Technique Burglary and Theft Loss Index enables an associate to detect simultaneous claims on the same item or a claim on the loss that the claimant has previously been reimbursed.
The National Automobile Theft Bureau. This can be a service organization sponsored, operated, and based on 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 may be fraudulent, and promotes programs designed to prevent or reduce such losses.
The Index System. The Index System accumulates and provides to its subscribers records concerning third-party personal and bodily injury claims.
Inside the processing of claims, the indexes from the American Insurance Association (AIA) may be checked to ascertain if the claimant has received a number of losses or possibly submitting claims for the similar loss along with other companies.
Reinsurance is only a transaction between insurance firms by which risk exposures are redistributed. Strictly speaking, reinsurance may be defined as the “insurance of insurance.”7 Reinsurance is an important 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 within 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. Greater than 120 insurers were associated with covering damage done in 1979 to Pennsylvania’s Three Mile Island nuclear power plant, insured in excess of $300 million.7 http://www.insurance.va.gov/miscellaneous/index.htm
Reinsurance involves a transfer of risk from one insurance company to a different. The organization that originally issues the agreement may be the direct writer or ceding company. The business agreeing to accept all or a part of the risk may be the re insurer.