Watch the full video at https://youtu.be/P8h7Z_4q1NI 12719659002achte. Before the insurance claimant begins a claims investigation, he or she must understand the nature of the insurance because that is how an insurance is created.
Underwriting is defined as the process of accepting or rejecting risks. It requires a determination by the insurer about the risks for which insurance is sought and the conditions for which the insurance will be written if the risk is acceptable. Insurance insurance is a feature that is unique to the insurance industry that transfers the risk of loss from the insured person or entity to the insurer.
Three centuries ago, insurance was originally a very personal matter. A property owner would discuss with an individual insurer the problems, values and risks of losses involved in a commercial business. They would then agree on the conditions under which the insurer would insure the risk. Together they would draw up a contract and the insurer would sign his name at the bottom – he literally wrote the insurance.
When Lloyd's insurance market started in Edward Lloyd's Café, insurances were often written in chalk on a blackboard and those who wanted to join the insurance would sign their name and the percentage they wanted to take off the risk according to the terms of the policy written on the board.
In its original use, the insurance referred to the operation of the insurance industry. Today, there is a more limited meaning applied to the term.
© 2020 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to employment as an insurance consultant focusing on insurance coverage, handling insurance claims, bad faith insurance and insurance fraud almost equal for insurers . He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and attorney handling attorney and more than 52 years in the insurance industry. He is available at http://www.zalma.com and firstname.lastname@example.org.
Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.
For the past 52 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following libraries of books and other materials to enable insurance companies and their claims staff to become professional insurance claims.
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