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Agents Are Given Instruction On Policies And In Effective Selling Techniques. The
Agents are given instruction on policies and in effective selling techniques. The Cii (www.cii.co.uk) runs a course leading to the Life Assurance Salesman's Certificate, and further details of this are given in Part 2. Claims: This section is concerned only with claims work in insurance companies, as claims broking has been dealt with in the broking section of this web section. The function of the claims department is to ensure the prompt and fair settlement of claims, leaving the claimant satisfied with the settlement.
The claims handler is the person who inquires whether a claim is admissible under the terms of an insurance policy, and, if so, determines what amount the company should pay in settlement. The margin of the profit/loss made by underwriters depends to a large extent on the skill of claims handlers to make correct decisions. Claims handlers keep abreast of every type of policy wording, and require knowledge of the current position in law, industrial technology and medical matters.
The claims inspector's job is to investigate the circumstances of an accident or loss; take statements from witnesses; decide whether the company is liable, and, if so, estimate the extent of liability; and then negotiate the settlement with the claimant or the claimant's representative. When an accident occurs the policy - holder will make a claim by completing a claims form. If the policy was obtained through a broker, the broker will represent the client in the claims procedure. The claims form gives details of the accident and the extent of the damage. There are five factors involved in settling claims: ? The application of cover.
? The extent of damage or injury, and the cost of repair or compensation. ? The establishment of facts about the accident ? The assessment of legal liability to third parties. ? The subrogation rights allowing recovery of some of the money. Claims are usually handled through area offices (known as bureaux) which administer all claims from policies underwritten by branches in that area. Recruits to a claims department will need a minimum of two A levels, though in some circumstances GCSE applicants may be accepted.