Working in the insurance industry

Stone MANOR London

Helping people break into the insurance market

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Stone Manor - Insurers Must See That They Have Sufficient Resources To Be Able To

Insurers must see that they have sufficient resources to be able to meet their liabilities: They must make sure they have enough capital and that their risks are not heavy. They must also see that their premiums are set at the correct rate so as to comfortably cover any potential losses. Premiums are set by using statistical tables which show, for example in life insurance, the probability of death occurring in different occupations, in different geographical areas and at varying ages From this data, which must be extremely accurate, insurers can calculate the exact chances of a loss, so that they can plan their liability and premiums accordingly. However, this system can only operate subject to certain principles which safeguard the people involved in the transaction.

Foremost among these principles is the notion that an insurance policy must be based on 'the utmost good faith'. This means that both parties to an insurance, the insurer and the insured, are bound to disclose all relevant information relating to the object being insured. Such facts may influence whether or not the insurer accepts the risk, and, if he does accept it, the rate of premium he charges Failure to disclose important information could be disastrous to an insurer. For example, if someone disguised the fact that the house he wished to insure was built of wood and therefore was not fire - resistant, the insurer would stand an unfair chance of having to pay up, as a wooden house is more likely to burn down than a brick one. The law insists that insurance is invalid, unless the person taking out the insurance has an insurable interest. This means that the insured would have to suffer financially in the event of a loss in order to be able to take out insurance.

For example, a man has a financial interest in his own life and his house. He may properly insure these, as he or his dependants would suffer financially in the event of a loss. However, he may not insure the life of a famous person because he would suffer no loss should the celebrity die.

Such An Insurance Would Be No More Than A Form Of Betting

Such an insurance would be no more than a form of betting or speculation Another principle safeguarding the insurer is indemnity. This means that the insured is unable to rece

Each Company Is Split Into Divisions - Overseas, Life, Management Services And

Each company is split into divisions - Overseas, Life, Management Services and Planning, Marine, Aviation, Reinsurance, Finance, and the Home division. The Home divi

To Achieve This, In Some Large Organisations, Every Member Of Staff Has

To achieve this, in some large organisations, every member of staff has an annual staff development interview with the following aims: ? To provide staff members with the opportunity