Insurance Careers, Ethics, and Rights and Responsibilities
1. Actuary - a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums
2. Agent – someone who legally represents the insurer, has the authority to act on the insurer's behalf, and can bind the principal by expressed
powers, by implied powers, and by apparent authority
3. Better Business Bureau - alliance of U.S. and Canadian businesses that promotes consumer education and ethical business practices.
4. Binding arbitration - an action in which a neutral third party recommends a solution to a problem that both parties must accept.
5. Broker – an agent who has ownership in the insurance agency and can make management decisions
6. Captive Agent – an agent who sells the products of only one insurance company
7. Churning - when an insurance agent persuades a customer to replace a perfectly good policy with a new one so the agent can earn a new
commission.
8. Claims Adjuster – person who settles claims; an agent, company adjuster, independent adjuster, adjustment bureau, or public adjuster
9. Credit score - a measure of credit risk calculated by weighting different kinds of information in a credit report using certain formula.
10. Ethics – moral principles that govern a person’s or groups behavior
11. Field Representative - an individual employee working away from the head or home office in the territory served by his company
12. Independent Agent – an insurance agent who sells the products of different companies
13. Insurance score - a calculation designed to help determine insurance risk based on an individual's credit history and credit rating and to
predict the likelihood of a policy applicant causing a loss to the insurer by filing claims.
14. Loss Control Specialist - working in support of the underwriting process, these individuals assess the individual or property to be insured,
assessing the potential financial risk to which the provision of insurance will expose the firm
15. Medical Information Bureau - a clearinghouse for medical information about individual policyholders.
16. Misrepresentation - when an agent makes claims that are not true about an insurance product.
17. Preapproval - in health insurance, provides the insurer with the opportunity to determine if a procedure is medically necessary.
18. Predatory pricing - the practice of lowering prices of insurance policies temporarily to undercut smaller or less financially healthy competitors;
the larger company sustains losses until the smaller or weaker companies are driven out of business, at which time the larger company takes over
the share of the market.
19. Readability - when the language in an insurance policy is relatively easy to understand.
20. Risk Management Consultant - an expert hired for a project or retainer basis to help solve specific problems
21. Small claims court - a special court designed for rapid and simple handling of claims, usually of less than $2,000; small claims courts do not
require a lawyer, have a minimal filing fee, and are quick to make decision.
22. Underwriter – a person who reviews and evaluates the eligibility and risk factors of insurance applicants
1. Actuary - a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums
2. Agent – someone who legally represents the insurer, has the authority to act on the insurer's behalf, and can bind the principal by expressed
powers, by implied powers, and by apparent authority
3. Better Business Bureau - alliance of U.S. and Canadian businesses that promotes consumer education and ethical business practices.
4. Binding arbitration - an action in which a neutral third party recommends a solution to a problem that both parties must accept.
5. Broker – an agent who has ownership in the insurance agency and can make management decisions
6. Captive Agent – an agent who sells the products of only one insurance company
7. Churning - when an insurance agent persuades a customer to replace a perfectly good policy with a new one so the agent can earn a new
commission.
8. Claims Adjuster – person who settles claims; an agent, company adjuster, independent adjuster, adjustment bureau, or public adjuster
9. Credit score - a measure of credit risk calculated by weighting different kinds of information in a credit report using certain formula.
10. Ethics – moral principles that govern a person’s or groups behavior
11. Field Representative - an individual employee working away from the head or home office in the territory served by his company
12. Independent Agent – an insurance agent who sells the products of different companies
13. Insurance score - a calculation designed to help determine insurance risk based on an individual's credit history and credit rating and to
predict the likelihood of a policy applicant causing a loss to the insurer by filing claims.
14. Loss Control Specialist - working in support of the underwriting process, these individuals assess the individual or property to be insured,
assessing the potential financial risk to which the provision of insurance will expose the firm
15. Medical Information Bureau - a clearinghouse for medical information about individual policyholders.
16. Misrepresentation - when an agent makes claims that are not true about an insurance product.
17. Preapproval - in health insurance, provides the insurer with the opportunity to determine if a procedure is medically necessary.
18. Predatory pricing - the practice of lowering prices of insurance policies temporarily to undercut smaller or less financially healthy competitors;
the larger company sustains losses until the smaller or weaker companies are driven out of business, at which time the larger company takes over
the share of the market.
19. Readability - when the language in an insurance policy is relatively easy to understand.
20. Risk Management Consultant - an expert hired for a project or retainer basis to help solve specific problems
21. Small claims court - a special court designed for rapid and simple handling of claims, usually of less than $2,000; small claims courts do not
require a lawyer, have a minimal filing fee, and are quick to make decision.
22. Underwriter – a person who reviews and evaluates the eligibility and risk factors of insurance applicants