TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 14: Financial operations of insurers

This chapter’s objectives are to: Identify and understand the basic parts of an insurance policy, explain the difference between named perils and open perils property insurance coverage, explain why exclusions are used in insurance contracts and identify the major types of exclusions, describe how the interests of mortgagees are protected in insurance policies and why the mortgagee clause gives the best protection to the mortgagee, | Financial Operations of Insurers Lecture No. 14 1 2 Objectives Identify and understand the basic parts of an insurance policy Explain the difference between named perils and open perils property insurance coverage Explain why exclusions are used in insurance contracts and identify the major types of exclusions Describe how the interests of mortgagees are protected in insurance policies and why the mortgagee clause gives the best protection to the mortgagee Distinguish between the actual cash value basis of recovery and replacement cost Describe the different types of deductibles and explain why deductibles are used in insurance policies Indicate why insurance companies use insurance to value provisions and explain how the coinsurance clause operates Explain what apportionment clauses are and how the prorated clause operates 3 Major Parts of a Policy Declaration Insuring agreement Exclusions Conditions Other important aspects of a policy Definitions Basis of recovery Clauses limiting .

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