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Appraisers

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An insurance appraiser estimates the cost or the value of insured items mainly in the auto industry when losses or damages occur. Staff appraisers are employed by insurance companies and earn a salary. There are independent appraisers who are hired by clients and insurance companies and earn commissions. They go to the site and inspect damaged vehicles after an accident or other damages and also homes and properties to estimate the cost of repairs or…
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Risk Management

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Risk management is an important aspect that should be embraced by all. Insurance should be taken for risks because no one knows when a crisis will occur. It is not wise to be caught unawares. Take Insurance it helps manage the risks. There are many risks that people and their properties are prone to. These include accidents, illness, death of the bread-winner in the family, theft, natural disasters such as floods and earthquakes and also…
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Surety

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A surety is when one party (the surety) promises to assume the debts or performance responsibility of another party (principal) when he defaults. This is a guarantee or security that they will be liable and the other party will not incur losses and damages when the principal defaults. The surety becomes legally bound or liable for the debts and obligations of the principal. A surety bond is a contract between three parties the principal, the…
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Insurance Market

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Insurance is important because it safeguards against future losses and damages when there is a peril or an event. The insurance market is a very wide and broad market which deals with various types of insurance. The market offers a wide range of products and advisory services. Insurance is all about managing risks. Most of these risks like weather changes are inevitable and they can cause heavy financial losses and personal injuries. Individuals and organizations…
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Regulator

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Insurance like all other financial matters need to be regulated in order to harmonize formation, licensing, contents and administration. Insurance is regulated by insurance laws and common practices which vary from state-to-state. The insurance regulatory system administers how insurance companies are formed and licensed, how they carry the insurance business and the pricing of policies and premiums, investment of insurance funds as well as reinsurance. Most insurance regulation is carried out by individual states and…
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Actuarial Science

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Actuarial science is a study of risks and the likelihood of their occurrence and the financial consequences that will arise when these future events occur. Actuarial science is based on mathematics, probability, statistics, finance, business, computer programming and economics to assess and calculate these risks. Before an insurance company can underwrite risk coverage it is important to analyze that risk and calculate the probability of it arising and how much the loss will be if…
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Surveyor

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An insurance surveyor is a professional who surveys buildings, machinery, sites and other items. There is insurance survey and damage survey. The surveyor can be an individual or a company who specialize in one or two types of insurance because of the complexity of their work. They can be licensed to handle mainly non-life insurance of all or some of the following-: - Theft and burglary- Accidents- Property and liability- Fire and perils- Marine They…
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Reinsurance

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Insurance companies are exposed to loss due to risks. There was a time when some insurance companies received claims that needed huge amounts of money to pay due to natural disasters like hurricanes, which they were not prepared for and as a result some of them became insolvent. There was need for insurers therefore, to spread their risk of loss by buying insurance from large insurers known as reinsurance companies. This would cover them when…
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Health Care

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Health Care is mainly covered by government programs which include - Medicare provided by federal government- Medicaid provided by federal and state governments- Children's Health Insurance- Veteran Health Administration and- TRICARE for military staff and their families- Other government programs Medicare provides health insurance to those who are 65 years and over, the under 65 years physically disabled who receive Social Security Disability Insurance, end of life renal disease and the congenitally disabled. Medicare Insurance…
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Replacement

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When people purchase insurance coverage they sign an agreement with the insurer who may be represented by an insurance agent or broker. The agreement in form of a policy states the insurable risks covered and the exclusions. It is important to read the exclusions carefully to understand what the insurer will not cover. To be fully covered, the policyholder can request for endorsements on the policy or take additional insurance to cover the exclusions. There…
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