policy documents The on as to the extent of cover en decided what premium is and accurate claims adjustment nderwriters pricing will have been covered is referred to as leakage and Business and risk address of ave an impa ise to pay upon the occurrence of a covered loss the governed by various terms and conditions Thus dler whether the loss is covered or not If it is covered then se to pay8 Warranty and surance ontract w so e within what parameters they should calculate the loss and with what roblems in establishing exactly what wording applied to a risk dividual insurance contract You may be aware of the re Breach of utmost good lly t did and did not form part of t Notification attacks on the World Trade Center WTC in 2001 It became s had not agreed a finalised policy wording involving the WTC There Sive of osS errorist New York following t to resolve whether the insurance bought by the owner of the WTC r wording or another The main difference in these ev wed lengthy and costly litigat Insurabl interest on one part ed to the definition of occ was wr Cause of loss ce' and the difference this made to the quantum of the rS Reserve assessment Policy dat AC Research reports about the Silverstein WTC littig roblem tended to occur in relation to complex London and Lloyd's market risks large and significant effort has been directed towards improving levels of contract certainty and Table 21 summary of the claims handling act certainty is now business as usual 0 definition of contract certainty is s the claim covered under the policy terms and 3 What is the value of the claim? Investigation and re 5 Recoveries-recouping outlay from any other respon complete and final agreement of all terms between the insured and insurers before inception Its in the agreed policy terms and conditions being available at inception of the risk In turn the 2 Third party claims only- is the insured liable The This res s of the insurance contract will now be clear to the claims handler when considering a claim 4 Settlement of the claim- providing indennity to ification Meme

found ON 2018-07-19 17:58:33 BY ME.ME

source: reddit