Policy Issue and Administration
After the underwriter has approved a new application or a change to a current policy, a whole series of events takes place. A policy analyst or screener checks the application to make sure that all information is correct and complete. It then goes to a rater who computes the premium to be charged. The policy forms can be printed by computer or assembled using preprinted forms with specific declarations and endorsements unique to that risk.
Claims Department
The claims department sees that the company's clients are adequately indemnified for their losses. Claim adjusters or representatives are used to inspect a loss, determine whether there is coverage for the loss, estimate indemnification, and in some cases, pay for the loss immediately. Large companies have their own claim adjusters, whereas smaller companies might use the services of independent adjusters.
Actuarial and Statistical Department
The actuarial and statistical department is the "numbers" department. Using the tremendous amount of data generated by computer, together with statistics available from other companies, actuaries determine the rates to be charged for various types of insurance.
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