B Com Exam > B Com Videos > Principles of Insurance > Understanding Insurance Customers, Principles of Insurance
Understanding Insurance Customers, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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49 videos|51 docs|14 tests
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FAQs on Understanding Insurance Customers, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What are the principles of insurance? |  |
Ans. The principles of insurance are fundamental guidelines that govern the insurance industry. They include principles such as utmost good faith, insurable interest, proximate cause, indemnity, and subrogation. These principles ensure that insurance contracts are fair, valid, and provide protection to both the insurer and the insured.
| 2. What is utmost good faith in insurance? | |
Ans. Utmost good faith is a principle in insurance that requires both the insurer and the insured to disclose all relevant information honestly and accurately. This principle ensures transparency and trust between the parties involved. Failure to adhere to utmost good faith can result in the voiding of the insurance contract or denial of claims.
| 3. What is insurable interest in insurance? | |
Ans. Insurable interest is a principle in insurance that states that the insured must have a financial or other interest in the subject matter of the insurance policy. This principle ensures that insurance is not used for speculative purposes and that the insured would suffer a financial loss if the insured event occurs. For example, a person can only insure a property they own, as they have a financial interest in protecting it.
| 4. What is indemnity in insurance? | |
Ans. Indemnity is a principle in insurance that ensures that the insured is restored to the same financial position they were in before the insured event occurred. It means that the insurer will compensate the insured for the actual loss suffered, up to the policy limits. Indemnity prevents the insured from making a profit from the insurance policy and promotes the principle of compensation rather than speculation.
| 5. What is subrogation in insurance? | |
Ans. Subrogation is a principle in insurance that allows the insurer, after settling a claim, to step into the shoes of the insured and pursue legal action against the party responsible for the loss. This enables the insurer to recover the amount paid in the claim from the negligent party. Subrogation prevents the insured from receiving double compensation and helps insurers to mitigate their losses.
Text Transcript from Video
with more insurers to choose from in
more ways to buy insurance than ever
before insurance organizations need to
set themselves apart for an industry
with few differentiators this can be a
challenge consumers today are accustomed
to high levels of customer service and
the insurer who meets or exceeds their
expectations as a distinct competitive
advantage better service results in
greater profit from more new and
recurring revenues insurers with high
customer satisfaction ratings have
customers who are not only likely to
continue to do business with them but
likely to do more business with them by
purchasing additional products as their
needs change providing a steady stream
of revenue for years to come
customers service-oriented insurers make
it easy to buy products and renew
policies and while the majority of
policyholders don't ever file a claim
for those who do these insurers are
making sure their customers claims
experience is a positive one unsatisfied
customers will take their business as
well as any future business elsewhere
and let everybody know why they did in
140 characters or less happy customers
don't complain about their insurance
company they do however recommend them
to anyone who asks so how does insure
join the ranks of those earning top
customer satisfaction ratings by putting
the tools in place that they need to
deliver it first call resolution is
difficult if staff have to end a call to
go search for information straight
through processing of routine claims is
impossible if documents are missing
insurers who rely on outdated
paper-based manual business processes
cannot achieve the level of
responsiveness today's customers demand
with integrated document management and
workflow software your employees have
immediate access to accurate information
in real time right at the point of need
whether it's within the four walls of a
call center or in the field fingertip
access to information and automatic
processes allow your staff to focus on
higher value tasks for more information
visit highland comm slash insurance
more ways to buy insurance than ever
before insurance organizations need to
set themselves apart for an industry
with few differentiators this can be a
challenge consumers today are accustomed
to high levels of customer service and
the insurer who meets or exceeds their
expectations as a distinct competitive
advantage better service results in
greater profit from more new and
recurring revenues insurers with high
customer satisfaction ratings have
customers who are not only likely to
continue to do business with them but
likely to do more business with them by
purchasing additional products as their
needs change providing a steady stream
of revenue for years to come
customers service-oriented insurers make
it easy to buy products and renew
policies and while the majority of
policyholders don't ever file a claim
for those who do these insurers are
making sure their customers claims
experience is a positive one unsatisfied
customers will take their business as
well as any future business elsewhere
and let everybody know why they did in
140 characters or less happy customers
don't complain about their insurance
company they do however recommend them
to anyone who asks so how does insure
join the ranks of those earning top
customer satisfaction ratings by putting
the tools in place that they need to
deliver it first call resolution is
difficult if staff have to end a call to
go search for information straight
through processing of routine claims is
impossible if documents are missing
insurers who rely on outdated
paper-based manual business processes
cannot achieve the level of
responsiveness today's customers demand
with integrated document management and
workflow software your employees have
immediate access to accurate information
in real time right at the point of need
whether it's within the four walls of a
call center or in the field fingertip
access to information and automatic
processes allow your staff to focus on
higher value tasks for more information
visit highland comm slash insurance
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About this Video
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Nov 22, 2024 Last updated |
Video Description: Understanding Insurance Customers, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
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