Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Risk is the doubt concerning the outcome of a situation. Risk is unpredictability. Risk is uncertainty as to the outcome of a loss. Risk is the chance of a loss.
Risk register : This is a centrally held in hard or soft form register of all the identified risks accepted by the company. They will be a number of entries against each risk under such headings as follows :
Underwriting income and investment income are the two main sources of income for an insurer.
Insurance underwriters evaluate the risk and exposures of potential clients.
The underwriting process consists of receipt, evaluation, acceptance of risk, determining policy terms and conditions, pricing and exposure management.
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