Property and Casualty
What is Property and Casualty
insurance?
It is a insurnace that help to protect you and the property you own.
Property insurance helps cover stuff you own like your home or your car.
Types of P&C insurance
Homeowners insurance
Renters insurance
Car insurance
Pet insurance
Natural disaster insurance,
Detailed explanation of types of P&C insurance
Homeowners insurance can help pay to repair
damage to your home or your personal property like fire, lightning, windstorms,
hail, smoke, theft, That’s the “property” part of homeowners coverage
Renters insurance protects you and your
personal property against covered perils, much like homeowners insurance. A key
difference, however, is that because renters don’t own the places where they
live, their property coverage doesn’t include their physical dwelling itself—that’s
covered by landlord insurance
Car insurance can cover physical damage
to your car along with your liability in case your actions cause bodily injury
or property damage to someone else.
Pet insurance helps cover your furry
friends’ vet bills.
Flood insurance, which isn’t included
with standard homeowners or renters policies, provides coverage for when your
home or personal property are damaged or destroyed by floods. If you live in a
flood-prone area, you’ll want to purchase a separate flood insurance policy.
Earthquake insurance reimburses you for
damaged caused by earthquakes. Insurance policy already covers losses caused by
fires, explosions, theft, and other named perils in the aftermath of an
earthquake.
Patient responsibility or out of pocket expenses
The amount which patient needs to pay from their pocket
Deductible:
PR1 Fixed annual amount paid by
secondary insurance or patient before he can take benefits from the insurance
company. Or
It
is an amount which patient needs to pay before insurance starts to pay
Co-insurance:
PR2- A specified percentage amount paid by secondary insurance or patient. 80:20
Co-payment: PR3 Small dollar
amount paid by secondary insurance or patient on every visit
What is Insurance Underwriting
It is the process through which insurance company determine the actual
loss and after that they will price it
What is Insurance Claim
It is a formal request from the insured for reimbursement against the
losses under your insurance Policy
What is Insurnace
Insurance is an agreement with a company in which we pay them in a
regular amount of money So that they agree to pay at the time of any
mishappening
What is Settlement
Mutual understanding between insured and insurer.
Who is Adjuster
It is the person who settle the claim for the insured
Natural Disaster Insurnace
It is only covered for the person who pays high premium
What is Premium
It is a amount which need to paid by the policy holder before getting
benefit from insurance, monthly
, qualtery, half yearly, yearly
Who is Insured
who has purchased the policy
Who is Insurer
insurnace company who pays money to the provider or insured
What is insurance Coverage
Insurance Coverage that covers the risk and liability or loss of a person
that arise due to any mishappening and
it is covered by insurance company
Annuity
It is a Private company sponsored plan in which Person has to pay the
premium for a Given period of time and he can get the benefit(money) after the
maturity and it paid in ceratin interval of time with Interest by the insurance
company. For Eg. LIC
RISK
Risk measures the uncertainty that an investor is willing to take to realize
a gain from an investment
Differnce between agent and broker
Broker can help clients buy and sell property, negotiate sales prices,
and sign contracts
An insurance broker represents you
as the client whereas an
Insurance Agent represents the company they are employed by as their client,
and you become the customer.
Type
of annuity
Fixed
Annuity- your money earns interest at
rates set by the insurance company
Variable
Annuity: the insurance company
invests your money in stocks, bonds or other investments you choose.
What
is Subrogation-imp
Subrogation'
is referred as the process of seeking reimbursement from the responsible party
for a claim that they had already paid. For example, you have an accident where
your car gets damaged, and you have car insurance, the insurance company will
pay you the money. But the insurance company comes to know that the accident
occur due to other party fault, now they will claim the money from the other
party this is known as 'subrogation'.
What
is indeminity Plan
Indemnity' term in the insurance is used
to cover the loss or damage claimed by another person. For example, the owner
of the gym has indemnity insurance to compensate it customers in case of injury
or accident and to avoid the financial loss due to a lawsuit.
What
is Double Indeminity Plan
'Double
Indemnity' or murder. This type of
policy is provided by some insurance companies, where according to their policy
they are liable to pay double the face amount in case of death by accidental
means does not cover suicide, and death caused by gross negligence of the
insured person. For example, John is taken into
surgery to have his appendix removed. Following the surgery, John develops a
high fever and other symptoms which have the nursing staff concerned. Upon
examination, it is determined that the surgeon accidentally left a surgical
sponge inside his abdomen, which requires a second surgery for removal. John’s
surgeon has acted negligently by failing to ensure all of the sponges were
accounted for before ending the first surgery. While this is upsetting, it is
something that occasionally occurs.
Insurance cycle
submission, processing, adjudication, and payment/denial.
Insurnace name-Allstate,
StateFarm group, USAA group,Liberty Mutual
Profile
Underwriter
In this process new policy has been designed
In order to design new policy basic details are required like-
Name , DOB, SSN, Address
So we have to enter all the details which was given in the data after
adding all the data we have to bill the claim to the insurance for processing
.so my task was to chk the data and enter all the thing manually without any
error and sometime we have to open the records like patient card, DL and many
more things to enter in the software.
Software name--Invision
KCC recovery Process
In my previous organisation I was working as a analyst and I was working
in KCC recovery process
, so we get allocation on daily basis from the client under that insured
name and contact number car number and
claim number was listed so we have to search the account with the claim# in the
software called EFR, so after opening that software we have to check the how
much amount needs to be paid and how much amount we have received from Insurance
after checking if we found that payment is made correctly then we have to
forward the case to client and if amount is overpaid so in that case we have to
create a case and sent the overpayment amount back to the insurance company and
if there is underpayment then we have to recover that amount from insurance.
And on daily basis I have to work on 50-60 cases per day
FNOL ( First Notification Of Loss)
In my previous organisation I was working as a analyst and I was working
in FNOL process,
first of all let me tell u about what is FNOL ( When ever the loss occurs ,the
insured or the representative such as employee ,broker, agent inform the
insurer( insurance company) about the incident so this is known as FNOL.
This is the first step of a claim process and my job was to review the
loss notification received and need to generate a claim number and we have
check any duplicate notification about that loss if found than no payment will
be made and we have to route that claim to our dedicated department.
If there is a fresh claim we will capture the relevant details and we
will generate a claim number ,after generating a claim number we will sent that
case to dedicated department so that the can contact the adjuster for the
payment.
Payment Support process
In my previous organisation I was working as a analyst and I was working
in Payment Support process related to claims,
So on daily basis we are supposed to get invoices in my bucket, we have
to review the claim by opening the invoice in our software called CareB after opening I
have to check every details related to that claim and if everything iis ok the
we have to issue a payment, and while issuing a payment we have to make
enteries and after entery it goes to concered department for approval after
approval of that case it goes to payment department wo make the payment.
Our daily target was 40-50 cases per day
FCC Process/
In my previous organisation I was working
as a analyst and I was working in FCC process so we got allocation through
email and after getting the allocation
|
We have to open a claim through account
number |
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And need to sent First Notification of loss to the insurance Company |
|
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Need to chk Date of injury and date of
incident |
|
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After that need to submit the Claim |
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And after submitting it goes to adjuster |
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Who verify all the loss occurred |
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After verifying Adjuster will process
the claim and make the payment And after payment if insurer is not satisfied
with the payment made by the adjuster he can file a complaint in labour
court. |
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Underwriting process
Software-Vision and Adapt
In my previous organisation I was working as an executive in underwriting
process and about my work we got allocation on daily basis through email or we
got PDF so after getting the allocation we have to open the account# in
software called Vision and I have to design a new policy of the insured so we
have to add date of birth, address ,social security number, policy ID, and we
have to update the policy and after updating the policy we also help the
customer in upgradation of the policy or changing the policies. So that's all
about my work, my main work is to design a new policy.
Design a new policy
Help customer in changing the policy
Help customer in upgradation in there policy
SSN-It is a 9 digit number which is used to track the earning of US citizens
( govt)
Name
Living in
Schooling
College
Familiy
Workexperince
I want to join Genpact for better carrer and better future
In my previous organisation I was working as an executive in underwriting
process and about my work we got allocation on daily basis through email or we
got PDF and after getiing allocation I have open the account in the software Called
Vision and design a new policy , so to design an new policy we need coupe of
information like name, DOB, Address, SSN, so after getting there delatils we
have to design a policy and after creating the policy we have to forward the
case to verification team , and we also help the customer in upgrading the
policy and help the customer in chaning the policy and my main work is to
design a new policy.
Nomrally 120
And 1 case krne 5-7
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