Insurers or insurance companies have people who work in various areas of risk assessment for them
One of such people are the Actuaries who work for insurers or insurance company to determine the likelihood of risks and perils. The check the costs associated with the event of a disaster or claim, and they will go ahea6to create projections and guidelines depended on this information
Actuaries will then use this calculations to determine how much cost will be involved in paying claims same with the amount of money the insurance company should receive from insureds in order to enable that enough money is made to pay potential claims of the insured but they also make a profit. The thing is that insurance is about profit making as well.
The information that would be forwarded by the actuaries will aid in shaping underwriting. The insurance Underwriters are given the direction on how to underwrite the risk, which a part of it is to determine the premium.
The insurance company will now look at the risks and other factors involved and go on to decides how much money it will charge for the insurance contract it is selling.
All of these is to help the insurance company give a standard premium that they wouldn't run at a loss.
One of such people are the Actuaries who work for insurers or insurance company to determine the likelihood of risks and perils. The check the costs associated with the event of a disaster or claim, and they will go ahea6to create projections and guidelines depended on this information
Actuaries will then use this calculations to determine how much cost will be involved in paying claims same with the amount of money the insurance company should receive from insureds in order to enable that enough money is made to pay potential claims of the insured but they also make a profit. The thing is that insurance is about profit making as well.
The information that would be forwarded by the actuaries will aid in shaping underwriting. The insurance Underwriters are given the direction on how to underwrite the risk, which a part of it is to determine the premium.
The insurance company will now look at the risks and other factors involved and go on to decides how much money it will charge for the insurance contract it is selling.
All of these is to help the insurance company give a standard premium that they wouldn't run at a loss.
