Insurance law

The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.

law concerning insurance policies
regulations concerning insurance policies
insurance legislation
insurance regulations

knowledge

cross-sector

Insurance law is an essential knowledge of the following occupations:

Insurance claims handler: Insurance claims handlers ensure that all insurance claims are handled accurately and that payment for valid claims is made to the policyholders. They use statistical data and reporting to calculate and adjust claims as needed, communicate with and guide policyholders and monitor the progress of a claim.
Insurance rating analyst: Insurance rating analysts analyse information related to insurance markets and their credit rating, prepare rating reports and invoices, compile financial data and present and explain credit rating opinions to stakeholders, clients and external parties. They work for insurance companies and calculate the insurance premium and rates for the company’s clients using both manual and automated methods.
Insurance collector: Insurance collectors collect payment for an overdue insurance bill. They specialise in all areas of insurance such as medical, life, car, travel, etc and recurrently contact individuals to offer payment assistance or to facilitate payment plans according to individual’s financial situation.
Property insurance underwriter: Property insurance underwriters assess and determine the risk and coverage of a client’s property insurance. They analyse and review underwriting policies according to legal regulations.
Insurance agency manager: Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.
Insurance product manager: Insurance product managers set and direct the development of new insurance products, following the product lifecycle policy and the general insurance strategy. They also coordinate the marketing and sales activities related to the specific insurance products of the company. Insurance product managers inform their sales managers (or the sales department) about their newly developed insurance products.
Insurance risk consultant: Insurance risk consultants prepare reports for insurance underwriters. For this purpose, they undertake surveys in order to determine the potential financial risk for personal products, properties or sites.
Insurance claims manager: Insurance claims managers lead the team of insurance claims officers to ensure they handle insurance claims properly and efficiently. They deal with more complex customer complains and assist with fraudulent cases. Insurance claims managers work with insurance brokers, agents, loss adjusters and customers.
Insurance broker: Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
Insurance fraud investigator: Insurance fraud investigators combat fraudulent activities by investigating the circumstances of certain suspicious claims, activities related to new customers, buying insurance products and premium calculations. Insurance fraud investigators refer potential fraud claims to insurance investigators who then undertake research and investigations to support or deny a claimant’s case.
Property appraiser: Property appraisers undertake detailed analysis and investigation of properties in order to determine their value for sales, mortgage and insurance purposes. They compare the value of properties taking into account the age, actual state of property, its quality, repairs needed and overall sustainability. Property appraisers make an inventory of fixtures, compose a schedule of condition of property and prepare appraisal reports for both commercial and residential properties.
Title closer: Title closers handle and investigate all documentation needed for a property sale including the contracts, settlement statements, mortgages, title insurance policies, etc. They ensure compliance with legal requirements and review all the fees related to the real estate sales process.
Loss adjuster: Loss adjusters treat and evaluate insurance claims by investigating the cases and determining liability and damage, in accordance with the policies of the insurance company. They interview the claimant and witnesses and write reports for the insurer where appropriate recommendations for the settlement are made. Loss adjusters’ tasks include making payments to the insured following his claim, consulting damage experts and providing information via telephone to the clients.
Insurance underwriter: Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks. They can be specialists in life insurance, health insurance, reinsurance, commercial insurance, mortgage insurance.
Personal property appraiser: Personal property appraisers undertake detailed analysis and investigation of personal items such as books, wine, arts and antiques in order to determine their value for sales and insurance purposes. They assess the value of the items, taking into account the age, current condition, quality and if any repairs are required. Personal property appraisers prepare appraisal reports.

Insurance law is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Medical administrative assistant: Medical administrative assistants work very closely with health professionals. They provide office support such as correspondence, fixing appointments and answering queries of patients.
Actuarial consultant: Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Actuarial assistant: Actuarial assistants perform statistical data research in order to set premium rates and insurance policies. They review the possibility of accidents, injuries and property damage by using statistical formulas and models.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Legal policy officer: Legal affairs policy officers research, analyse and develop policies related to the legal sector and implement these policies to improve the existing regulation around the sector. They work closely with partners, external organisations or other stakeholders and provide them with regular updates.
Insurance clerk: Insurance clerks perform general clerical and administrative duties in an insurance company, other service institution, for a self-employed insurance agent or broker or for a government institution. They offer assistance and provide information about insurances to customers and they manage the paperwork of insurance agreements.
Risk manager: Risk managers identify and assess potential threats and risks to a company, and give advice on how to deal with them. They create preventive plans to avoid and reduce risks, and put plans in place for when the company is threatened.
Human resources manager: Human resources managers plan, design and implement processes related to the human capital of companies. They develop programs for recruiting, interviewing, and selecting employees based on a previous assessment of the profile and skills required in the company. Moreover, they manage compensation and development programs for the company’s employees comprising trainings, skill assessment and yearly evaluations, promotion, expat programs, and general assurance of the well-being of the employees in the workplace.

References

1. Insurance law – ESCO