Insurance principles and practice
Knows and understands the core principles of insurance and can apply to operations.
Describes what insurance is and what it is used for, the different lines of insurance that are available, what is necessary to acquire insurance, and what can affect different rates and premiums.
Describes the regulatory agencies that affect different lines of insurance.
Describes how different departments work together within the organization.
Applies knowledge of the applicable lines of insurance, organizational roles, and regulatory roles to insurance operations.
Insurance products and services
Understands the range of insurance products and services available in the market and how to meet client needs.
Describes the products and services offered as an industry standard.
Describes the products and services offered that are specific to the organization.
Details the different channels (e.g., agents, walk-ins) for obtaining business.
Identifies the differences between standard and special products and services offered.
Demonstrates an awareness of industry competitors.
Selects applicable standard and special products and services to issue policies and packages.
Provides education on applicable products and services both internally and to clients.
Documents information in order to underwrite new risks, alterations, renewals and/or cancellations in an accurate and timely manner.
Describes different roles and levels within the underwriting discipline and the products and services offered.
Describes the life of a policy.
Researches and documents facts or information required to evaluate risk.
Assists with underwriting new and renewal business.
Communicates with assigned team members to process policy requests.
Underwrites standard new and renewal business.
Communicates with different departments to process policy requests.
Determines if a policy price is adequate for the potential risk.
Manages an underwriting work flow.
Adheres to regulatory requirements in all facets of operations.
Describes the role of regulatory agencies and provides examples of their roles for relevant line(s) of insurance.
Demonstrates understanding of business practices and state laws relevant to the industry.
Operates within applicable laws (e.g., Workers’ Compensation), organizational filings, and regulatory filings.
Articulates how different regulatory agencies and organizational functions influence underwriting.