Insurance duties

#1

I am going for a graduate role in insurance and need to know what the following insurance duties entail
Among your daily duties could be linesetting, understanding reinsurance needs and placement, rating and pricing, analysis of coverage, terms and conditions, value analysis and certificates of insurance.

#2

[[Reinsurance]] is the insurance that insurers get to cover themselves if they get a claim they can’t handle.

For example, with car insurance, the potential claim you could make is unlimited. This means that the insurer is taking on a potentially fatal risk if there was a large claim. So the insurance company will purchase [[reinsurance]] to mitigate that risk.

So, for a car insurance claim, the company you took our the insurance with might cover claims from up to £0-£5million. For claims from £5 million to infinity the reinsurer will pick up tab.

You might ask, who reinsures the reinsurer? There is a whole other level of reinsurance called retrocessional reinsurance that covers this.

Terms and conditions is the analysis of the policy and its wording.

Value analysis is the estimation of potential claims and the setting of premiums.

Certificates of insurance are the legally binding contracts that prove an insurance agreement exists.