In order to function successfully, the insurance should be joined by a large number of persons. This is a major function of homeowners insurance since the costs to repair one wall or room, or section, of your home can run into the tens of thousands of dollars. Anyone can be a victim of critical illness unexpectedly. The responsibility of an insurance adjuster is to reconcile claims. IRA took up the functions of the former Department of Insurance Charged with regulating supervising and developing the insurance industry in Kenya. Insurance companies are a special type of financial institution that deals in the business of managing risk. Home › Insurance › Role of Insurance Companies. Insurance underwriters earned a median annual salary of $67,680 in 2016, according to the U.S. Bureau of Labor Statistics. Here are a few terms you […] Health insurance pays the bulk of your medical expenses when you need treatment. 6. The 75th percentile salary is $91,780, meaning 25 percent earn more. A corporation periodically gives them money and, in return, they promise to pay for the losses the corporation incurs if some unfortunate event occurs, causing damage to the well-being of the organization. In order for an insurance adjuster to do this, there must be a contract review, determination of value and losses, and investigation of all facts. Most policies limit your potential expenses to relatively minor deductibles and participation costs called co-pays. The replacement component of coverage is the amount it would take to rebuild your home using costs of labor and material at the present time. Medical Insurance is one of the insurance policies that cater for different type of health risks. If reinsurance is done properly, insurers and their customers are afforded much better services and freedom to function. 7. A medical insurance considered essential in managing risk in health. And rising medical expense is of great concern. J. Harold Chandler: The current COO of Univers Workplace Benefits and a former president, CEO and chairman of disability insurance provider Unum Provident. Role of Insurance Companies By Webmaster on September 10, 2013 • ( 0). IRA is the Insurance Regulatory Authority An autonomous Government institution created through an Act of Parliament IRA started operations in May 2007. The insured gets a medical support in case of medical insurance policy. Insurance companies are playing an important role to manage the risk of individuals. Functions of Insurers Ratemaking (Pricing) – estimate costs (insurance much more complex than consumable products) Underwriting – classify people into different groups Investment Production – marketing Loss Settlement – after loss occurs, need to identify if loss actually happened and then determine size and severity Every function should be observed in the Price, right? 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