Write about Underwriting and Pricing General Aviation Risks. The Function of Underwriting. The Need of underwriting. Aviation Exposures and Catasthrophe loss.
Chapter 10: Resumen
Underwriting function: is the process of selecting and pricing risks which are presented to the insurer.
Underwriting Purpose: is to maximize profits by accepting a favorable distribution of risks.
A safe distribution of risks requires their diversification among many types of aircraft, purposes of use, pilots, coverage’s, and geographical areas.
Over Concentration of exposures is poor underwriting practice.
Method of selecting insureds:
Preselection: the process of how to decide whether to accept or reject an application of insurance.
Post selection: the process of how to get rid of undesirable insureds.
Airlines: refers to that class of business involving the operation of major, national, and regional air carriers.
Industrial Aid: applies to corporate-owned aircraft which are used for the transportation of employees, business associates, and executives and which are flown by professional pilots hired on a full-time basis specifically for that purpose.
Special use: is reserved for unusual purposes, several of which require waivers form the FAA, like crop dusting, low altitude photography, banner towing , flight testing, hunting, law enforcement and many others.
Rate Making: is the pricing of insurance.
Rate are ordinarily quoted on an annual basis. expressed either as a percentage of the insured value or as a dollar amount applicable to each $100 of insured value. For example, a fleet of B-737 can have a rate of 0.05% on the average of fleet value during the policy period.
Book: Introduction to Aviation Insurance & Risk Management, 3rd edition Wells and Chadbourne Krieger Publishing
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more