Household Insurance

Introduction

The course will give a broad introduction to the topic household insurance. Mandatory in authorization of claims handlers and advisers working with household insurance.

Course content

Historical survey

The Insurance Contract/ The Insurance Contracts Act

• Regulation regarding formation of contract, premium rating and claims handling. Duty of disclosure, Insurance certificate, limitations, limitation period/ cancellations, complaint handlings, complaint boards, fraud.

Terms regarding household, detached house, agricultural insurance, group household insurance and insurance of valuables.

• Terms regulation regarding who is insured, what is insured, where is the insurance valid.
• Terms regulation regarding what kind of damages is covered/not covered natural hazards included, limitations, hazard increase, safety codes and identification regulations.
• Regulations regarding objects fully insured , first loss and fixed amount insurances including stipulation of amount insured, index adjustments, reporting of extensions of the house or new household assets that should be insured specially.
• Regulations regarding legal assistance or liability insurance covered by the household insurance contract.

Scale of rate and ratings

• Central principles of rating, including rating of class of construction, location, types of insurance and safety measures.
• Practical use of ratings , manually calculation of premium.
• Etichs
• Principles of underwriting
• Safety measures - risk preventions.

Claims handling

• Main principles regarding claims handling. Date limits reporting damage or accident, regulation of limitation periods, interest rates and the policyholders duty of disclosure.
• Regulations regarding calculation of compensation of fully insured, first loss or fixed amount insured objects including own risk, underinsurance, new-for-old deduction, rebuilding, fraud and breach of duty of safety regulations.

Expert assessment

• Guidelines regarding expert assessment

Travel insurance
A review of the most common insurance products covered by travel insurance. Accompanied baggage, travel sickness, liability and repatriation.

• Terms regarding who is insured, what is insured, including accompanied luggage, travel sickness, liability insurance and travel accident insurance; and where is the insurance valid.
•  Terms regulations regarding what kind of damages is covered/not covered, limitations, special types of coverage, including “all-year-round”- and short-term insurance policies and cancellation insurance.
•  Regulations regarding claims handling.
•  Safety codes including supervision and storing of luggage, consequences of breaching the safety regulations, fraud and information regarding complaint boards.
•  Main principles regarding claims handling and rating.

Loss prevention

• Philosophy of loss prevention
• Locks and alarms
• Relevant laws and regulations
• Remaining Value Salvage