Explain the following terms as used in insurance.
(a) re-insurance
(b) Loss adjusters
(c) underwriters
(d) brokers
(e) assessor
Explanation
*Re-insurance-It is a means of seeking insurance coverage by insurers for risks already insured by them. It helps in the spreading of risks within the insurance industry.
*Loss adjuster- These are claims specialists who usually take instructions from insurance companies to investigate the case of loss and to establish whether the insurer is liable or not. They also determine the amount of the claim payable to the insured.
*Underwriters-Underwriters are individuals or entities that assess a risk proposed for insurance with a view to determining whether to accept the risk or not and if to accept at what rate, terms and conditions.
*brokers- A broker is an individual or firm that acts as an intermediary between an investor and a securities exchange. Because securities exchanges only accept orders from individuals or firms who are members of that exchange, individual traders and investors need the services of exchange members.
*assessor-An assessor is a local government official who determines the value of a property for local real estate taxation purposes. The figures assessors derive are used to calculate future property taxes. The assessor estimates the value of real property within a city or town's boundaries.