Work of Insurance Company

What is the work of a Life Insurance Company? What are the stages involved from receiving application for the Insurance cover to payment of claim to the insured? How Life Insurance Companies do their work?

Stages of work involved in a Life Insurance Company.

A) First of all applications or proposals are received from the prospective buyers of Life Insurance.
B) Then comes the process of scrutiny of applications for Life Insurance .
C) Then a deep analysis of proposals is done to take a decisions on the proposals for Insurance. This stage is know as Insurance Underwriting.
D) After analyzing risk and honesty of the proposals policy documents are issued which incorporates the terms and conditions of the Life Insurance cover.
E) The next stage is of tracking the performance of the Insurance contract like receiving premium regularly and payment of benefits.
F) Monitoring various requirements that many arise during the duration of the contract like nomination, assignment, alteration of terms of policy, surrender of policy, payment of claims and supporting insured as and when needed.
G) After receiving premium from the insured Insurance companies invest these funds into different investment options (equities, government funds etc) as per the terms and conditions of the policy.

Additional supporting activities:

A) Advertisement of Insurance company.
B) Maintaining of accounts and datas of company.
C) Regular official work in accordance with the law and regulation.

On the whole the work of a Life Insurance Company is not as easy as the work of other sector company. To manage a Life Insurance Company is very hard job which needs great calculations as this is a business of risk cover and the amount and nature of risk is unpredictable.



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