As an underwriter your task is rather difficult and requires not only mathematical analysis of risk situations, but also critical analysis of people involved in such situations to arrive at the most accurate and sound judgment of the outcomes of risky situations. Your assessment is key to the level of protection your company can offer, and even whether or not offering coverage against a specific peril is even feasible, based on the number of exposures and the likely frequency of any loss that may occur. There are several factors one must consider when assessing risk. What is the role of the following factors as key criteria for judging risk, providing insurance coverage and costing that insurance premium? Explain each: 1. Age 2. Gender 3. Health

(4 marks each) (12 marks total) b) Describe each type of Automobile physical damage insurance. What does each cover? 1. Collision Insurance 2. Comprehensive Insurance 3. Uninsured Motorist Insurance

(5 marks each) (15 marks total)

c) Describe why a business might need Public Liability Insurance or Product Liability Insurance.

(10 marks each) (20 marks total)

3 d) Discuss and compare the Health Maintenance Organization (HMO) to a Preferred Provider Organization (PPO)

(10 marks each) (20 marks total)

e) Identify and discuss characteristics of each type of life Insurance. 1. Term Life 2. Whole Life 3. Endowment Life 4. Universal Life