Preparation Product registration Part 4a
PART FOUR OF PRODUCT REGISTRATION
Before registering a product, the creator will need to go into detail to make it clear to the Back Office which factors are relevant to his product.
We break this down into four parts :
The Basic Information (General Description)
The Interests (hull, coll, legal assistance, b.i.) that can be insured with the product (Premium Components)
The information relating to insurers and the way they are registered
The information relating to specific objects or persons, if and insofar as they fall under one or more Premium Components and for which premium is due.
4) OBJECTS
A product may relate to a large number of objects. Such as buildings, works of art, machinery, persons,
stores with an inventory and goods. The total of the insured objects must somehow
be incorporated into the insured scope of one or more premium components
Subject: OBJECTS | Answer: |
|---|---|
Does the insurance product you have developed potentially relate to an insurance contract involving a large number of insured items? | 1)YES 2) No |
An insurance product usually requires a series of texts by default to tell what the insurance covers and what conditions apply to it.they may be texts that are optional and even texts that are variable.
Text processing | |
|---|---|
If available : Include some examples of texts that can be used in policy documents. These may include clauses that may or may not be mandatory or optional. | In word document is preferable. |
For any insurance contract, it is conceivable that special arrangements will be made. It could be about reinsuring an interest currently insured elsewhere. But it may also involve arrangements for a technical inspection, a discount when a certain premium amount is reached, etc. etc. All these arrangements should be able to be recorded and directed at the policy level.
Agenda and notes | |
|---|---|
Are there m.relation to this insurance product facts or circumstances that require further investigation in due course | 1) Yes |
In addition, it is important that you include some of the mandatory clauses/texts in the form of a word document.
You can then copy the text and then paste it into Real-Text.
And, of course, a number of variably applicable texts: clauses/agreements that are "tailor-made" to be applied in policies.
And finally, you could include a text specifically related to a particular policy.
So, now you can get started installing your insurance product.