A. THE GENERAL RULE Parol evidence is not admissible to contradict or vary the meaning of the policy, since, after the contract is reduced into writing, the parties are not at liberty to show, by giving evidence of what passed between them at the time of effecting the policy, that they contracted otherwise than in […]
The rights of the parties are normally governed by the terms of the policy alone. Any other document which is not incorporated into the policy has, in general, no effect. But if the terms of another document have been incorporated, then they form part of the policy and must be read as one with it. […]
Fraud is described as an intentional act of deceiving, concealing, or misrepresenting information that results in payment of unauthorized benefits to an individual or group who are otherwise not entitled. Like any other industry, Insurance is also prone to the risk of fraud and Insurance fraud cost millions of dollars annually. Insurance, being a service […]
Abstract The increasing number of catastrophes world over and quite a few devastating fire accidents witnessed in India, have thrown open the need for the adequacy of the sum insured, both under material damage and business interruption. A key component of the financial management of any corporate, would be to ensure that the assets are […]
Loss adjusters have moved into a number of new areas in recent years, not least into the role of TPA. Jonathan Clark assesses this new position for loss adjusters DESCRIBED BY some risk managers as a career defining decision, the selection of a TPA service provider is a vital element of an integrated approach to […]
Time, resources and skills are the key components to why companies turn to Third Party Administrators to help with the smooth running of their business, says Terry Simister THIRD PARTY Administration, unbundling of services, outsourcing, contracting out or sub-contacting. These are all terms which, over the years, have been used to describe a situation where […]
The growing trend towards larger retentions and self-insurance has meant that organisations are faced with a number of administrative areas that were traditionally handled by insurers. Claims handling and other services come as part of the insurance package, but few self-insureds are able to provide such services in-house. As a result, the Third Party Administration […]
THE PUBLIC sector encompasses a huge range of risks and this is reflected in the variety of topics being discussed at this year’s annual conference of the Association of Local Authority Risk Managers (ALARM). The conference, which takes place at the University of Warwick on April 12-13, 1999, includes workshops and lectures on crime prevention, […]
AN EXCEPTIONALLY large number of natural catastrophes occurred last year, according to Munich Re, with losses in excess of $90bn and insured losses of $15bn. This was the second-highest total ever, and the fourth-largest total in terms of insured losses. Around 50,000 people lost their lives as a result (compared with just 13,000 in 1997). […]
Early Days of Computerisation In the late 1950s, when the benefits of commercial data processing were being realised, the insurance industry was one of the first to take to business automation. At that time, the objective was still to automise boring, repetitive and labour intensive accounting tasks in the back office. With the introduction of […]