how is an insurance policy made ?
i hav an insurance policy that i created in my mind . . but there are others aspects to it . how is an insurance policy made ?? how can i apprach the companies ?? do i need to write a thesis and present someone cud help ...
Comments
mostly it starts with a basic and you can build from there if you want more coverage or certain coverage, say if you want insurance on a car, most states has a minimum requirement such as florida, you can add on collision, medical and more coverage then the state requirement. its all about what you want and can afford. more things you add on to your insurance more rates go up.
All insurance companies has Actuaries, they are responsible for new policies, amendment in existing policies for allocation charges, premium tabulations, agent's commission, Age limit, rider benefits and other things,,only through actuary department insurance policies are acceptable.
All insurance policies must be sent to the Department of Insurance for approval. You can not simply approach companies.