(1)Underwriting Department. The underwriting department reviews applications for insurance and determines their acceptability to indiana auto insurance laws. Aside from life insurance, the department includes specialists in different lines of economic and locations. Departmental personnel work closely using the medical director and also the agency department.
(2)Agency Department. Most life insurers market their product via an agency system composed of whether branch-office or perhaps a general-agency type of operation. Under the branch-office system the area force consists of relatively small territorial offices usually under the supervision of a salaried branch manager. A branch-office is just extra time of the house office and its scope of operations is decided and con¬trolled at the office at home level.
(3)Claims Department. When an insured loss occurs, insurers have to pay claims within a reasonable time from the date of notice filed by the insured. The claims department reviews and verifies claims which have been submitted and determines the relation to settlement with the claimant.
When it comes to life insurance claims, settlement does not usually present any problems. This is correct because of the ease of verifying a real death. In the case of life claims not involving death, life companies do not have any problem of determining amounts payable on matured contracts. Neither is there any issue in determining the values applicable to a lapse or surrender of the policy.
Claim money is harder in health, pro-perty and liability coverages. Where losses are relatively small and clear-cut, many insurers give authority to stay claims to the agent. Where losses are large and complex, the claims department may arrange the terms of settlement through the use of staff adjusters who are employees of the company www.in.gov
Adjusters who are not employees of the company are known as independent adjusters. They are used when technical knowledge or specialized skill is required inside a particular case.
Frequently, claims settlement may be handled by adjustment bureaus, owned by the insurance companies, or through public adjusters who represent the insured. Thus, the way in which the claims department satisfies its liability to policyholders is determined by the type of loss involved (life versus fire, marine or liability), its size, and the extent to which specialization or knowledge in a particular field is needed.