Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
To be a life policy the insured event must be based upon the lives of the people named in the policy.
Insured events that may be covered include:
• Serious illness
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
• Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
• Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

source en.wikipedia.org

This is an excellent opportunity with a leading Insurer based in London. You will assist with the assessment of group and individual healthcare business utilising medical information, previous claims history and guidelines set out by the firm along with analysis of profitability and provision of management information. You will ideally have 2 years plus group life or healthcare experience combined with statistical and analytical
skills. Excellent opportunity to move towards an Underwriting role with exposure to the International Healthcare market specifically Europe. Please apply for further details.

Industry Sector: Employee Benefits
Job Type: Permanent
Region: London
Area: City of London
Specific Location: London
Salary: £35000 to £45000 per annum
Salary Description: £35000 - £45000 per annum + To £45k plus benefits
Posted: 14/12/2009

Source : www.insurancejobsboard.com/jobs/180483/pmi-underwriter.asp or www.insurancejobsboard.com