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CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities

After a warehouse fire at Kapoor Traders in Indore, the general insurer needs a licensed technical professional to inspect the site, determine the cause and extent of damage and recommend the amount of loss payable. Who should be appointed for this task?

A licensed insurance surveyor and loss assessor should be appointed. This professional inspects the site, finds the cause and extent of the fire damage and recommends the loss payable to the insurer. TPAs, repositories and corporate agents perform health claim administration, electronic policy storage and solicitation respectively.

  1. AInsurance surveyor and loss assessorCorrect
  2. BThird party administrator for health claims
  3. CInsurance repository service provider
  4. DCorporate agent from a bank

Explanation

Inspection of damage, cause of loss and recommending the loss amount on a general insurance claim is the function of a licensed surveyor and loss assessor. A TPA handles health claims administration, a repository holds policies in electronic form, and a corporate agent solicits business. None of these assesses fire losses.

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