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In Life insurance and motor vehicle insurance what are the common defects identified by the tester?

I nee some information please help me,

 

In Life insurance and motor vehicle insurance what are the common defects identified by the tester.

if you gave me the ans it is more helpful to me. 

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Hi Manch Padma,

                         Here are the few scenarios of the policy life cycle:

    Typically, insurance carriers have a common policy lifecycle that can consist of:
-clearance of applicant
-submission of applicant
-quote(s) (including output of quote document)
*this is where rating comes into play*
-acceptance/rejection of quote
-if acceptance - binding (including output of a binder document)
-policy creation/issuance (including output of Declaraions page and associated wordings/forms/endorsements)
-endorsement of policy (including output of policy change notice and associated wordings/forms/endorsements)
-cancellation of policy (including output of cancellation notice, etc)
-reinstatement of policy (including output of reinstatement notice, etc)

and then there is the potential claims lifecycle which potentially consists of the following:
-first notice of loss
-reservation of rights
-capture of associated parties (claimant, attorneys, adjusters both internal and external, etc)
-adjustment of claim (creating expense and/or indemnity reserves, making payments against reservers, creating recoveries, recovering money via subro, salvage, etc)
-litigation management
-closing claim
-reopening claim

Obviously, this can change for any given insurer based on the coverages they write and the busienss processes they have defined and these may or may not be covered by the application you are testing. Without further detail it is difficult to determine what scenarios would be appropriate. I would suggest getting a copy of the specification and potentially discuss with a SME what the application you are working on is intended to cover. 

 

Regard's

lakshmi kanth reddy

Hi for motor vehical insurance major testing which is:

versoning og policy managment system

diffrent status like:Incomplete,Bound,MTA,Cancellation,Request to Can,MTA and reinstatnment

vehical page like info of comprehencive and collision,vin no

document of car insurance(info populated or not)

driver page:driver and driver wise vehical info,accident & detah libility and driver goods policy

lay up period

garage inforamation

premium calculation during incomlete bound(after credit/debit include most  IMP and calculated part),in MTA,Cancallation

Transection like GL,solomon,Carrier

 

 

Thank you for the detailed information. I am freelancing as a Life Advisor for SBI Life & Kotak Life Insurance Companies but didn't get an opportunity till now to test.


You guys have given good information and in future if I get a chance, this information will be very handy.

 

If anyone of you are interested in investment / savings / life insurance - I can advice on choosing a very good plan from SBI Life ( a 200 year old govt. bank & insurance company ) / Kotak Life (a 25 year old no. 1 private bank & insurance company).

 

Anand Prem Raj

anand_prem_raj@yahoo.com, 9440557921

Hello Lakshmi Kanth Reddy and Jignesh,

Thanks for your response.

This info is really useful for me.

Once again thanks you very much indeed.

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