Insurance companies can be defined as businesses that provide coverage and compensation due to loss, damages, injury, treatment, or hardship in return for premium payments. It is essential if they would like to secure and protect their assets and get back up and running as soon as possible after disaster strikes.
ISBN: 978-981-11-2336-8
Published Year: 2016 (1st Version Available for Internal Training Only)
An Industry Guide to Business Continuity Management for Insurance Companies
Insurance policies are used to safeguard against the risk of big and small financial losses that may develop from damage to the insured property or liability for damage or injury caused to a third party. For general insurance, compensation is typically proportionate to the incurred loss. However, in life insurance, a fixed sum is generally paid.
The insurance company calculates the risk of occurrence before deciding the cost to pay for the loss to determine the premium amount. In an insurance contract, the Insurance Company indemnifies the insured party against a specified amount of loss that occurs during identified events within a fixed period, provided a fee called premium is paid.
This book is written for those new to business continuity management (BCM). It is also a reference for practitioners assigned to initiate the BCM planning project in their organization in the insurance industry.
The content of the book is to accomplish the following:
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