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Risk/Insurance Unit1

Arkansas Unit 1: Insurance Fundamentals

TermDefinition
Agent someone who legally represents the insurer, has the authority to act on the insurer's behalf, and can bind the principal by expressed powers, by implied powers, and by apparent authority
Broker someone who legally represents the insured, soliciting or accepting applictions for insurance that is not in force until the company accepts the business
Claim a request to cover losses from a specific event
Claims adjuster person who settles claims; an agent, company adjuster, indepentent adjuster, adjustment bureau, or public adjuster
Coverage protection against a specific kind of loss
Deductible the amount an insured pays on a claim before the insurer pays the remainder
Insurability an insurer's determination that an individual meets the company's criteria to be insured
Insurance financial protection purchased to compensate for loss
Insurance Commission meets periodically to discuss industry problems that might require legislation or regulation
Insurance policy a contract written to protect individuals named in the policy against specific future losses
Insured an individual usually but not always the buyer, covered by an insurance policy
Insurer the company or agency that writes an insurance policy
Liability legal responsibility
Premium payment made by the insured to the insurer
Products options special features added to a basic insurance policy
Risk a situation in which some kind of loss is possible
Underwriting the process of assessing applicants for insurance to determine whether they are a good risk
Created by: tholt
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