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Georgia-P&C Guide

Resource Guide

TermDefinition
Property A contract where an insurance company agrees to pay for the loss damage of "Your Stuff" tangible items that you can possess. EX- Your house, your car, your dog, your furniture. Or Business stuff- building, inventory desks, computers - two party contract
Casualty or Liability Your legal responsibility for damage you do to the other person's body or property.(BI-Bodily Injury) PD- Property damage. -Third party contract= you-> you insurance company-> unknown 3rd party-> the victims -> the other guy
Personal Line Insurance P&C policies written to cover the needs of an individual or family (auto, home, boat, camper and RV. within these policies you will find p&c coverage. we will cover both damage to your car and damage done to 3rd party by your car.
Commercial Lines Insurance Contracts designed to provide for the insurance needs of a business.property side- buildings,warehouses, inventory, office furniture, equipment, inventory, raw material). Casualty side-professional liability, products liability, commercial auto liability,
Insurance A contract which allows for the transfer of your individual risk to a company, which will indemnify losses suffered by the insured to a predetermined limit unless excluded by the policy language.
Insured In Personal lines- Contracts you and your resident family members. commercial lines- you and your stockholders or partners, your executives, managers, employees acting within scope of business.
Insurance Company the professional risk bearer- the other party to the contract
What are the 4 types of loss exposures: Liability, net income, personnel, and property
All of the following are elements of loss exposure except? A. Asset exposed to loss B. Cause of loss C. Hazard of loss D. Financial consequences of loss C. Hazard of loss (Hazard is a quadrant or risk, not an element of loss exposure
Standard deviation is a representation of what? A. Measure of how widely dispersed values in a distribution are B. Measure of dispersion between the expected value and probability C. Measure of how widely dispersed values are from the mode of a distri
Created by: slaroche1