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Georgia-P&C Guide
Resource Guide
| Term | Definition |
|---|---|
| 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
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