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Stack #218239

Health and Life Insurance Exam

QuestionAnswer
Define Insurance The transfer of financial responsibility associated with a potential of a loss (risk) to an insurance company, which in turn spreads the costs of unexpected losses to many individuals.
Hazards Conditions or situations that increase the probability of an insured loss occurring.
Physical Hazards Individual characteristics that increas the chances of the cause of loss. Physical condition, past medical history, condition at birth.
Moral Hazards Tendecies towards increased risk. Evaluating the character and reputation of proposed insured.
Morale Hazards Indifference to loss, such as carelessness.
Risk Uncertainity or chance of a loss occurring.
Pure Risk Situations that can only result in loss or no change.
Speculative Risk Opportunity for either loss or gain.
Exposure Units of measure used to determine rates charged for insurance coverage.
Peril Causes of loss insured against in an insurance policy.
Loss Reduction, decrease, or disappearance of value of the person or property isured in a policy.
Adverse Selection Insuring risks that are of a poorer class (more prone to losses) than the average risk.
Law of Large Numbers Principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss.
Reinsurance Method used by insurers to protect against catastrophic losses.
Aleatory Contract Unequal amounts or values are exchanged.
Personal Contract Contract between the insurance company and an individual.
Unilateral Contract Contract were only one of the parties to the contract is legally bound to do anything.
Conditional Contract Certain conditions must be met by the owner and the company in order for the contract to be executed.
Utmost Good Faith Implies that there will be no fraud, misrepresentation or concealment between the parties.
Indemnity Provision in an insurance policy that states that in the event of loss, an insured is permitted to collect only to the extent of his/her financial loss and is not allowed to gain financially because of the existence of an insurance contract.
Estoppel Legal process that can be used to prevent a party to a contract from re-asserting a right or privilege after that right or privilege has been waived.
Agent/Producer Person who acts for another person or entity, known as the principal.
Concealment Legal term for the intentional withholding of information.
Fraud Intentional misrepresentation or intentional concealment of material.
Waiver Intentional act of relinquishing a known right, claim or privilege.
Created by: zgabay
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