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Life & Health

WA Life Insurance Study

TermDefinition
Applicant or proposed insured A person applying for insurance
Broker An insurance producer not appointed by an insurer and is deemed to represent the client
Insurance Policy A contract between a policy owner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events
Insured The person covered by the insurance policy. This person may or may not be the policyowner
Insurer (Principal) The company who issues an insurance policy
Policy Owner The person entitled to exercise the rights and privileges int he policy
Premium The money paid to the insurance company for the insurance policy
Reciprocity/Reciprocal A mutual interchange of rights and priveleges
Risk The uncertainty or chance of a loss occurring
Pure Risk Situations that can only result in a loss or no change, no opportunity for financial gain. The only risk that is insurable.
Speculative Risk The opportunity for either loss or gain. These are not insurable.
Hazard Classified as physical hazards, moral hazards, or morale hazards
Physical Hazards Individual characteristics that increase the chances of the cause of loss.
Moral Hazards Tendencies towards increased risk. Involve evaluatin the character and reputation of the proposed insured
Morale Hazards Arise from a state of mind that causes indifference to loss, such as carelessness
Peril Causes of loss insured against in an insurance policy
Life Insurance Insures against the financial loss caused by the premature death of the insured
Health Insurance Insures against the medical expenses and/or loss of income caused by the insured's sickness or accidental injury
Property Insurance Insures against he loss of physical property or the loss of its income-producing abilities.
Casualty Insurance
Created by: rolyblu
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