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Commercial Lines 101

Insurance Definition Part 1

TermDefinition
Accidental loss One that is unforeseen, unexpected and occurs as a result of chance
Commercial Lines Insurance lines use to cover commercial (business) risk as opposed to personal
Contract An agreement between two or more parties exhibiting the following necessary characteristics: mutual assent, competent parties, a valid consideration, and a legal subject matter
Indemnification Occurs when the insured is restored to the their approximate financial position prior to the occurrence of the loss
Insurance A contract in which the insurer agrees for a fee to indemnify another against a pre-defined category of risks
Insurance Premium The amount of money an insurer charges to provide the coverage described in an insurance policy
Insured The person(s) protected under an insurance contract
Insurer Insurance company that undertakes to indemnify for losses and perform other insurance related operations
Law of Large Numbers States that as the number of policy holders increases, the more confident the insurance company is its prediction of claims will prove true
Pooling The spreading of losses incurred by a few over the entire group, so that in the process, average loss is substituted for actual loss
Risk Uncertainty arising from the possible occurrence of given events; the insured or the property to which an insurance policy relates
Risk Transfer Risk is the transferred from the insured to the insurer, who typically is in a stronger financial position to pay the loss rather than the insured
Created by: jcmartinez,jm4
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