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Commercial Lines 101

Insurance Definition Part 2

All Risk Coverage Policies that provide coverage for any peril except those that are specifically excluded
Fiduciary Responsibility The obligation that one party has in relationship with another one to act entirely on the other party's behalf and best interest
Hazard Conditions that increase the probability of loss
Insurance Agent A person or organization who/that solicits, negotiates, or initiates insurance contracts on behalf of an insurer and can be independent or an employee of an insurer
Insurance Broker An insurance intermediary ( go-between) that represents the insured rather than the insurer
Insurer Insurance company that undertakes to indemnify for losses and perform other insurance-related operations
Intentional Acts An act committed with the purpose of injuring someone or damaging another's property
Loss The basis of a claim for damages under the terms of a policy and loss of assets resulting from a "pure risk"
Moral Hazard Concerns intentional acts committed by the insured that either create or exaggerate a loss to receive claim payment
Morale Hazard Implies a certain indifference to loss simply because of the existence of insurance
Named Perils Coverage Policies that provide coverage only for loss caused by the perils specifically listed as covered
Negligence The failure to use a reasonable degree of care under a given set of circumstances
Peril Cause of loss
Physical hazard Material, structural, or operational features of a business that may create or increase the opportunity for injury or damage
Pure Risk The risk involved in situations that present the opportunity for loss, but no opportunity for gain
Reinsurance Transaction in which one party, the "reinsurer", in consideration of a premium paid to it, agrees to indemnify another party, the "reinsured", for part or all of the liability assumed by the reinsured under a policy it has issued.
Risk Uncertainty arising from the possible occurrence of events
Risk Classification Defined classes based on the probability of loss
Speculative Risk Uncertainty about an event under consideration that could produce either a profit or loss
Strict Liability A legal doctrine that holds a party responsible for their actions or products, regardless of fault
Tort A civil or private wrong giving rise to legal liability
Created by: jcmartinez,jm4
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