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Property & Casualty

Chapter 1 Questions

QuestionAnswer
A peril is defined as A specific cause of loss
Lighting, Fire, Hail, and Theft are examples of Perils
Smoking, Icy Parking Lot, Bungee Jumping, and Arson ae examples of Hazards
STARR stands for Sharing, Transfer Avoidance, Reduction, Retention
Sharing (STARR) means a larger number of persons pooling resources to share in a loss
Transfer (STARR) means An insured purchasing insurance transfers risk
Avoidance (STARR) means Some exposures can be eliminated entirely
Reduction (STARR) means Prevention of potential loss
Retention (STARR) means Taking the responsibility of a loss
What elements must be included in an insurable risk Accidently losses, excluded catastrophc perils, calculable change of loss
If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which type of insurance? Reinsurance
Which type of insurer is owned by its policy holder Mutual Insurance Company
An insurance company that is organized under the laws of a different state within the United States is known as a Foreign Insurer
Which insurance company department selects the risk that the insurance company will insure? Underwriting
Property underwriters may use what factors to evaluate a risk? Claims History, Building Occupancy and Construction, and Hazards
Which individual represents the insurance company when selling an insurance policy? Producer
Which type of authority does the public assume an agent has, based on the agent's conduct? Apparent (Apparent authority is demonstrated when the principal's conduct gives the general appearance that the authority exists)
Which federal regulation protects consumer privacy? Fair Credit Reporting Act
Under the Gramm-Lech-Bliley Act, insurers must notify consumers of their information-sharing practices at the time the customer relationship is established, and notice must be sent annually
The Terrorism Risk Insurance Act allowed the establishment of the Terrorism Risk Insurance Program, which is administered by The Secretary of the Treasury.
Created by: jcmartinez,jm4
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