property and casualty
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The demand for payment from the insurer following a covered loss.
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| show | Any condition or situation that could lead to a loss. The potential for financial loss.
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| Hazard | show 🗑
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| show | To restore someone to the same financial position at which they existed before the loss
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| Law of Large Numbers | show 🗑
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| Insurance | show 🗑
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| show | A legal contract used to transfer risk.
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| show | The party transferring risk to an insurer
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| Insurer | show 🗑
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| Legal Liability | show 🗑
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| show | Any reduction in the quantity, quality, or value of something.
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| show | When damage to real or personal property causes a financial loss because the real or personal property cannot be used.
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| Moral Hazard | show 🗑
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| show | When the chance of loss is increased because of the insured's attitude toward safety.
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| show | All property other than real property ie., household furnishings, business inventory, boat, watercraft.
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| Peril | show 🗑
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| show | Real or personal property
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| show | When the chance of loss in increased by the construction, use or location of the property.
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| show | Risk that only involves the possibility of loss only
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| show | Buildings or other structure ie., house, garage, fence
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| show | Financial uncertainty of loss
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| show | Law passed to create a federal backstop for property and casualty insurance claims related to acts committed by foreign interest
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| Insurable Interest | show 🗑
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| show | There is a possibility of gain or loss ie., gambling, purchasing stock
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Created by:
prettylavish88
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