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Starting with chapter 1 and adding on each week

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show the possibility of loss  
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possibility   show
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show the proportion of time that the even will occur in the long rum 0 to 1 or 0 to 100 percent  
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loss   show
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loss exposure   show
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direct loss   show
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indirect loss   show
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show cause of a loss  
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show act or condition that increases the likelihood of a loss or severity of a peril  
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physical hazards   show
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moral hazards   show
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show carless or indifference (laziness, disorderliness, lack of concern for others  
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show size of the sample or insured population increase, the actual loss experience will more closely approximate the true underlying loss probability  
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mass   show
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show have similar characteristics  
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independence   show
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financial risks   show
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non financial ricks   show
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particular risks   show
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show can affect large segments of society (widespread unemployment, runaway inflation, massive accident or pandemic)  
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show exists part form changes in society (death, or fire damage)  
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show losses directly from changes in societies behavior or needs  
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pure risks   show
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speculative risks   show
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gambling   show
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show death, injury, illness, old age, unemployment  
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show destruction or loss of property  
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show legally liable for unjust to another person or damage to another party's property  
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insurable risk   show
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show the degree to which that individual is attracted to or averse to the possibility of loss  
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show those who are highly vulnerable to loss from a specific risk are more highly inclined to purchase specific insurance to cover related losses  
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show insurance owned by private insurance companies  
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government insurance   show
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show helps solve the major social problems that affect a large portion of society (social security, medicare, unemployment insurance, workers' comp.) 1. compulsory employment-releated; 2. particle or total employer financing; 3. benefits prescribed by law; 4. benefits as a right; 5. emphases as social adequacy  
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show provides minimum floor of benefits for all beneficiaries regardless of economic status.  
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individual adequacy   show
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individual insurance   show
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group insurance   show
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show contract entered into by the owner of the group insurance policy  
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show evidence of insurance to those covered by group insurance  
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show application for private insurance regarding physical condition, financial condition, or driving record of the would be insured  
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applicant   show
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show owner of the insurance policy  
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show person who is covered by the policy  
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show type of insurance that a insurance company will cover (auto, home, life, property, etc...)  
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uncertainty   show
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risk management   show
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show philosophy of managing and coordinating various types of risks and opportunities is inherent in a comprehensive personal financial plan  
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risk control   show
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show techniques used to pay for any losses that do occur  
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risk avoidance   show
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show intended to lower the probability of loss or the frequency with which a given type of loss occurs  
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show risk control measures that aim to reduce the severity of loss (sprinkler systems, annual exams, seatbelts, safety guards on equipment)  
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show risk control measure (subcontracting)  
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show how to pay for a loss 1. risk retention, 2. risk transfer (self - insurance)  
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show keeps or retains the financial burden of any loss (deductibles are part of a risk retention program)  
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show large business in which the business acts like an insurance company for its own risks  
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show a large organization that establishes a separate company to ask as their insurance company and writes their own insurance  
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hold-harmless agreement   show
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insurance equation   show
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credibility   show
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show death  
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show health, disease  
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maximum possbile loss   show
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show the worst that is likely to happen  
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third-party administration (TPA)   show
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voluntary benefits   show
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show employees can choose among several different types of benefits  
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premium-conversion plan   show
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show funds certain types of expenses other then premiums, pre-taxed  
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risk transer   show
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noninsurance transfer   show
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domestic insurer   show
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show doing business outside of the state that they are incorporated in  
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show company that is incorporated in a different country  
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show not licensed or authorized within the policyowner's home state  
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show excess lines insurance; coverages that otherwise would not be available (for clients that have underwriting changeless, unique risks, hard to evaluate or unusually high limits of insuracne  
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stock insurance company   show
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mutual insurance company   show
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show owned by policyowners and have no stockholders, issues non assessable contract in which the cost of the insurance is set when the policy begins  
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show policyowners may or may no pay an advance premium, but they can be assessed for a portion of the company's losses and expenses at the end of the policy period  
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show shifting of a mutual company to a stock company  
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mutual holding company   show
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fraternal insurer   show
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reciprocal exchange   show
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show blue cross - hospital expenses / blue shield - physicians expenses, now most plans are combined  
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show groups of individual insurers; each member is ordinarily liable for only a specified maximum  
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agent   show
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show temporary evidence of insurance, and it is superseded when a written policy is issued  
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brokers   show
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show places coverage with non admitted insurers for insured when no other local markets are available (amusement parks and ski resorts)  
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show no agent involved, direct to consumer  
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show granted a franchise by an insurer to maker that insurance company's products, only one company, pays for all their own expenses  
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branch office system   show
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show unlike a general agency the PPGA is expected to sell only and not worry about building an agency  
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show represents multiple insurance company  
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exclusive agency system   show
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underwriting   show
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show an agent starts the underwriting process  
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reinsurance   show
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show exists when the primary insurer agrees in advance to transfer, or cede, some types of loss exposure and the reinsurer agrees to accept them; the reinsurer participates In the risk a soon as the primary insurer accepts the loss exposure  
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facultative reinsurance   show
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independent adjustor   show
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public adjustor   show
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show the process of establishing the price to. be charge for insurance; costs of providing insurance plus a margin for profit  
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show price charged for each unit of coverage, called an exposure unit  
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premium   show
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pure (net) rate   show
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show the sum of pure (net) rate and loading added together  
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show organization that assists insurers by collecting and furnishing loss statistics or by submitting rating recommendations  
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class rates   show
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show created for one particular insured based on that insured's own risk characterists  
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show an amount that the insurer would need to today from all insureds in a classification, together with future investments earrings, to pay all claims within that class of insured as those claims arise. The premium is spread or leaved over the policy's payment period  
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show a change that is based on spreading out the new level premium over the policy's premium payment period; a level annual loading amount is added to cover commissions, premium taxes, administrative expenses and all for profits  
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show divide losses incurred plus loss adjustment expenses incurred by earned premiums  
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National Conference of Insurance Legislators   show
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National Association of Insurance Commissioners   show
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model law   show
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model regulation   show
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prior approval law   show
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show immediate use of the filed rates; commissioner may disapprove of the rates within a certain time frame  
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show rates must be filed with the insurance commission within a certain time after they are first used  
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show no regulatory approval is needed is the proposed change is less then 5-10%  
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open competition   show
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show in life insurance only - the amount that, augmented by premium payments under outstanding contracts and interest earnings, is sufficient to enable the life insurer to get its expected policy obigations  
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show in property and liability insurance, must alway be adequate to pay a return premium to all policy owners if their policies are canceled prior to expiration  
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show reflects the insurer's liability for losses that have already occurred but have not yet been paid or settled  
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non admitted asset   show
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unfair trade practices   show
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rebating   show
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show where an agent may induce the policyowner to cancel the contract to take out a new contract on an unfair or incomplete comparison of the contracts  
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misappropriation   show
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show where an agent mixed the insured's or the insurer's fund with the agent's personal funds  
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premium tax   show
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show the process of restoring an insurer to financial stability  
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guaranty fund   show
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show restrained by many regulations that require full and fair information in advertisements by insurance companies and agents  
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unauthorized entity   show
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unilateral contract   show
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conditional contract   show
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contract of adhesion   show
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parol evidence rule   show
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show to pay an amount directly released to the amount of the loss; property, liability and health insurance  
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show specifies the amount that the insurer will pay in the event of a specified loss, usually a total loss, life insurance  
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show right or relationship with regard tot he subject matter of the insurance contract  
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show provides that an insurer who has paid a claim under a contract of indemnity takes over any right os revoker that the insured might have against any party  
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concealment   show
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mistrepresentation   show
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show may be affirmed or rejected at the option of one of the parties by either concealment or misrepresentation, although it is binding on the other - an insurer may or may not void  
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show no legal effect, and weight party may enforce it  
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show a lie  
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show specific questions on the application may be considered  
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representation   show
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declarations   show
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show key terms and are a major help in precisely defining the insured's intentions  
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show the core of any insurance policy, the insuring agreement that spells out the basic promise of the insurance company  
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exclusions   show
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show the right to renew the coverage at each policy anniversary date, although possibly only until state age, can not be cancelled by the insurer and future rated are guaranteed within the contract  
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guaranteed renewable   show
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optionally renewable   show
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show provision added to the policy to which the scope of its coverage is clarified, enlarged or restricted, if it conflicts with the terms of the policy, it takes precedence  
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Created by: susansaraliv
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