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.
Help!
|
|
||||
|---|---|---|---|---|---|
| risk | show 🗑
|
||||
| show | something that could occur
🗑
|
||||
| show | the proportion of time that the even will occur in the long rum 0 to 1 or 0 to 100 percent
🗑
|
||||
| show | a decline in value, usually in an unexpected or relatively unpredictable manner
🗑
|
||||
| loss exposure | show 🗑
|
||||
| show | the first or immediate loss following an event (peril)
🗑
|
||||
| show | secondary result following a peril (can have a secondary loss without having a direct loss)
🗑
|
||||
| show | cause of a loss
🗑
|
||||
| hazard | show 🗑
|
||||
| physical hazards | show 🗑
|
||||
| moral hazards | show 🗑
|
||||
| show | carless or indifference (laziness, disorderliness, lack of concern for others
🗑
|
||||
| show | size of the sample or insured population increase, the actual loss experience will more closely approximate the true underlying loss probability
🗑
|
||||
| mass | show 🗑
|
||||
| show | have similar characteristics
🗑
|
||||
| show | independently exposed - one exposure unit should not affect the likelihood of loss to another exposure unit
🗑
|
||||
| show | loss of money, or can be non-financial risk
🗑
|
||||
| non financial ricks | show 🗑
|
||||
| show | loss possibility that affect only individuals or a small group of individuals (embezzlement, lightning. disability, retirement)
🗑
|
||||
| fundamental risks | show 🗑
|
||||
| show | exists part form changes in society (death, or fire damage)
🗑
|
||||
| show | losses directly from changes in societies behavior or needs
🗑
|
||||
| pure risks | show 🗑
|
||||
| show | loss, no loss, no gain or gain (businesses, property values)
🗑
|
||||
| gambling | show 🗑
|
||||
| show | death, injury, illness, old age, unemployment
🗑
|
||||
| property risks | show 🗑
|
||||
| show | legally liable for unjust to another person or damage to another party's property
🗑
|
||||
| insurable risk | show 🗑
|
||||
| risk-tolerance level | show 🗑
|
||||
| adverse selection | show 🗑
|
||||
| show | insurance owned by private insurance companies
🗑
|
||||
| government insurance | show 🗑
|
||||
| social insurance | show 🗑
|
||||
| show | provides minimum floor of benefits for all beneficiaries regardless of economic status.
🗑
|
||||
| show | payments to private insurance premiums by individuals - different rates for different people based on actuarial analysis (underwritting)
🗑
|
||||
| individual insurance | show 🗑
|
||||
| show | more then one person under a single contract issued to someone other then the insured
🗑
|
||||
| show | contract entered into by the owner of the group insurance policy
🗑
|
||||
| certificates of insurance | show 🗑
|
||||
| show | application for private insurance regarding physical condition, financial condition, or driving record of the would be insured
🗑
|
||||
| applicant | show 🗑
|
||||
| policyowner | show 🗑
|
||||
| show | person who is covered by the policy
🗑
|
||||
| line of insurance | show 🗑
|
||||
| uncertainty | show 🗑
|
||||
| risk management | show 🗑
|
||||
| enterprise risk management | show 🗑
|
||||
| risk control | show 🗑
|
||||
| show | techniques used to pay for any losses that do occur
🗑
|
||||
| risk avoidance | show 🗑
|
||||
| loss prevention | show 🗑
|
||||
| show | risk control measures that aim to reduce the severity of loss (sprinkler systems, annual exams, seatbelts, safety guards on equipment)
🗑
|
||||
| non insurance transfer | show 🗑
|
||||
| show | how to pay for a loss 1. risk retention, 2. risk transfer (self - insurance)
🗑
|
||||
| show | keeps or retains the financial burden of any loss (deductibles are part of a risk retention program)
🗑
|
||||
| self-insurance | show 🗑
|
||||
| captive insurer | show 🗑
|
||||
| show | transfree agrees to pay claims, leaving the transferor fee of the obligation. (renting a party center - the paying party will have to pay for the loss, not the party center owner)
🗑
|
||||
| show | equation between the sources of income and the use of income
🗑
|
||||
| show | degree of reliability placed o past experiences to predict what will happen in the future
🗑
|
||||
| show | death
🗑
|
||||
| show | health, disease
🗑
|
||||
| show | the worst that could happen
🗑
|
||||
| show | the worst that is likely to happen
🗑
|
||||
| third-party administration (TPA) | show 🗑
|
||||
| voluntary benefits | show 🗑
|
||||
| show | employees can choose among several different types of benefits
🗑
|
||||
| premium-conversion plan | show 🗑
|
||||
| show | funds certain types of expenses other then premiums, pre-taxed
🗑
|
||||
| show | shifts as much as possible of the financial consequences of a risk to some other party, individual or organization (low loss frequency but high loss severity)
🗑
|
||||
| show | a contract through which one party transfer the legal responsibility for a specific activity and any resulting losses to another party (financial burden is transfers, NOT legal responsibility) (extended warranties)
🗑
|
||||
| show | doing business within the state that they are incorporated in
🗑
|
||||
| foreign insurer | show 🗑
|
||||
| show | company that is incorporated in a different country
🗑
|
||||
| non admitted insurer | show 🗑
|
||||
| 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
🗑
|
||||
| show | corporation owned by stockholders; policyowner does not receive dividends, stockholders are entitled to residual profits, issue contracts for a fixed cost
🗑
|
||||
| mutual insurance company | show 🗑
|
||||
| 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
🗑
|
||||
| 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
🗑
|
||||
| show | shifting of a mutual company to a stock company
🗑
|
||||
| show | directly or indirectly controls a stock insurer, holding company controlled by the policyowner (original company - holding company has 51% of the stock of the newly created stock insurance company)
🗑
|
||||
| fraternal insurer | show 🗑
|
||||
| show | unincorporated pool of funds owned by the policy owners and managed by an attorney-in-fact
🗑
|
||||
| Blue Cross and Blue Shield plan | show 🗑
|
||||
| Lloyd's association | show 🗑
|
||||
| agent | show 🗑
|
||||
| show | temporary evidence of insurance, and it is superseded when a written policy is issued
🗑
|
||||
| show | legally represents the policyowner
🗑
|
||||
| surplus lines broker (excess lines brokers) | show 🗑
|
||||
| show | no agent involved, direct to consumer
🗑
|
||||
| general agency system | show 🗑
|
||||
| show | where a life insurance company opens their own office
🗑
|
||||
| personal producing general agent (PPGA) | show 🗑
|
||||
| independent agency system | show 🗑
|
||||
| show | represents only one insurance company or group of affiliated companies, high commissions on new business - low commissions on renewals
🗑
|
||||
| underwriting | show 🗑
|
||||
| show | an agent starts the underwriting process
🗑
|
||||
| show | arrangement in which an insurance company transfers to another insurance company some or all of the ricks it has taken on by writing primary insurance
🗑
|
||||
| treaty (automatic) reinsurance | show 🗑
|
||||
| facultative reinsurance | show 🗑
|
||||
| independent adjustor | show 🗑
|
||||
| show | experts who represents the public in settling property insurance claims against the insurer
🗑
|
||||
| show | the process of establishing the price to. be charge for insurance; costs of providing insurance plus a margin for profit
🗑
|
||||
| show | price charged for each unit of coverage, called an exposure unit
🗑
|
||||
| premium | show 🗑
|
||||
| pure (net) rate | show 🗑
|
||||
| gross rate | show 🗑
|
||||
| advisory organization | show 🗑
|
||||
| class rates | show 🗑
|
||||
| show | created for one particular insured based on that insured's own risk characterists
🗑
|
||||
| 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
🗑
|
||||
| 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
🗑
|
||||
| show | divide losses incurred plus loss adjustment expenses incurred by earned premiums
🗑
|
||||
| National Conference of Insurance Legislators | show 🗑
|
||||
| National Association of Insurance Commissioners | show 🗑
|
||||
| show | a draft bill; suggested wording for a new law that is for consideration by state legislators; worked on with NAIC
🗑
|
||||
| model regulation | show 🗑
|
||||
| prior approval law | show 🗑
|
||||
| show | immediate use of the filed rates; commissioner may disapprove of the rates within a certain time frame
🗑
|
||||
| use - and - file law | show 🗑
|
||||
| show | no regulatory approval is needed is the proposed change is less then 5-10%
🗑
|
||||
| open competition | show 🗑
|
||||
| legal reserve | show 🗑
|
||||
| unearned premium reserve | show 🗑
|
||||
| loss reserve | show 🗑
|
||||
| non admitted asset | show 🗑
|
||||
| unfair trade practices | show 🗑
|
||||
| show | return of any part of the premium, expect in the form of dividends
🗑
|
||||
| twisting | show 🗑
|
||||
| misappropriation | show 🗑
|
||||
| commingling of funds | show 🗑
|
||||
| premium tax | show 🗑
|
||||
| show | the process of restoring an insurer to financial stability
🗑
|
||||
| guaranty fund | show 🗑
|
||||
| misleading advertising | show 🗑
|
||||
| unauthorized entity | show 🗑
|
||||
| unilateral contract | show 🗑
|
||||
| conditional contract | show 🗑
|
||||
| show | is prepared in all its detail by one party (the insured)
🗑
|
||||
| parol evidence rule | show 🗑
|
||||
| show | to pay an amount directly released to the amount of the loss; property, liability and health insurance
🗑
|
||||
| valued contract | show 🗑
|
||||
| show | right or relationship with regard tot he subject matter of the insurance contract
🗑
|
||||
| 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
🗑
|
||||
| concealment | show 🗑
|
||||
| show | a false statement of material fact; remains silent when there is an obligation to speak; making an untrue statement
🗑
|
||||
| voidable contract | show 🗑
|
||||
| void contract | show 🗑
|
||||
| fraud | show 🗑
|
||||
| show | specific questions on the application may be considered
🗑
|
||||
| show | an incidental statement preceding the contract; to make the contract voidable it must be both false and material (information that made the one party or the other want to sign the contract)
🗑
|
||||
| declarations | show 🗑
|
||||
| show | key terms and are a major help in precisely defining the insured's intentions
🗑
|
||||
| insuring agreement | show 🗑
|
||||
| show | usually applies to certain perils. type of losses, property or activities that are specially removed from the policy
🗑
|
||||
| noncancelable | show 🗑
|
||||
| guaranteed renewable | show 🗑
|
||||
| optionally renewable | show 🗑
|
||||
| endorsement rider | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
susansaraliv
Popular Insurance sets