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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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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