Chapter 1 Questions
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| A peril is defined as | A specific cause of loss
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| Lighting, Fire, Hail, and Theft are examples of | Perils
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| Smoking, Icy Parking Lot, Bungee Jumping, and Arson ae examples of | Hazards
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| STARR stands for | Sharing, Transfer
Avoidance, Reduction, Retention
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| Sharing (STARR) means | a larger number of persons pooling resources to share in a loss
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| Transfer (STARR) means | An insured purchasing insurance transfers risk
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| Avoidance (STARR) means | Some exposures can be eliminated entirely
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| Reduction (STARR) means | Prevention of potential loss
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| Retention (STARR) means | Taking the responsibility of a loss
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| What elements must be included in an insurable risk | Accidently losses, excluded catastrophc perils, calculable change of loss
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| If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which type of insurance? | Reinsurance
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| Which type of insurer is owned by its policy holder | Mutual Insurance Company
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| An insurance company that is organized under the laws of a different state within the United States is known as a | Foreign Insurer
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| Which insurance company department selects the risk that the insurance company will insure? | Underwriting
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| Property underwriters may use what factors to evaluate a risk? | Claims History, Building Occupancy and Construction, and Hazards
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| Which individual represents the insurance company when selling an insurance policy? | Producer
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| 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)
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| Which federal regulation protects consumer privacy? | Fair Credit Reporting Act
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| 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
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| The Terrorism Risk Insurance Act allowed the establishment of the Terrorism Risk Insurance Program, which is administered by | The Secretary of the Treasury.
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