Property & Casualty Word Scramble
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| Question | Answer |
| A peril is defined as | A specific cause of loss |
| Lighting, Fire, Hail, and Theft are examples of | Perils |
| Smoking, Icy Parking Lot, Bungee Jumping, and Arson ae examples of | Hazards |
| STARR stands for | Sharing, Transfer Avoidance, Reduction, Retention |
| Sharing (STARR) means | a larger number of persons pooling resources to share in a loss |
| Transfer (STARR) means | An insured purchasing insurance transfers risk |
| Avoidance (STARR) means | Some exposures can be eliminated entirely |
| Reduction (STARR) means | Prevention of potential loss |
| Retention (STARR) means | Taking the responsibility of a loss |
| What elements must be included in an insurable risk | Accidently losses, excluded catastrophc perils, calculable change of loss |
| If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which type of insurance? | Reinsurance |
| Which type of insurer is owned by its policy holder | Mutual Insurance Company |
| An insurance company that is organized under the laws of a different state within the United States is known as a | Foreign Insurer |
| Which insurance company department selects the risk that the insurance company will insure? | Underwriting |
| Property underwriters may use what factors to evaluate a risk? | Claims History, Building Occupancy and Construction, and Hazards |
| Which individual represents the insurance company when selling an insurance policy? | Producer |
| 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) |
| Which federal regulation protects consumer privacy? | Fair Credit Reporting Act |
| 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 |
| The Terrorism Risk Insurance Act allowed the establishment of the Terrorism Risk Insurance Program, which is administered by | The Secretary of the Treasury. |
Created by:
jcmartinez,jm4
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