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Study sets matching "california casualty insurance"

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Study sets matching "california casualty insurance"

77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
76 terms
California Property and Casualty Insurance Test
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
Which losses are excluded under the ph…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
Damage to a covered auto while being used as apart of a car p…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
Are Vehicles eligible for a Personal A…
Generally, four-wheel private passenger autos, pickups, and v…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
77 terms
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
36 terms
Casualty Insurance
A claimant
A first party claimant
A third party claimant
Legal liability
Is a person or organization who has sustained injuries and/or…
Is an insured making a claim under his own policy for damage…
Is a person or organization other than the insured making a c…
Occurs when an insured is involved in an accident or an occur…
A claimant
Is a person or organization who has sustained injuries and/or…
A first party claimant
Is an insured making a claim under his own policy for damage…
31 terms
Casualty Insurance
Casualty (Liability) Insurance
Definition of Liability
Criminal Liability
Civil Liability
Pays 3rd Party to whom the insured is legally liable, most co…
individuals and organizations may be held legally responsible…
-prosecuted by the government... -not covered by liability insur…
-actions brought by injured parties... -can be covered by liabil…
Casualty (Liability) Insurance
Pays 3rd Party to whom the insured is legally liable, most co…
Definition of Liability
individuals and organizations may be held legally responsible…
50 terms
Casualty Insurance
Investment consultants should purchase…
In a Commercial General Liability poli…
Which of the following sections of an…
In insurance, which of the following t…
Professional Liability
reported within one year of the date of the accident
Definitions
An occurrence
Investment consultants should purchase…
Professional Liability
In a Commercial General Liability poli…
reported within one year of the date of the accident
177 terms
Insurance- Casualty
All of the following are true about ne…
The federal Fair Credit Reporting Act…
When a claimant states the truth to th…
Liability without fault or negligence…
The negligent act need not be the proximate cause of the injury
That the applicant bring legal action against the agency in o…
When a claimant states the truth to the best of his or her kn…
Absolute
All of the following are true about ne…
The negligent act need not be the proximate cause of the injury
The federal Fair Credit Reporting Act…
That the applicant bring legal action against the agency in o…
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
74 terms
Casualty insurance
Products coverage in CGL
Judicial bond
Permanent disability
Defense costs
Coverage in the CGL policy that covers items manufactured or…
Category of surety bond that guarantees that the principal wi…
A disability that will affect the worker for the rest of his…
Legal expenses incurred by the insurer to defend suits brough…
Products coverage in CGL
Coverage in the CGL policy that covers items manufactured or…
Judicial bond
Category of surety bond that guarantees that the principal wi…
14 terms
Casualty Insurance
liability coverage
personal auto
auto liability exclusions
three
this pays all sums for which an insured becomes legally liabl…
any type of auto which has at least four wheels qualifies for…
liability incurred while operating a vehicle for a fee, liabi…
any person rejected by How Many insurance companies for basic…
liability coverage
this pays all sums for which an insured becomes legally liabl…
personal auto
any type of auto which has at least four wheels qualifies for…
46 terms
CASUALTY INSURANCE
THE PURPOSE FOR INSURANCE
RISK
INSURABLE INTEREST AND INDEMNITY
AN ACCIDENT
TO TRANSFER TO INS CO PURE RISK WHERE THERE IS NO OPPORTUNITY…
THE DEGREE OF EXPOSURE TO LOSS CAUSED BY COVERED PERIL
BEING IN A POSITION WHERE YOU CAN STAND TO LOSE MONEY SHOULD…
A SUDDEN, UNFORESEEN, UNINTENDED EVENT
THE PURPOSE FOR INSURANCE
TO TRANSFER TO INS CO PURE RISK WHERE THERE IS NO OPPORTUNITY…
RISK
THE DEGREE OF EXPOSURE TO LOSS CAUSED BY COVERED PERIL
99 terms
Casualty insurance
Absolute liability
Additional coverages
Advertising injury
Aggregate limit
Type of liability imposed by law on those participating in ce…
Supplement insurance coverage that apply only in certain circ…
Coverage and CGL that covers losses caused by oral or written…
Type of policy limit found in liability policies that limits…
Absolute liability
Type of liability imposed by law on those participating in ce…
Additional coverages
Supplement insurance coverage that apply only in certain circ…
38 terms
Casualty insurance
Claimant
First Party Claimant
third party claimant
crime
a person or organization who has sustained injuries and/or da…
is an insured making a claim under his/her own policy for dam…
is a person or organization other than the insured making a c…
includes loss caused by burglary,robbery, theft and/or employ…
Claimant
a person or organization who has sustained injuries and/or da…
First Party Claimant
is an insured making a claim under his/her own policy for dam…
10 terms
Casualty Insurance
Tort
Property Damage
Compensatory Damages
Punitive Damage
a wrongful act or an infringement of a right (other than unde…
Measured by the actual monetary loss the injured party suffered
Special or General
Form of punishment for extreme outrageous behavior
Tort
a wrongful act or an infringement of a right (other than unde…
Property Damage
Measured by the actual monetary loss the injured party suffered
19 terms
Property & casualty insurance(ohio)
Reinsurance
Insurance transaction
Insurance
Risk
A contract one insurance company (the reinsurer) indemnfies a…
Solicitation, negotiations; sale, advising and individual con…
Insurance transfers the risk of loss from an individual or bu…
Risk is the uncertainty or chance of loss occurring. The two…
Reinsurance
A contract one insurance company (the reinsurer) indemnfies a…
Insurance transaction
Solicitation, negotiations; sale, advising and individual con…
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
124 terms
Property and Casualty Insurance
Risk
Speculative
Pure
What are the 5 methods of managing or…
uncertainty concerning financial loss
possibility of both gain and loss. Not insurable.
only the possibility of loss. Insurable.
Avoidance, Assumption, Transfer, Sharing, Reducing.
Risk
uncertainty concerning financial loss
Speculative
possibility of both gain and loss. Not insurable.
46 terms
Property and Casualty Insurance
What is Risk?
what is based on the principle of Risk…
What is speculative risk?
What kind of risk has an outcome that…
Risk is the possibility of an occurrence of a loss or the cha…
Insurance is the most common way to transfer risk
A risk which is uncertain as to whether the final outcome is…
Pure
What is Risk?
Risk is the possibility of an occurrence of a loss or the cha…
what is based on the principle of Risk…
Insurance is the most common way to transfer risk
99 terms
Property and Casualty Insurance Basics
INSURABLE INTEREST
UNDERWRITING
LOSS RATIO
RATES
an economic interest in a property that must exist at the tim…
classifies the applicant based upon the underwriting requirem…
percentage of claims paid in comparison to total premiums col…
set by the insurer at a level sufficient to pay claims and co…
INSURABLE INTEREST
an economic interest in a property that must exist at the tim…
UNDERWRITING
classifies the applicant based upon the underwriting requirem…
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
555 terms
california property and casualty exam
The process where by a mutul insurer b…
The process whereby a stock company a…
The provision in a property policy whi…
The part of the policy that states the…
Demutalization
Mutalization
Valuation clause
Declaration
The process where by a mutul insurer b…
Demutalization
The process whereby a stock company a…
Mutalization
101 terms
Property & Casualty Insurance Glossary
absolute liability
accident
actual cash value
additional insured
liability that arises from an extremely dangerous situation.…
a sudden and unexpected event, occurring at a specific time a…
the cost to replace an item of property at the time of loss,…
a person, firm, or corporation other than the named insured o…
absolute liability
liability that arises from an extremely dangerous situation.…
accident
a sudden and unexpected event, occurring at a specific time a…
63 terms
Property and Casualty Insurance
Law of Large Numbers
Pure Risk
Insurance
Elements of insurable Risks
The more people the more predictable the data
Situations resulting in no change or loss
Transfers risk of loss from the individual to the insurance c…
Financial, Blood, Business
Law of Large Numbers
The more people the more predictable the data
Pure Risk
Situations resulting in no change or loss
26 terms
Casualty Insurance Terms
Risk
Hazard
Physical Hazard
Moral Hazard
The uncertainty of loss
Something that increases the risk
Something you can see or feel: ice, tree, leaves
Habits that increase the probability of loss from an insured…
Risk
The uncertainty of loss
Hazard
Something that increases the risk
100 terms
Virginia Property and Casualty Insurance
What is based on the principle of Risk…
What kind of risk has an outcome that…
What is the reason for a claim?
What is the measure of a loss?
Spreading the results of a financial loss among many persons,…
Speculative Risk
A loss is the reason a claim against an insurance company.
Exposure Units
What is based on the principle of Risk…
Spreading the results of a financial loss among many persons,…
What kind of risk has an outcome that…
Speculative Risk
48 terms
CASUALTY INSURANCE Qz
The commissioner conducts an investiga…
If a car is stolen and left in a snow…
Which of the following would NOT gener…
Which of the following is correct rega…
B) 5,000 each violation... If a person violates a cease and des…
D) Yes freezing exclusion is removed if car is stolen... The ex…
D) Damage to property owned by the insured... Property insuranc…
B) Every homeowner insurance policy issued in NJ must provide…
The commissioner conducts an investiga…
B) 5,000 each violation... If a person violates a cease and des…
If a car is stolen and left in a snow…
D) Yes freezing exclusion is removed if car is stolen... The ex…
43 terms
Casualty Insurance Basics
Liability:
Tort:
Intentional tort:
Unintentional tort:
The legal responsibility of an individual for losses other pe…
A term referring to a wrong which harms another
Not covered I liability policies
Referred to as negligence
Liability:
The legal responsibility of an individual for losses other pe…
Tort:
A term referring to a wrong which harms another
100 terms
Virginia Property and Casualty Insurance
What is based on the principle of Risk…
What kind of risk has an outcome that…
What is the reason for a claim?
What is the measure of a loss?
Spreading the results of a financial loss among many persons,…
Speculative Risk
A loss is the reason a claim against an insurance company.
Exposure Units
What is based on the principle of Risk…
Spreading the results of a financial loss among many persons,…
What kind of risk has an outcome that…
Speculative Risk
66 terms
casualty insurance basics
INSURABLE INTEREST
UNDERWRITING
FUNCTION
LOSS RATIO
the insured must have an insurable interest in the person or…
underwriting is the process of reviewing applications for ins…
the underwriter's function refers to the operations of an ins…
loss ratio refers to a formula used by insurance companies to…
INSURABLE INTEREST
the insured must have an insurable interest in the person or…
UNDERWRITING
underwriting is the process of reviewing applications for ins…
71 terms
Amy - Casualty Insurance Basics
loss ratio
insurance rate
class rating (manuel rating)
individual rating
compare premium income to losses, including claims paid and c…
amount charged for a particular amount of coverage
rates estimated based on similarities of the risk with other…
calculate rates on the basis that attempts to measure more pr…
loss ratio
compare premium income to losses, including claims paid and c…
insurance rate
amount charged for a particular amount of coverage
Personal And Casualty Insurance
Risk
Speculative risk
Pure risk
Insurance
The chance or uncertainty of loss -Unit1
risks in which there exists both the possibility of gain and…
only the posibility of loss -Unit1
The purpose of _____ is not to avoid or eliminate risk, but t…
Risk
The chance or uncertainty of loss -Unit1
Speculative risk
risks in which there exists both the possibility of gain and…
365 terms
Property and Casualty Insurance Exam
Abandonment Condition
Absolute Liability
Accident
Accounts Receivable Insurance
condition contained in property insurance policies that state…
the legal responsibility for damages, or injury, even if the…
a loss that occurs a specific time or place
-protects a company against loss on receivables, including de…
Abandonment Condition
condition contained in property insurance policies that state…
Absolute Liability
the legal responsibility for damages, or injury, even if the…
19 terms
Property & casualty insurance(ohio)
Reinsurance
Insurance transaction
Insurance
Risk
A contract one insurance company(the reinsurer) indemnfies an…
Solicitation, negotiations; sale, advising and individual con…
Insurance transfers the risk of loss from an individual or bu…
Risk is the uncertainty or chance of loss occurring. The two…
Reinsurance
A contract one insurance company(the reinsurer) indemnfies an…
Insurance transaction
Solicitation, negotiations; sale, advising and individual con…
82 terms
Property/Casualty Insurance - Property
Insurance Policy
Pure Risk
Speculative Risk
Pooling of Risks
social device, legal contract or policy for the TRANSFER OF F…
risk where there is only LOSS (No profit) ... Ex. building damag…
risk where there is opportunity to gain profit and losing. ... E…
* Large group that contritbutes money to fund out their losse…
Insurance Policy
social device, legal contract or policy for the TRANSFER OF F…
Pure Risk
risk where there is only LOSS (No profit) ... Ex. building damag…
422 terms
Texas Property & Casualty Insurance
A condition or situation that presents…
The purpose of insurance is to:
Which hazard can be described as a car…
Which risk is insurable?
exposure
transfer risk
morale
pure
A condition or situation that presents…
exposure
The purpose of insurance is to:
transfer risk
88 terms
Dohrn Casualty Insurance (General)
Negligence
Trespasser
Invitee
Licensee
An unintentional act that causes harm to a persons body or pr…
An uninvited person on the premises
Has explicit permission of the property owner to be there
Someone allowed on the premises without explicit permision (e…
Negligence
An unintentional act that causes harm to a persons body or pr…
Trespasser
An uninvited person on the premises
99 terms
Property and Casualty Insurance Basics
INSURABLE INTEREST
UNDERWRITING
LOSS RATIO
RATES
an economic interest in a property that must exist at the tim…
classifies the applicant based upon the underwriting requirem…
percentage of claims paid in comparison to total premiums col…
set by the insurer at a level sufficient to pay claims and co…
INSURABLE INTEREST
an economic interest in a property that must exist at the tim…
UNDERWRITING
classifies the applicant based upon the underwriting requirem…
31 terms
Casualty Insurance Basics
Damages... Compensatory
Damages... General
Damages... Special
Damages... Punitive
Monetary awards for bodily injury and property damage
Losses which are more difficult to quantify painand suffering
Specific economic losses such as medical bills and lost wages
Awards by the court to punish the acts of the defendant
Damages... Compensatory
Monetary awards for bodily injury and property damage
Damages... General
Losses which are more difficult to quantify painand suffering
66 terms
Property and Casualty Insurance Concepts
Financial Requirements of Insurers
Insolvency
Policy forms
15 days
must place in escrow $100,000 in capital and $150,000 in surp…
an insurer is unable to pay its obligations when due or when…
must be filed with the superintendent for approval before the…
failing to acknowledge communications about claims within ___…
Financial Requirements of Insurers
must place in escrow $100,000 in capital and $150,000 in surp…
Insolvency
an insurer is unable to pay its obligations when due or when…
65 terms
Property and Casualty insurance exam
Insurance
Property
casualty
Personal lines
The transfer of risk through a legal contract
Covers real property and personal property against damage or…
covers non-property losses (3rd Party)
Insurance for families and individuals
Insurance
The transfer of risk through a legal contract
Property
Covers real property and personal property against damage or…
Property and Casualty Insurance Basics
The first standardized property insura…
The Standard Fire Policy is the only P…
In property insurance the specific eve…
In a Named Peril policy, should a loss…
Standard Fire Policy
p.m. and a.m.
Peril
Policy owner/insured
The first standardized property insura…
Standard Fire Policy
The Standard Fire Policy is the only P…
p.m. and a.m.
66 terms
Property and Casualty Insurance Concepts
Financial Requirements of Insurers
Insolvency
Policy forms
15 days
must place in escrow $100,000 in capital and $150,000 in surp…
an insurer is unable to pay its obligations when due or when…
must be filed with the superintendent for approval before the…
failing to acknowledge communications about claims within ___…
Financial Requirements of Insurers
must place in escrow $100,000 in capital and $150,000 in surp…
Insolvency
an insurer is unable to pay its obligations when due or when…
Property and Casualty Insurance
Risk
Pure Risk
Speculative Risk
Exposure
The uncertainty or chance of a loss occurring
Situations they can only result in a loss or no change
Involves the opportunity for either loss or gain
A unit of measurement used to determine rates charged for ins…
Risk
The uncertainty or chance of a loss occurring
Pure Risk
Situations they can only result in a loss or no change
49 terms
Property and Casualty Insurance test
What formula is used for loss ratio?
Sam's has his building covered for $10…
What is the least favorable fire insur…
What refers to the sections of a polic…
(Incurred losses + loss adjusting expense) ÷ earned premium
Specific coverage is for an amount for each property.
Frame is the least favorable fire rating.
The Provisions refer to the sections or clauses of a policy t…
What formula is used for loss ratio?
(Incurred losses + loss adjusting expense) ÷ earned premium
Sam's has his building covered for $10…
Specific coverage is for an amount for each property.
162 terms
Property & Casualty Insurance - Terms
Loss Ratio
premium
4 parts to an insurance contract
Representation
(incurred loss + loss adjustment expenses) / earned premiums…
rate per unit x # of units
Declartion, Insuring agreement, Conditions, Exclusions
substantially true, incidental statement preceding the format…
Loss Ratio
(incurred loss + loss adjustment expenses) / earned premiums…
premium
rate per unit x # of units
74 terms
Insurance Property & Casualty Basics
Accident
Occurance
Cancellation
Pro Rata Cancellation
A sudden, unforseen, unintended, and unplanned event.
An event that results in a loss. It includes an accident, but…
The termination of an insurance policy before its expiration…
The cancellation of a policy for which a refund is made of th…
Accident
A sudden, unforseen, unintended, and unplanned event.
Occurance
An event that results in a loss. It includes an accident, but…
61 terms
Property and Casualty Insurance
Words for Insurance company
insurance
risk
pure risk
insurer/carrier/entity/underwriter/principal/company
transfer of risk= contract to indemnify form a contingent(may…
uncertainty/chance/possibility of a loss occurring. two types…
loss, no loss and not a chance of gain and is insurable.
Words for Insurance company
insurer/carrier/entity/underwriter/principal/company
insurance
transfer of risk= contract to indemnify form a contingent(may…
8 terms
Intro to Property & Casualty Insurance
Basic Contract Provisions
Homeowner's Insurance Three Levels of…
Personal Liability Coverage E
Medical Payments to Others Coverage F
Declarations... Insuring Agreements... Deductibles... Definitions... Excl…
Basic/Standard Coverage... Broad Form Coverage... Special Coverage
Pay policy limits for legal obligations of the insured due to…
Covers medical expenses for someone injured on your property.…
Basic Contract Provisions
Declarations... Insuring Agreements... Deductibles... Definitions... Excl…
Homeowner's Insurance Three Levels of…
Basic/Standard Coverage... Broad Form Coverage... Special Coverage
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