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Study sets matching "controlling liability loss exposures"

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Study sets matching "controlling liability loss exposures"

Chapter 3: Property and Liability Loss Exposures
Real Property
Personal Property
Direct Loss
Indirect Loss
Land, all structures attached to the land and whatever is gro…
All property other than real property (not attached)
Damage to property
Occurs when a direct loss causes expenses to increase or reve…
Real Property
Land, all structures attached to the land and whatever is gro…
Personal Property
All property other than real property (not attached)
25 terms
Risk Topic 3 (Liability Loss Exposures)
Lawsuit
Legal liaibility
Negligence
Absolute Strict Liability
bad behavior, breaking a contract.. Intentional- Assault/ sla…
LL is established when there was NEGLIGENCE AND THEN there wa…
Failure of a person to execute proper degree of car, burden o…
LL is established when accident happened. Don't have to proof…
Lawsuit
bad behavior, breaking a contract.. Intentional- Assault/ sla…
Legal liaibility
LL is established when there was NEGLIGENCE AND THEN there wa…
40 terms
Chapter 3: Property and Liability Loss Exposures
Underwriting Cycle
Hard Market
Soft Market
Real Property
Prices, coverages, and deductibles exist in an ever-changing…
An economic condition in insurance that is characterized by h…
An economic condition in insurance that is characterized by l…
Land and whatever is growing on it, erected on it, or affixed…
Underwriting Cycle
Prices, coverages, and deductibles exist in an ever-changing…
Hard Market
An economic condition in insurance that is characterized by h…
23 terms
Topic 3: Liability Loss Exposure Plus ERM
Legal Liability is established when...
Lawsuits [Intentional; Unintentional]
What Constitutes Negligence
Strict/Absolute Liability
When there is... -Negligence... -Actual damage or loss
Intentional: Assault, slander, Libel... Unintentional: {Negligen…
A failure of a person to exercise the proper degree of care... -…
Imposed whether anyone was at fault ... -Situations with kids/ W…
Legal Liability is established when...
When there is... -Negligence... -Actual damage or loss
Lawsuits [Intentional; Unintentional]
Intentional: Assault, slander, Libel... Unintentional: {Negligen…
57 terms
CPCU 552.07 Management Liability Loss Exposures and Insurance
D&O
board of directors
fiduciary duty
fiduciary duties
directors and officers
establishes corporate policy, makes major business and financ…
the duty to act in the best interests of another
duty of care; duty of loyalty; duty of disclosure; duty of ob…
D&O
directors and officers
board of directors
establishes corporate policy, makes major business and financ…
21 terms
CPCU 552.08 Professional Liability Loss Exposures and Insurance
categories of damage recoverable for b…
compensatory damages
consequential damages
liquidated damages
compensatory damage; consequential damages; liquidated damage…
intended to indemnify a person for injury or damage sustained
a payment awarded by a court to indemnify an injured party fo…
a reasonable estimation of the actual damages, agreed to by c…
categories of damage recoverable for b…
compensatory damage; consequential damages; liquidated damage…
compensatory damages
intended to indemnify a person for injury or damage sustained
71 terms
CPCU-552 Chapter 7: Management Liability Loss Exposures and Insurance
Fiduciary duty
Business Judgement Rule
Ultra vires:
Describe the major functions of a corp…
The duty to act in the best interest of another.
A legal rule that provides that a director will not be person…
An act of a corporation that exceeds its chartered powers.
The board of directors establishes corporate policy, makes ma…
Fiduciary duty
The duty to act in the best interest of another.
Business Judgement Rule
A legal rule that provides that a director will not be person…
15 terms
Unit 2 6.2 RISKS Controlling Intellectual Property Loss Exposures
Intellectual Property
Infringement
Copyright
Trademark
The product of human intelligence that has economic value.
The unauthorized use of an individual's intellectual property.
The legal right granted by the U.S government to a person or…
The legal right granted by the U.S government to an organizat…
Intellectual Property
The product of human intelligence that has economic value.
Infringement
The unauthorized use of an individual's intellectual property.
15 terms
ARM 55 - Chapter 3: Controlling Intellectual Property Loss Exposures
Intellectual Property
Infringement
Copyright
Trademark
The product of human intelligence that has economic value.
The unauthorized use of an individual's intellectual property.
The legal right granted by the U.S government to a person or…
The legal right granted by the U.S government to an organizat…
Intellectual Property
The product of human intelligence that has economic value.
Infringement
The unauthorized use of an individual's intellectual property.
44 terms
ARM 54 Chapter 4- Understanding the Legal Foundations of Liability Loss Exposures- Risk Management
Legal Liability
Tort
Negligence
Common Law
Reponsibility imposed by law for an act/failure to act
Wrongful act/omission, other than a crime/breach of contract,…
Failure to exercise the degree of care that a resonably prude…
A body of principles and rules derived form court decisions o…
Legal Liability
Reponsibility imposed by law for an act/failure to act
Tort
Wrongful act/omission, other than a crime/breach of contract,…
9 terms
AINS 21: Ideally Insurable Loss Exposures
pure risk
speculative risk
indemnification
fortuitous
chance of loss or no loss, but no chance of gain
chance of loss, no loss, or gain
process of restoring the insured to a pre-loss financial cond…
occurring by chance; insured does not have control over wheth…
pure risk
chance of loss or no loss, but no chance of gain
speculative risk
chance of loss, no loss, or gain
38 terms
CPCU 552- Chapter 9 Environmental Loss Exposures and Insurance
Give an example of pollution liability…
Give an example of pollution liability…
Give an example of pollution liability…
How do some environmental statutes cre…
Careless driving by the driver of an oil tank truck resulted…
A factory discharged untreated chemicals into a stream, and p…
A toxic waste handler was held liable for injuries resulting…
They contain provisions that make certain parties responsible…
Give an example of pollution liability…
Careless driving by the driver of an oil tank truck resulted…
Give an example of pollution liability…
A factory discharged untreated chemicals into a stream, and p…
43 terms
CPCU 552.09 Environmental Loss Exposures and Insurance
environmental loss exposures
bases of tort liability for pollution
intentional torts in environmental cla…
nuisance
liability for bodily injury to others or damage to their prop…
negligence; intentional torts; strict liability
nuisance; trespass
interfering with the peaceful enjoyment of someone else's own…
environmental loss exposures
liability for bodily injury to others or damage to their prop…
bases of tort liability for pollution
negligence; intentional torts; strict liability
38 terms
Chapter 8 Loss Exposures
Fixture
Money
Securities
Auto
Any personal property affixed to real property in a such a wa…
Currency, coins, bank notes, and sometimes travelers checks,…
Written instruments representing either money or other proper…
As defined in commercial general liability and auto forms, a…
Fixture
Any personal property affixed to real property in a such a wa…
Money
Currency, coins, bank notes, and sometimes travelers checks,…
CGL Learning Objective #1- provide specific examples of major loss exposures covered in the CGL Coverage Form.
Casualty Exposures Covered by CGL
Premises Liability
Operations Liability
Product Liability
Premises Liability... Operations Liability... Product Liability... Com…
Casualty Exposure... - Confined to specific locations... - Liabilit…
Casualty Exposure... - Exposure can be at the premises or wherev…
Casualty Exposure... - Exposure applies to the use of an insured…
Casualty Exposures Covered by CGL
Premises Liability... Operations Liability... Product Liability... Com…
Premises Liability
Casualty Exposure... - Confined to specific locations... - Liabilit…
22 terms
Assignment 1 - Property Loss Exposures and Homeowner Coverage
Property Loss Exposure
Real Property
Personal Property
Functional Replacement Cost
A condition that presents the possibility that a person or an…
Tangible property consisting of land, all structures permanen…
All tangible or intangible property that is not real property.
The cost of replacing damaged property with similar property…
Property Loss Exposure
A condition that presents the possibility that a person or an…
Real Property
Tangible property consisting of land, all structures permanen…
111 terms
CPCU 552.10 Marine and Aviation Loss Exposures and Insurance
marine liability loss exposures
carrier
common carrier
tramp shipping
liability for injury, illness, or death of members of the ves…
a vessel owner or operator that transports property of others…
offers its services to the general public and is required by…
ocean shipping by cargo vessels that have no fixed schedule o…
marine liability loss exposures
liability for injury, illness, or death of members of the ves…
carrier
a vessel owner or operator that transports property of others…
29 terms
INS 21 Assignment 8: Loss Exposures
Describe property loss exposures in te…
Describe liability loss exposures in t…
Describe personnel loss exposures in t…
Describe net income loss exposures in…
assets exposed to loss: buildings, personal property containe…
assets exposed to loss: the asset can be anything of value an…
assets exposed to loss: individual employees, owners, officer…
assets exposed to loss: the future stream of net income of th…
Describe property loss exposures in te…
assets exposed to loss: buildings, personal property containe…
Describe liability loss exposures in t…
assets exposed to loss: the asset can be anything of value an…
136 terms
Loss Control
What are the (3) ways a person can sho…
Do we carry insurance on our cars?
What are the state minimum requirement…
Are we considered primary coverage on…
1. 55,000 dollar bond... 2. apply self insured status... 3. Insuran…
No, we are self insured
30/60/25
No, we are not primary, renters should carry their own coverage
What are the (3) ways a person can sho…
1. 55,000 dollar bond... 2. apply self insured status... 3. Insuran…
Do we carry insurance on our cars?
No, we are self insured
17 terms
Chapter 3 Liability Insurance Terminology
Tort
Vicarious Liability
Negligence
Gross Negligence
Wrongful act, other than a breach of contract that violates a…
Assigned to one party for the conduct of another, based solel…
Failure to use ordinary care.
Failure to exhibit any sort of care through recklessness to t…
Tort
Wrongful act, other than a breach of contract that violates a…
Vicarious Liability
Assigned to one party for the conduct of another, based solel…
128 terms
INS 23
commercial general liability insurance
commercial auto insurance
Businessowners Insurance
Farm Insurance
CGL covers an organization against liability for bodily injur…
covers auto physical damage insuracne and auto liability insr…
combines most of the property and liability coverages needed…
many farmers/ranchers live and work on their own land, they n…
commercial general liability insurance
CGL covers an organization against liability for bodily injur…
commercial auto insurance
covers auto physical damage insuracne and auto liability insr…
35 terms
CPCU 552 - Chapter 1
Loss exposure
Liability loss
Legal liability
Damages
the possibility of experiencing a loss
the money paid by a person or organization as a result of a l…
the legal obligation of one party to pay damages to another p…
money paid by one party to another as compensation for a loss…
Loss exposure
the possibility of experiencing a loss
Liability loss
the money paid by a person or organization as a result of a l…
298 terms
Property & Liability Insurance Principles Vocab
Loss Exposure
Risk management
Loss Prevention
Loss reduction
Any condition or situation that presents a possibility of los…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss Exposure
Any condition or situation that presents a possibility of los…
Risk management
The process of making and implementing decisions that will mi…
111 terms
Chapter 3
Risk management
Loss exposure
Pre-Loss Objectives
Pre-Loss Objectives
is a process that identifies loss exposures faced by an organ…
is any situation or circumstance in which a loss is possible,…
important objectives before a loss occurs
a firm should prepare for potential losses in the most econom…
Risk management
is a process that identifies loss exposures faced by an organ…
Loss exposure
is any situation or circumstance in which a loss is possible,…
67 terms
ASLI 164: Chapter 9 - Professional Liability Exposures and Exposure Treatments
Difference between tort and contract c…
Professional
Professional liability
Three types of Professional Liability…
They may be subject to different statutes of limitations pend…
professes special knowledge and skill based on his special ed…
arises from a person's failure to use the degree of skill exp…
1. Breach of Contract... 2. Tort Action/Principal... 3. Statutes/Re…
Difference between tort and contract c…
They may be subject to different statutes of limitations pend…
Professional
professes special knowledge and skill based on his special ed…
61 terms
Advanced Liability Ch 1
Coverage A insuring agreement duties
legal liability
liability loss
Civil law
Duty to pay damage on behalf of the insured... Duty to defend th…
legally enforceable obligation of a person or an organization…
any loss that a person or organization sustains as a result o…
classification of law that applies to legal matters not gover…
Coverage A insuring agreement duties
Duty to pay damage on behalf of the insured... Duty to defend th…
legal liability
legally enforceable obligation of a person or an organization…
29 terms
Property and Liability Insurance Chapter 1
Pure Risk
Loss Exposure
Property Loss
Liability Loss
A chance of loss or no loss, but no chance of gain.
Any situation or circumstance in which a loss is possible, re…
Damaging, destruction, taking, or loss of use of property in…
A loss resulting from a claim made by someone seeking monetar…
Pure Risk
A chance of loss or no loss, but no chance of gain.
Loss Exposure
Any situation or circumstance in which a loss is possible, re…
26 terms
drfoote EPF Unit 7 Part 1
Deductible
Liability
Insurer
Premium
The amount the insured must pay in a loss before any payment…
Responsibility to another person for one's own negligence
Another name for an insurance company
The amount paid by a policy holder to an insurance company to…
Deductible
The amount the insured must pay in a loss before any payment…
Liability
Responsibility to another person for one's own negligence
31 terms
Liability Chapter 1
Property vs. Liability/Casualty Risks
Define Insurance
Define Risk
Define Risk Management
YOUR stuff is a property risk. SOMEONE ELSE's stuff for bodil…
The equitable transfer of the risk of loss from one entity to…
the chance or uncertainty of a loss; possibility of deviation…
identification, assessment and prioritization of risks follow…
Property vs. Liability/Casualty Risks
YOUR stuff is a property risk. SOMEONE ELSE's stuff for bodil…
Define Insurance
The equitable transfer of the risk of loss from one entity to…
20 terms
P04 Photography Exposure
EXPOSURE
STOP
OVEREXPOSED
UNDEREXPOSED
the amount of light in "stops" a camera captures to determine…
the unit of exposure, a doubling or halving of the amount of…
a photograph which appears too white or washed-out to see det…
a photograph which appears too dark to see details and textur…
EXPOSURE
the amount of light in "stops" a camera captures to determine…
STOP
the unit of exposure, a doubling or halving of the amount of…
15 terms
Property and Casualty: 9 Commercial General Liability Coverage
Commercial General Liability Coverage…
Commercial General Liability Coverage…
Commercial General Liability Coverage…
Commercial General Liability Coverage…
1. An insured conducts business on its own premises and elsew…
Product: any goods made, sold or handled by the insured and o…
1. When a business performs services such as installation or…
1. The liability of others arises when a business is held lia…
Commercial General Liability Coverage…
1. An insured conducts business on its own premises and elsew…
Commercial General Liability Coverage…
Product: any goods made, sold or handled by the insured and o…
6 terms
Ideally insurance loss exposure (6)
Pure risk (not speculative)
Fortuitous losses
Definite and measurable
Large # of similar exposure units
no gain
Insured does not have any control over the cause of loss
Time, cause, location
The insurer can spread the risk of loss over its entire pool…
Pure risk (not speculative)
no gain
Fortuitous losses
Insured does not have any control over the cause of loss
36 terms
Property and Liability Insurance Principles Chapter 1
Loss exposure
Risk managment
Loss prevention
Loss reduction
Any condition or situation that presents a possibility of los…
The process of making and implementing decisions that will mi…
A risk control technique that reduces the frequency of a part…
A risk control technique that reduces the severity of a parti…
Loss exposure
Any condition or situation that presents a possibility of los…
Risk managment
The process of making and implementing decisions that will mi…
35 terms
CPCU 552 - Chapter 1 (2015)
Liability loss
Legal liability
Civil law
Common law system
any loss as a result of a claim seeking damages or some other…
obligation of one party to pay damages to another party
protects and provides remedies for breaches of duty owed to o…
legal system in which the body of law is derived from court d…
Liability loss
any loss as a result of a claim seeking damages or some other…
Legal liability
obligation of one party to pay damages to another party
Unit 10: Commerical General Liability and Commerical Auto
Commerical Casualty Insurance
Business Liability Exposures
Premises Liability Exposures
Operations Liability Exposures
-Purchased by business to protect him for his legal obligatio…
-Premises... -Operations... -Products... -Completed Operations... -Fire L…
-Bodily injury to a third party or damage to third party's pr…
-Bodily injurt to a third party or damage to third party's pr…
Commerical Casualty Insurance
-Purchased by business to protect him for his legal obligatio…
Business Liability Exposures
-Premises... -Operations... -Products... -Completed Operations... -Fire L…
46 terms
Chapter 8: Types of Business Organizations New Combo
Producer
Business Organizations
Sole Proprietorships
Limited Life
maker of good or provider of services
commercial or industrial enterprises and the people who work…
business organizations owned and controlled by one single per…
situation where a business closes if the owner dies, retires,…
Producer
maker of good or provider of services
Business Organizations
commercial or industrial enterprises and the people who work…
94 terms
Advanced Liability Test 1
BI/PD... in this Class!
Liability Loss Exposure
Legal Liability
Civil Law
Bodily Injury and Property Damage from liability
any loss that a person or an organization sustains as a resul…
Legally enforceable obligation of a person or an organization…
Based on torts, contracts, or statutes
BI/PD... in this Class!
Bodily Injury and Property Damage from liability
Liability Loss Exposure
any loss that a person or an organization sustains as a resul…
37 terms
AINS 21 - Ch 8: Loss Exposures (Segment C)
Fixture
Money
Securities
Auto
Any personal property affixed to real property in such a way…
Currency, coins, bank notes, and sometimes traveler's checks,…
Written instruments representing either money or other proper…
As defined in commercial general liability and auto forms, a…
Fixture
Any personal property affixed to real property in such a way…
Money
Currency, coins, bank notes, and sometimes traveler's checks,…
8 terms
P96 Liability Insurance - Chapter 2: Liability Underwriting, Theory and Practice
Operative Clause
Triggering Events
Policy Conditions
Determining the Correct Rate for a Risk
The main points of an operative clause are:... - The trigger... - T…
- Causation: Responds to an event that was caused in the peri…
- Reasonable care... - Reporting circumstances that could give r…
- Overhead costs and expenses... - Claims costs... - IBNR... - Profit…
Operative Clause
The main points of an operative clause are:... - The trigger... - T…
Triggering Events
- Causation: Responds to an event that was caused in the peri…
10 terms
Chapter 3
Loss Exposure
Retention
Loss prevention and retention
Transfer
any situation or circumstance in which a loss is possible, re…
Low loss frequency, low loss severity
High loss frequency, low loss severity
Low loss frequency, high loss severity
Loss Exposure
any situation or circumstance in which a loss is possible, re…
Retention
Low loss frequency, low loss severity
20 terms
S3A Insurance
Life Insurance
Health Insurance
Homeowner's Insurance
Renter's Insurance
Pays money if someone dies- so they can take care of their fa…
Pays for your health care
Pays money to fix a home you OWN if there are thieves, fires,…
Pays money to fix a home you RENT if there are thieves, fires…
Life Insurance
Pays money if someone dies- so they can take care of their fa…
Health Insurance
Pays for your health care
26 terms
Instructor Liability
Crime
Tort
Burden of Proof - (Tort)
Penalties for Civil Liability
An act committed in violation of a law.
A private or civil wrong in violation of a legal duty.
Proof through a preponderance of evidence.
Compensatory and Punitive Damages.
Crime
An act committed in violation of a law.
Tort
A private or civil wrong in violation of a legal duty.
Unit 4 Exposures
Degree of geometric sharpness or accur…
Can images have the same detail as the…
What is the resolution of an image dep…
How is spatial resolution measured?
Recorded Detail
No, there is always a loss of detail.
Matrix size, pixel size, and bit depth
Spatial frequency, PSF, LSF, MTF, System noise, Nyquist Theorem
Degree of geometric sharpness or accur…
Recorded Detail
Can images have the same detail as the…
No, there is always a loss of detail.
86 terms
Property & Liability Insurance
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
excludes coverage for loss caused by earth movement except di…
excludes coverage for loss caused by flood, water... backing up…
denies coverage for losses resulting directly from an... interru…
Briefly explain the eight general excl…
if the insured dwelling does not comply with the... local buildi…
Briefly explain the eight general excl…
excludes coverage for loss caused by earth movement except di…
28 terms
2 IB Business Management BUSINESS ORGANIZATION AND ENVIRONMENT 1.2 Types of Organization SEK EL CASTILLO
Private Sector
Public Sector
Mixed economy
Free-market economy
Comprises businesses owned and controlled by individuals or g…
Comprises organizations accountable to and controlled by cent…
Economic resources are owned and controlled by both private a…
Economic resources are owned largely by the private sector wi…
Private Sector
Comprises businesses owned and controlled by individuals or g…
Public Sector
Comprises organizations accountable to and controlled by cent…
21 terms
Liability Test 2 Chapter 4
3 basic categories of commercial auto…
purpose of _____ coverage: to insure l…
What various commercial auto coverages…
What types of businesses are NOT eligi…
liability, property, and personal loss
garagekeepers
auto medical payments, PIP (personal injury protection), and…
auto or trailer dealers and motor carriers (aka businesses th…
3 basic categories of commercial auto…
liability, property, and personal loss
purpose of _____ coverage: to insure l…
garagekeepers
9 terms
Intro to Risk Mgmt Chapter 5
Step 3 in the RM process
Risk Control Options
1.Avoidance
Loss Control
-Two Types of RM optons... -risk control option... -risk financing…
1.Avoidance... 2.Loss Control (Loss prevention & loss reduction)…
-stop engaging in activity or don't engage to begin with... -fre…
Two Types of Loss Control... -loss prevention... -loss reduction
Step 3 in the RM process
-Two Types of RM optons... -risk control option... -risk financing…
Risk Control Options
1.Avoidance... 2.Loss Control (Loss prevention & loss reduction)…
19 terms
Intro to Risk Mgmt Chapter 3
Property Loss Exposures
Ownership Interest
Lease Agreements
Lease Agreement Example
Property Loss Exposures... -Under TRM... -General Statements... -Legal…
-present ownership interest... -most common type ... -future owners…
-use interest- use the property for a specified period of tim…
renting property- 10 year lease, monthly rent-$ 1000/ month... -…
Property Loss Exposures
Property Loss Exposures... -Under TRM... -General Statements... -Legal…
Ownership Interest
-present ownership interest... -most common type ... -future owners…
5 terms
CIC- Commercial Casualty- Cyber Liability
List the common cyber liability exposu…
Distinguish the type of business that…
Identify and explain the types of Cybe…
Identify and explain the types of cybe…
1.Employee makes mistake and sends email to someones it wasnt…
Technology E&O- Service providers- Internet or program servic…
1. Content liability- website publishing liability... Error or m…
1.First Party Losses- Business income and extra expense. ... 2.…
List the common cyber liability exposu…
1.Employee makes mistake and sends email to someones it wasnt…
Distinguish the type of business that…
Technology E&O- Service providers- Internet or program servic…
20 terms
Insurance
Life Insurance
Health Insurance
Flood Insurance
Homeowner's Insurance
Pays money if someone dies- so they can take care of their fa…
Pays for your health care
Pays money to fix a home damaged in a flood
Pays money to fix a home you OWN if there are thieves, fires,…
Life Insurance
Pays money if someone dies- so they can take care of their fa…
Health Insurance
Pays for your health care
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