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Study sets matching "insurance property casualty"

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Study sets matching "insurance property casualty"

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…
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…
41 terms
GA PROPERTY & CASUALTY INSURANCE TEST - COMMERCIAL PROPERTY
Commercial Lines Property
Commercial Lines Policy Structure
Building & Personal Property Forms
Coverage A- Building(s)
Buildings housing other than personal lines activities. ... (off…
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
-Coverage A Building(s) ... -Coverage B Business Personal Proper…
-Attached fixtures ... -Floor coverings ... -Machinery & equipment…
Commercial Lines Property
Buildings housing other than personal lines activities. ... (off…
Commercial Lines Policy Structure
1. Declarations ... 2.Conditions ... 3. Cause of Loss Form - indica…
20 terms
GA PROPERTY & CASUALTY INSURANCE TEST - WORKERS COMPENSATION
Workers Compensation
Workers Compensation Statute
Exempt Occupations
Monopolistic State Fund
A form of insurance established by federal and state statutes…
o Employers with three or more employees ... o Coverage for work…
o Less than 3 employees ... o Domestics ... o Casual (part-time) ... o…
-companies must purchase the coverage from the state ... - 11 st…
Workers Compensation
A form of insurance established by federal and state statutes…
Workers Compensation Statute
o Employers with three or more employees ... o Coverage for work…
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
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.
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…
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…
36 terms
Property and Casualty Insurance Basics
What is an underwriter's function?
What is the loss ratio formula?
What are the 3 types of hazards?
What hazard would apply: An insured do…
Reviews applications for risk selection process.
(incurred losses + loss adjusting expense) / earned premium…
Physical, Moral and Morale
Morale
What is an underwriter's function?
Reviews applications for risk selection process.
What is the loss ratio formula?
(incurred losses + loss adjusting expense) / earned premium…
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
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
39 terms
GA PROPERTY & CASUALTY INSURANCE TEST - PERSONAL AUTO
Personal Automobile Policy
Financial Responsibility State
Financial Responsibility
Compulsory Insurance Laws
• Accounts for 40% of all premiums ... • Vehicles registered to…
• Georgia is a financial responsibility state ... o To legally o…
may be show by the following: ... 1. Personal automobile insuran…
25/50/25 state minimum limits (split) ... $25,000 bodily injury…
Personal Automobile Policy
• Accounts for 40% of all premiums ... • Vehicles registered to…
Financial Responsibility State
• Georgia is a financial responsibility state ... o To legally o…
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
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…
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…
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.
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
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…
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…
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…
112 terms
Property & Casualty Insurance
Risk
Peril
Hazard
Indemnity
Uncertainty of loss... Two types of risk:... Pure Risk (Insurable)…
Direct cause of loss... Named Peril (specified perils)... Open Peri…
Increases the chance that loss will occur... Three types of Haza…
Restores an insured to the approximate condition existing bef…
Risk
Uncertainty of loss... Two types of risk:... Pure Risk (Insurable)…
Peril
Direct cause of loss... Named Peril (specified perils)... Open Peri…
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…
102 terms
Property and Casualty Insurance Exam
Stock Insurer
Mutual Insuer
Reciprocal Insurer
Lloyd's Association
Sells Stock to stock holders to raise money to operate. Profi…
No stockholders, policy holders are owners profits go to the…
Members agree to share the insurance resonsibilities with all…
Voluntary assosiations of indeviduels who agree to share in i…
Stock Insurer
Sells Stock to stock holders to raise money to operate. Profi…
Mutual Insuer
No stockholders, policy holders are owners profits go to the…
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
77 terms
Property & Casualty Insurance Basics
Insurable Interest
Underwriting
Loss ratio
Geographic redlining
financial interest in property to be insured, must exist @ th…
process of reviewing applications for insurance & the info on…
compare premium income to losses (including claims paid and c…
practice of refusing to serve a particular area solely b/c of…
Insurable Interest
financial interest in property to be insured, must exist @ th…
Underwriting
process of reviewing applications for insurance & the info on…
416 terms
Property-Casualty Insurance Test
Insurance
Insurer
Insured
Premium
a risk management technique that transfers the potential fina…
a company that sells insurance policies to protect insureds a…
any person or organization who is insured under an insurance…
The price of the insurance coverage provided for a specified…
Insurance
a risk management technique that transfers the potential fina…
Insurer
a company that sells insurance policies to protect insureds a…
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.
36 terms
Property and Casualty Insurance Terms
Risk
Exposure
Avoiding Risk
Controlling Risk
Chance of uncertainty of loss
Condition or Situation that presents possibility of loss
Not participating in an event where risk is involved. ... ex. No…
...
Risk
Chance of uncertainty of loss
Exposure
Condition or Situation that presents possibility of loss
37 terms
MN Property & Casualty Insurance
Declarations
Conditions
Exclusions
Limitations
Policy includes the identity and address of the name insured,…
Set provisions, rules of conduct, duties and obligations for…
May describe property, perils, hazards, or losses arising fro…
May eliminate or reduce coverage, but only under certain circ…
Declarations
Policy includes the identity and address of the name insured,…
Conditions
Set provisions, rules of conduct, duties and obligations for…
106 terms
Insurance Property & Casualty Vocab
Absolute Liability
Additional insured
Additional Living Expenses
Admitted company
Liability that arises from an extremely dangerous situation.…
a person or cooperation other than the named insured on a pol…
a coverage designed to reimburse the insured for an increase…
A company that meets the state Insurance Departments standard…
Absolute Liability
Liability that arises from an extremely dangerous situation.…
Additional insured
a person or cooperation other than the named insured on a pol…
255 terms
Property & Casualty Insurance
Abandonment clause
Absolute assignment
Impaired insurer
Implied authority
A clause in fire insurance policies and other property forms…
Assignment by a policy owner of all control and rights in the…
An insurer that is in financial difficulty to the point where…
Authority of an agent that the public may reasonably believe…
Abandonment clause
A clause in fire insurance policies and other property forms…
Absolute assignment
Assignment by a policy owner of all control and rights in the…
166 terms
insurance (property and casualty) glossary
abandonment condition
absolute liability
accident
accounts receivable insurance
a condition often contained in property insurance policies th…
type of liability imposed by law on those participating in ce…
A loss that occurs at a specific time and place
filed commercial inland marine form that insures against loss…
abandonment condition
a condition often contained in property insurance policies th…
absolute liability
type of liability imposed by law on those participating in ce…
35 terms
Property and Casualty Insurance
Insurance
Insurer
Insured
Insurance Policy
the social device of protecting persons and businesses agains…
The company or other entity assuming risks and agreeing to pa…
The person or business who pays the premiums in exchange for…
The Contract, which is a legal document that establishes the…
Insurance
the social device of protecting persons and businesses agains…
Insurer
The company or other entity assuming risks and agreeing to pa…
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…
118 terms
Property and Casualty Insurance Basics
What is direct response?
True or False: on property policies, a…
What is the liberalization clause?
What is appraisal?
a system of selling insurance via advertising and mail solici…
True
Permits the insurer to increase coverage immediately at no ch…
A process used on property policies to determine the amount p…
What is direct response?
a system of selling insurance via advertising and mail solici…
True or False: on property policies, a…
True
96 terms
Insurance Property and Casualty
Chapter 1
A.M. Best
Alien
Producer
General Insurance - 20 questions
Is the most extensive rating
Where they are incorporated
A person or agency appointed by an insurance company to repre…
Chapter 1
General Insurance - 20 questions
A.M. Best
Is the most extensive rating
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
4. Property & Casualty Arizona Insurance
True
True
Extra Expense
Ordinance, Law
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
T/F: The Causes of Loss- Basic Form includes the peril of lig…
Necessary Additional Expenses that are incurred during the pe…
The ___ or ___ Coverage Endorsement provides coverage for inc…
True
T/F: Under the Causes of Loss- Basic Form, smoke damage that…
True
T/F: The Causes of Loss- Basic Form includes the peril of lig…
122 terms
Property and Casualty Insurance
HO-8
HO-6
HO-5
HO-4
Modified coverage form (for older homes) provides coverage fo…
Condominium Owners Policy - Is better in worth than an HO-4
comprehensive form; open peril coverage for dwelling and othe…
Renters Policy-- coverage for personal property as well as li…
HO-8
Modified coverage form (for older homes) provides coverage fo…
HO-6
Condominium Owners Policy - Is better in worth than an HO-4
13 terms
Regulation of Property and Casualty Insurance
Binders validity
independent adjuster
emergency independent adjuster's regis…
To become licensed independent adjuster,
not valid beyond the issue of the policy as to which it was g…
a person who determines the amount of claim payments on behal…
remains in force for up to 90 days unless extended by the Com…
be at least 18 years old;... complete the required 20 or 40 hour…
Binders validity
not valid beyond the issue of the policy as to which it was g…
independent adjuster
a person who determines the amount of claim payments on behal…
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
87 terms
Property and Casualty - General Insurance
Concealment
File and Use
Insurance Contract
Misrepresentation
The withholding of known (material) facts so important that t…
Filed with insurance regulator, in use immediately
Contract of adhesion. One party ( the insurer) prepares the c…
Making misleading representations or fraudulent policy compar…
Concealment
The withholding of known (material) facts so important that t…
File and Use
Filed with insurance regulator, in use immediately
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…
41 terms
Property and Casualty Insurance Basics
Insurable Interest
Named Insured
First Named Insured
Additional Insured
Any interest an insured may have in property taht is the subj…
The individual(s) whose name appears on the policy's declarat…
The individual whose name appears first on the policy's decla…
Individuals or business that are not named as insured on the…
Insurable Interest
Any interest an insured may have in property taht is the subj…
Named Insured
The individual(s) whose name appears on the policy's declarat…
60 terms
Casualty and property insurance
Risk
Executive branch
Special damages
Negligence
The probability of a loss
The executive branch also appoints the state insurance regula…
Award to injured party for actual and known expenses. Example…
Failure to use ordinary care. Example. Running a red light.
Risk
The probability of a loss
Executive branch
The executive branch also appoints the state insurance regula…
197 terms
Property & Casualty Insurance
absolute liability
accident
actual cash value (acv)
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…
70 terms
Indiana property and casualty Insurance
property
casualty or liability
personal lines insurance
commercial lines policies
Your stuff......for the most part, tangible items that you ca…
your legal responsibility for damages that you do to the othe…
these are the P and C policies written to cover the needs of…
these contracts are designed to provide for the insurance nee…
property
Your stuff......for the most part, tangible items that you ca…
casualty or liability
your legal responsibility for damages that you do to the othe…
44 terms
Property and casualty insurance Alabama
Moral hazards
Morale hazard
physical hazard
Basic policy covered perils
are tendencies or traits of an individual that increase the c…
individual tendencies, but they arise from a state of mind, a…
individual physical characteristics that increase the chance…
fire... lightning... explosion... windstorm or hail... smoke... aircraft or…
Moral hazards
are tendencies or traits of an individual that increase the c…
Morale hazard
individual tendencies, but they arise from a state of mind, a…
10 terms
Property & Casualty: Dwelling Insurance
The insured carries a DP-2 with $10,00…
An insured's home is covered by the DP…
Mr. Simpson owns a dwelling in a rural…
The insured is covered under a DP-I dw…
C. The answer is the policy will pay nothing. The extension o…
C. In order to receive replacement cost under the DP-3 form f…
D. Since the DP-3 is an open peril form as regards the dwelli…
B. Under the DP-I form the 10% of coverage A for other detach…
The insured carries a DP-2 with $10,00…
C. The answer is the policy will pay nothing. The extension o…
An insured's home is covered by the DP…
C. In order to receive replacement cost under the DP-3 form f…
Alabama Insurance: Property And Casualty
As an inducement to insurance, giving…
If the state's minimum auto liability…
The insurer's promise to pay benefits…
Unendorsed homeowners policy will cover?
Rebating
Uninsured Motorist
Insuring Agreement
A Private residence in which the owner maintains an office fo…
As an inducement to insurance, giving…
Rebating
If the state's minimum auto liability…
Uninsured Motorist
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