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Study sets matching "term:contracts = can help to id prop & liab loss exposures assumed or transferred by contract & help determine who has resp. over the loss exposure"

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Study sets matching "term:contracts = can help to id prop & liab loss exposures assumed or transferred by contract & help determine who has resp. over the loss exposure"

117 terms
Life insurance exam
life insurance
insurance
indemnify
insured
insurance that pays to a named beneficiary or the deceased's…
content that indemnifies another against loss, damage, liab a…
make a person whole by restoring that person to the same fina…
policy owner
life insurance
insurance that pays to a named beneficiary or the deceased's…
insurance
content that indemnifies another against loss, damage, liab a…
59 terms
CPCU 500 Chapter 2
Balance Sheet
Income Statement
Statement of Cash Flows
Hold-harmless Agreement (or indemnity…
The financial statement that reports the assets, liabilities,…
The financial statement that reports an organization's profit…
The financial statement that summarizes the cash effects of a…
A contractual provision that obligates one of the parties to…
Balance Sheet
The financial statement that reports the assets, liabilities,…
Income Statement
The financial statement that reports an organization's profit…
58 terms
CPCU Chapter 2
Balance sheet
Income statement
Statement of cash flows
Hold-harmless agreement (or indemnity…
the financial statement that reports the assets, liabilities,…
the financial statement that reports an organization's profit…
the financial statement that summarizes the cash effects of a…
a contractual provision that obligates one of the parties to…
Balance sheet
the financial statement that reports the assets, liabilities,…
Income statement
the financial statement that reports an organization's profit…
37 terms
risk and insurance chapter 3
risk management
loss exposure
example of loss exposure
Pre Loss Objectives in risk management
a process that identifies loss exposures faced by an organiza…
any situation or circumstance in which a loss is possible, re…
a plant that may be damaged by an earthquake, or an automobil…
prepare for potential losses in the most economical way, redu…
risk management
a process that identifies loss exposures faced by an organiza…
loss exposure
any situation or circumstance in which a loss is possible, re…
29 terms
finc 330
Pure Risk
Speculative Risk
Diversifiable Risk
Non-Diversifiable Risk
exposure that can result in a loss or no change (two possible…
exposure that can result in a loss, no change, or gain (three…
financial losses of a few members are spread across a much la…
cannot be spread, but affects all members.
Pure Risk
exposure that can result in a loss or no change (two possible…
Speculative Risk
exposure that can result in a loss, no change, or gain (three…
46 terms
Chapter 3 Intro to Risk Management
Risk Management
Loss Exposure
PRE-LOSS Objectives of Risk Management
POST-LOSS Objectives of Risk Management
process that identifies loss exposures faced by an organizati…
any situation or circumstance in which a loss is possible reg…
1) Prepare for potential losses in the most economic way... 2)…
**Ensure survival of the firm... 2) Continue operations... 3) Sta…
Risk Management
process that identifies loss exposures faced by an organizati…
Loss Exposure
any situation or circumstance in which a loss is possible reg…
39 terms
Risk and Insurance Chapter 3
risk management
pre-loss objectives
post-loss objectives
Risk management process
process that identifies loss exposures faced by an organizati…
prepare for potential losses in the most economical way, redu…
survival of the firm, continue operating, stability of earnin…
identify potential losses, measure and analyze the loss expos…
risk management
process that identifies loss exposures faced by an organizati…
pre-loss objectives
prepare for potential losses in the most economical way, redu…
102 terms
Georgia Insurance PC
Exposure
Risk
Hold harmless agreement
Insurance
is a condition or situation that presents a possibility of lo…
is the chance or uncertainty of loss. For instance, the possi…
is a contractual arrangement where one party assumes the liab…
Transferring risk
Exposure
is a condition or situation that presents a possibility of lo…
Risk
is the chance or uncertainty of loss. For instance, the possi…
117 terms
Life insurance exam
life insurance
insurance
indemnify
insured
insurance that pays to a named beneficiary or the deceased's…
content that indemnifies another against loss, damage, liab a…
make a person whole by restoring that person to the same fina…
policy owner
life insurance
insurance that pays to a named beneficiary or the deceased's…
insurance
content that indemnifies another against loss, damage, liab a…
34 terms
CPCU 500 Chapter 2
What are examples of internal document…
What are examples of external document…
What is the advantage of questionnaire…
What is the disadvantage of questionna…
financial statements, contracts, insurance policies, loss his…
questionnaires, web sites, surveys, news releases
they capture more descriptive information than checklists abo…
They require considerable expense, time and effort to complet…
What are examples of internal document…
financial statements, contracts, insurance policies, loss his…
What are examples of external document…
questionnaires, web sites, surveys, news releases
37 terms
CH 3
Risk Management
Pre Loss Objectives
Post Loss Objectives
Risk Management Process
Process that identifies loss exposures faced by an org. and s…
Prepare for potential losses in the most economical way; redu…
Ensure survival of the firm; continue operating; stabilize ea…
Identify potential losses; measure and analyze the loss expos…
Risk Management
Process that identifies loss exposures faced by an org. and s…
Pre Loss Objectives
Prepare for potential losses in the most economical way; redu…
32 terms
RMI - Topic 6
Risk Financing Options
Risk Transfers of the Financing Type
Insurance
Non-Insurance Risk Transfers of the Fi…
Deals with sources of funds to pay for losses
Transfer financial responsibility for the loss, not the asset…
Transfer financial responsibility of the loss to the insurer,…
Leases, Hold-Harmless Agreements
Risk Financing Options
Deals with sources of funds to pay for losses
Risk Transfers of the Financing Type
Transfer financial responsibility for the loss, not the asset…
45 terms
Entrepreneurship - 3rd 9wks - March 2015
theft fire flood injury
reduce profit
bankruptcy
financial risk management
Types of loss that are vital to a small business
Loss and liability affect day to day operations such as
Loss and liability affect day to day operations such as
Interest rates and foreign exchange rates are both types of
theft fire flood injury
Types of loss that are vital to a small business
reduce profit
Loss and liability affect day to day operations such as
36 terms
CH4
size
risk/loss control
loss prevention
loss reduction
the second consideration affecting a firm's selection of its…
refers to risk management activities that help reduce expecte…
reduces the frequency with which losses occur
decreases the severity of the loss if it does occur
size
the second consideration affecting a firm's selection of its…
risk/loss control
refers to risk management activities that help reduce expecte…
23 terms
Topic 6: Risk Financing Options
Risk Financing
External Funds
Internal Funds
Risk Transfer (financing type)
Deals with sources of funds to pay for losses
Risk Transfer
Risk Retention, borrowing/issuing bonds.
seeks funds from unrelated third party to pay for losses, sti…
Risk Financing
Deals with sources of funds to pay for losses
External Funds
Risk Transfer
41 terms
risk quiz 2
risk financing
risk transfers of the financing type
insurance risk transfer
non-insurer risk transfer of financing…
deals with sources of funds to pay for these losses using ext…
seek external sources from third parties for financial losses…
transfers financial responsibility to insurer
leases, hold-harmless agreement
risk financing
deals with sources of funds to pay for these losses using ext…
risk transfers of the financing type
seek external sources from third parties for financial losses…
42 terms
Chapter 2 (risk assessment)
Balance sheet
Income statement
Statement of cash flows
Hold harmless agreement
The financial statement that reports the assets, liabilities…
Financial stmt reports profit or loss for a specific period b…
Financial statement that summarizes the cash effects of an or…
An organization may accept loss exposures of another party th…
Balance sheet
The financial statement that reports the assets, liabilities…
Income statement
Financial stmt reports profit or loss for a specific period b…
44 terms
ACT 2210: Definitions CH1
Pure risk
speculative risk
diversifiable risk
non-diversifiable
exposure that results in a loss or no change
exposure that results in a loss, no change, or a gain
financial losses of a few members are spread across a much la…
cannot be spread, but affects all members
Pure risk
exposure that results in a loss or no change
speculative risk
exposure that results in a loss, no change, or a gain
97 terms
Prop & Casualty Insurance Basics
Insurance
Indemnity
Rule of 4Ls
Risk
A contract which allows for the transfer of individual risk t…
To make whole to a predetermined limit determined by the poli…
the insured will receive the lower of the loss or the limit u…
the chance or uncertainty of loss, ie, a fire could occur (ri…
Insurance
A contract which allows for the transfer of individual risk t…
Indemnity
To make whole to a predetermined limit determined by the poli…
47 terms
Legal aspects test 2
risk management
3 steps in the DIM process
list & explain the three stages of dev…
several approaches that can be used to…
an organized plan by which a rec or sport business can manage…
1)develope risk man plan... 2)implement ...... 3)manage ...
1)identify the risks (create categories and then list the ris…
1)public liability caused by negligence in program sevices... 2)…
risk management
an organized plan by which a rec or sport business can manage…
3 steps in the DIM process
1)develope risk man plan... 2)implement ...... 3)manage ...
32 terms
FINA 341 Chapter 10
Factors that limit insurability of risk
higher premium loadings imply
Exposures with low severity
Exposures with high frequency
- premium loadings... - moral hazards... -adverse selection
less coverage
not likely to be insured on individual level because very hig…
when probability of loss is high insurance is less likely to…
Factors that limit insurability of risk
- premium loadings... - moral hazards... -adverse selection
higher premium loadings imply
less coverage
25 terms
RMI Topic 3
What is Risk Management Concerned with?
loss exposure
pre-loss objectives
post-loss objectives
IDENTIFYING loss exposures faced by an organization and SELEC…
any situation or circumstance in which a loss is possible, re…
-prepare for potential losses in the most economic way... -reduc…
-survival of the firm... -continue operating ... -stability of earn…
What is Risk Management Concerned with?
IDENTIFYING loss exposures faced by an organization and SELEC…
loss exposure
any situation or circumstance in which a loss is possible, re…
42 terms
CPCU 500 Chapter 2
Balance sheet
Income statement
Statement of Cash flows
Hold harmless agreement
Reports the assets, liabilities, and owners equity of an orga…
Reports an organizations profit or loss for a specific period
Summarizes the cash effects of an organizations operating, in…
A contractual provision that obligates one of the parties to…
Balance sheet
Reports the assets, liabilities, and owners equity of an orga…
Income statement
Reports an organizations profit or loss for a specific period
21 terms
Chapters 10, 11, 12 Vocab
trustworthiness
competence
transference
countertransference
living up to reasonable expectations of patients and your pro…
knowing your limits, diligently exercising your strengths.
in psychoanalysis, the patient's transfer to the analyst of e…
When the clinician attributes qualities to the patient of peo…
trustworthiness
living up to reasonable expectations of patients and your pro…
competence
knowing your limits, diligently exercising your strengths.
30 terms
Membranes & Transport - AP Biology
aquaporin
bulk transport
carrier protein
channel protein
Channel protein through which water can diffuse across a memb…
Movement of substances too large for protein transport into o…
Protein that combines with an transports a molecule or ion ac…
Protein that forms a channel that allows a particular molecul…
aquaporin
Channel protein through which water can diffuse across a memb…
bulk transport
Movement of substances too large for protein transport into o…
1,074 terms
"Kaplan Property and Casualty Insurance - Combo with Units
contract
characteristic of an insurance contract
Competent Parties
Legal Purpose
legal agreement between two competent parties that promises a…
competent parties, legal purpose, offer and acceptance, consi…
must not be a minor, insane, or under the influence of alcoho…
Cannot be against public policy or in violation of the law
contract
legal agreement between two competent parties that promises a…
characteristic of an insurance contract
competent parties, legal purpose, offer and acceptance, consi…
23 terms
Insurance Test 1 (Chapter 4)
Loss Control (Risk Control)
Loss Prevention
Loss Reduction
Loss Prevention Activities
The risk-management activities that help reduce the expected…
Reduces the frequency with which losses occur.
Decreases the severity of the loss if it does occur.
Tamper-resistant packaging, safety education programs, and wa…
Loss Control (Risk Control)
The risk-management activities that help reduce the expected…
Loss Prevention
Reduces the frequency with which losses occur.
73 terms
FIN 441
Exposure
Peril
Loss Exposures
Risk Management Process
Anything that can result in a loss
Cause of a loss
Property... Liability... Personnel... Net Income
1. Identify and analyze loss exposure... 2. Evaluate: Examine al…
Exposure
Anything that can result in a loss
Peril
Cause of a loss
49 terms
Traditional and Enterprise Risk Management Chapt 3
Traditional Risk Management Loss Expos…
Enterprise Risk Management Loss exposure
Property Loss Exposure
Legal Interest in Property
1. Property Loss exposure ... 2. Liability Loss exposure ... 3. Net…
1. Hazard Risk... 2. Operational Risk... 3. Financial Risks... 4. Busi…
If a firm has a legal interest in a property than they have a…
Financial stake, a financial interest in property, if there i…
Traditional Risk Management Loss Expos…
1. Property Loss exposure ... 2. Liability Loss exposure ... 3. Net…
Enterprise Risk Management Loss exposure
1. Hazard Risk... 2. Operational Risk... 3. Financial Risks... 4. Busi…
85 terms
General Insurance Concepts Section 1
INSURANCE
PREMIUM
POLICY
LOSS
social device for spreading chance of financial loss among a…
a small, certain loss; a large, uncertain loss in traded in t…
agreement between insurer and insured; a contract of insurance
reduction in the value of an asset
INSURANCE
social device for spreading chance of financial loss among a…
PREMIUM
a small, certain loss; a large, uncertain loss in traded in t…
42 terms
General Insurance
Agent/ producer
Applicant
Insurance policy
Insured
A legal representation of an insurance company
A person who requests or seeks insurance from an insurer
A contract between a policy owner and an insurance company wh…
A person covered by the policy of insurance who may or may no…
Agent/ producer
A legal representation of an insurance company
Applicant
A person who requests or seeks insurance from an insurer
132 terms
RM 302 Exam 2 Cather
Severity
Frequency
Loss frequency Distribution
loss severity distribution
The average size of the loss measured across the portion of t…
average number of losses in a specific time frame
distribution of the number of losses in a time period
probability of the amount per loss
Severity
The average size of the loss measured across the portion of t…
Frequency
average number of losses in a specific time frame
52 terms
317 Exam II
Loss (risk) exposure
income, property, health, liability, l…
example of life risk exposure
car, boat
potential source of loss to a person or firm.
categories of loss:
income
example of property risk exposure
Loss (risk) exposure
potential source of loss to a person or firm.
income, property, health, liability, l…
categories of loss:
57 terms
INSR 310 ULL test 1
The loss you inquire from a disaster n…
what is risk?
what are some classifications of risk?
pure risk
The money invested into that property
any uncertainty regarding financial loss, anything that could…
pure vs speculative, objective vs subjective, static vs dynamic
loss or no loss only
The loss you inquire from a disaster n…
The money invested into that property
what is risk?
any uncertainty regarding financial loss, anything that could…
29 terms
CONNECTICUT LICENSING: CHAPTER 2
Insurance
Risk
Risk Management
Peril
Defined as the transfer of risk from one applicant to another…
Defined as the uncertainty concerning possible loss or financ…
Process of treating and managing loss exposures. May be avoid…
Cause of loss or the reason for a loss
Insurance
Defined as the transfer of risk from one applicant to another…
Risk
Defined as the uncertainty concerning possible loss or financ…
33 terms
Chapter 1
Term life insurance:
Sally is a recent college graduate who…
A small business owner concerned about…
Life insurance that provides coverage…
provides protection for specified period with no cash value
Risk Transfer
disability insurance
term life insurance
Term life insurance:
provides protection for specified period with no cash value
Sally is a recent college graduate who…
Risk Transfer
64 terms
CPCU 500 Chapter 2
Identifying Loss Exposure
Document Analysis
Standardized Documents
Organization Specific Documents
1. Document Analysis... 2. Compliance Review... 3. Inspections... 4. E…
Standardized- From outside the org. i.e. questionnaires, chec…
Broadly categorize the loss exposures that most organizations…
Financial statemtens, accounting statemtnts, contracts, insur…
Identifying Loss Exposure
1. Document Analysis... 2. Compliance Review... 3. Inspections... 4. E…
Document Analysis
Standardized- From outside the org. i.e. questionnaires, chec…
23 terms
Business and Finance Risk vocab
Economic Risk
Personal Risk
Property Risk
Liability Risk
results in financial loss(personal, property, liability)
results in personal losses
loss of property including money, buildings, and vehicles
harm or injury to others because of you actions
Economic Risk
results in financial loss(personal, property, liability)
Personal Risk
results in personal losses
58 terms
NC INSURANCE PRE-LICENSING EXAM (PROPERTY: 2 Terms and Concepts)
RISK
SPECULATIVE RISKS
PURE RISK
RISK AVOIDANCE
uncertain prospect of a financial risks
uncertain prospect of a financial gain or loss and are uninsu…
chance of loss or no loss, but no gain, and are insurable
does not get involved in activity leading to a potential loss…
RISK
uncertain prospect of a financial risks
SPECULATIVE RISKS
uncertain prospect of a financial gain or loss and are uninsu…
27 terms
Chapter Two - Basic Insurance Terms and Related Concepts
Accident
ACV (Actual Cash Value)
Additional Coverage
Appraisal
Unplanned or fortuitous happening that results in damage or i…
No matter how much insurance is purchased, the recovery amoun…
Supplementary cover ages, some examples would be debris remov…
If an insured and insurer cannot come to an agreement with re…
Accident
Unplanned or fortuitous happening that results in damage or i…
ACV (Actual Cash Value)
No matter how much insurance is purchased, the recovery amoun…
61 terms
INS Practice Exam Questions Chs 1-2
True or false, Contractors must usuall…
Insurance customers' loss exposures ar…
What is an example of an operating cos…
One of the costs of insurance is said…
True
Insureds' property
Producers' commisions
Society
True or false, Contractors must usuall…
True
Insurance customers' loss exposures ar…
Insureds' property
114 terms
EXAM 1 (ch 1 and 2)
Insurance
Risk
Risk Management
Property Loss
the suitable transfer of risk from one entity to another in e…
Chance of loss; the uncertainty of a loss; the difference bet…
the identification, assessment, and prioritization of risks f…
decrease or reduction in the monetary value of some property
Insurance
the suitable transfer of risk from one entity to another in e…
Risk
Chance of loss; the uncertainty of a loss; the difference bet…
44 terms
Ch8 econ
Sole proprietorship
Biz license
Site permit
Advantages for sole prop
Owned and managed by a single individual... 75% of all types of…
Authorization from local gov
Certificate of occupancy to use another building for biz
Easy start up... Few regulations ... Sole profit... Full control... No sp…
Sole proprietorship
Owned and managed by a single individual... 75% of all types of…
Biz license
Authorization from local gov
98 terms
CISR Risk Management Topic 5
focus of risk control
risk control
three important impacts on the risk co…
incident analysis
find solutions that will prevent or reduce losses to the orga…
any conscious action or inaction to minimize at the optimal c…
identification methods, incident analysis, cost benefits anal…
tracking incidents without regard to subsequent accidents, lo…
focus of risk control
find solutions that will prevent or reduce losses to the orga…
risk control
any conscious action or inaction to minimize at the optimal c…
58 terms
NC INSURANCE PRE-LICENSING EXAM (PROPERTY: 2 Terms and Concepts)
RISK
SPECULATIVE RISKS
PURE RISK
RISK AVOIDANCE
uncertain prospect of a financial risks
uncertain prospect of a financial gain or loss and are uninsu…
chance of loss or no loss, but no gain, and are insurable
does not get involved in activity leading to a potential loss…
RISK
uncertain prospect of a financial risks
SPECULATIVE RISKS
uncertain prospect of a financial gain or loss and are uninsu…
18 terms
Risk Management notes
Risk
Management
Risk Management
Economic Risk
The possibility of financial loss
The business function used to plan, organize, and control all…
- The systematic process of managing an organization's risk e…
These risks occur from changes in overall business conditions…
Risk
The possibility of financial loss
Management
The business function used to plan, organize, and control all…
57 terms
Insurance Basics AH1
Insuring Clause
Functions of Insuring Clause
Consideration Clause
Free Look Provision
contractual promise to pay benefits for specific kinds of los…
1. Describes the general scope of coverage... 2. Provides defini…
Insurance coverage is granted in consideration of the applica…
Allows insured to examine new policy for pd of time. Not obli…
Insuring Clause
contractual promise to pay benefits for specific kinds of los…
Functions of Insuring Clause
1. Describes the general scope of coverage... 2. Provides defini…
64 terms
CPCU 500 Chapter 2
Identifying Loss Exposure
Document Analysis
Standardized Documents
Organization Specific Documents
1. Document Analysis... 2. Compliance Review... 3. Inspections... 4. E…
Standardized- From outside the org. i.e. questionnaires, chec…
Broadly categorize the loss exposures that most organizations…
Financial statemtens, accounting statemtnts, contracts, insur…
Identifying Loss Exposure
1. Document Analysis... 2. Compliance Review... 3. Inspections... 4. E…
Document Analysis
Standardized- From outside the org. i.e. questionnaires, chec…
84 terms
IBABC Lvl 1
Spread of Risk
Basis of Credit System
Eliminates Worry
Loss Prevention & Loss Reduction
losses of the few are shared among many
to protect the investments of lenders to help facilitate the…
allows prople to engage in many ventues
prevent losses and reduce severity
Spread of Risk
losses of the few are shared among many
Basis of Credit System
to protect the investments of lenders to help facilitate the…
21 terms
Risk management
Risk Management
Management
Risk
3 types of risks
All efforts designed to preserve assets and earning power ass…
Getting work done through others
Degree of uncertainty of return on an asset; in business, the…
Economic, Natural, Human
Risk Management
All efforts designed to preserve assets and earning power ass…
Management
Getting work done through others
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