property and casualty

15 cards


 
  
Created Oct 17, 2009
by
unpredicktable

 

 
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1
 

The person, organization or business covered by the insurance policy is referred...

 
Insured
2
To restore an insured to the prior financial condition that existed prior to the loss is considered:
 
Indemnity
3
Which of the following would NOT be an insurable interest:

 

“Speculative Risk”

 

is a chance of both a gain and a loss. Speculative...

4
What are the five methods of Risk Management:
 

“Share, Transfer, Avoid, Retain, Reduce”

STARR

 

5
A contract in which the amount of money to be given up by each party is NOT equal is considered:
 
Aleatory
6
http://www.proprofs.com/flashcards/cards.php?id=45616The definition of a peril is:
 
A cause of loss
7
http://www.proprofs.com/flashcards/cards.php?id=45616Lines of Insurance that require rates to...
 
Prior Approval
8
http://www.proprofs.com/flashcards/cards.php?id=45616The principle of restoring a victim of...
 
indemnity
9
Insurance represents which way of dealing with risk?
 
Transfer
10
For property and casualty insurance, insurable interest must exist:
 

at the time of loss

 

11
Things that increase the likelihood of a loss or the seriousness of a loss are called:
 
hazards
12
An insurer formed under the laws of the state in which an insurance policy is written is called:
 
a domestic insurer
13
http://www.proprofs.com/flashcards/cards.php?id=45616Authority of an agent that the public may...
 
apparent authority
14
Failure to use the degree of care of a reasonable person is called:
 
negligence
15
An unbroken chain of cause and effect between an occurrence of an insured peril and resulting...
 
proximate cause

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