Property And Casualty

Created Oct 17, 2009
by unpredicktable
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Side ASide B
  The person, organization or business covered by the insurance policy is referred to...
Insured
To restore an insured to the prior financial condition that existed prior to the loss is considered:
Indemnity
Which of the following would NOT be an insurable interest:
“Speculative Risk”   is a chance of both a gain and a loss. Speculative risks are...
What are the five methods of Risk Management:
“Share, Transfer, Avoid, Retain, Reduce” STARR  
A contract in which the amount of money to be given up by each party is NOT equal is considered:
Aleatory
The definition of a peril is:
A cause of loss
Lines of Insurance that require rates to be filed and approved by the state before they can...
Prior Approval
The principle of restoring a victim of loss to the same financial position as before the loss...
indemnity
Insurance represents which way of dealing with risk?
Transfer
For property and casualty insurance, insurable interest must exist:
at the time of loss  
Things that increase the likelihood of a loss or the seriousness of a loss are called:
hazards
An insurer formed under the laws of the state in which an insurance policy is written is called:
a domestic insurer
Authority of an agent that the public may reasonably believe the agent to have is called:
apparent authority
Failure to use the degree of care of a reasonable person is called:
negligence
An unbroken chain of cause and effect between an occurrence of an insured peril and resulting...
proximate cause

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