property and casualty

15 cards


 
  
Created Oct 17, 2009
by
unpredicktable

 

 
Table View
 
Download
 
Print

Flashcard Set Preview

  Side A   Side B
1
  The person, organization or business covered by the insurance policy is referred to...
 
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 risks are...
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
The definition of a peril is:
 
A cause of loss
7
Lines of Insurance that require rates to be filed and approved by the state before they can...
 
Prior Approval
8
The principle of restoring a victim of loss to the same financial position as before the loss...
 
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
Authority of an agent that the public may reasonably believe the agent to have is called:
 
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

Upgrade and get a lot more done!
Upgrade    Cancel