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Insurance Pre Exam > Acronyms > Flashcards

Acronyms Flashcards

0
Q
  1. Aleatory
A

One party will pay more than other party in a loss

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1
Q
  1. Fuduciary
A

Money

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2
Q
  1. Estoppel
A

Prevent you from excursion.. you allowed it to happen in the past

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3
Q
  1. Insurance
A

Is a contract of adhesion

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4
Q
  1. Risk
A

Uncertainty of a loss or chance of loss

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5
Q
  1. Administrator
A

Certificate yo pay claim

Self manager

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6
Q
  1. Twisting
A

induce to drop

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7
Q
  1. Concealment
A

Not telling something material

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8
Q
  1. Representations
A

Implied warranty
altered or withdrawn
best belief or knowledge

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9
Q
  1. Negligence
A

Prudent

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10
Q
  1. Reciprocal
A

Unincorporated, attorney in fact

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11
Q
  1. Assessment Insurer
A

charge an additional premium

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12
Q
  1. Adverse Selection
A

Risk against the interest of the insurer

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13
Q
  1. Liberalization
A

No addition premium

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14
Q
  1. Special form
A

Dwelling and business

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15
Q
  1. Liability goes back
A

Claim made form

16
Q
  1. Liability pay forward
A

Occurrence form

17
Q
  1. Discovery
A

Crime backward

18
Q
  1. Loss sustained
A

Crime forward

19
Q
  1. All Risk
A

open perils, special form

20
Q
  1. DP1
A

Fire, lightning, internal explosion

21
Q
  1. Absolute liability
A

Gross negligence

22
Q
  1. Vicarious Liability
A

Employer responsible for employee

23
Q

Transit

A

Freight Ins

24
Q
  1. Actuarial
A

Determine the rates insurers charge for their insurance products
Track expense of the insurers
Advise the company regarding profit and loss

25
Q
  1. Stock Company
A

Owned by stockholders comp

26
Q
  1. Mutual Comp
A

Owned by policyholders

27
Q
  1. Reciprocal Comp
A

Unincorporated group.. run by an attorney in fact

28
Q
  1. Fraternal Benefit
A

Incorporated solely on behalf of the members

29
Q
  1. Captive Ins
A

forms by parents comp to coverage the parents comp

30
Q
  1. Shall
A

Mandatory, required, must, no discretion

31
Q
  1. May
A

Permissive, an option

32
Q
  1. person
A

Any person, natural or legal

33
Q

DPI

DP2

DP3

A

DP1 = Fire, lightning, internal explosion

DP2 =Fire, lightning, EC, VMM, + 8 others

DP3 = All Risk for dwelling and structures broad form perils for personal property

Insurance Pre Exam (4 decks)

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