Acronyms Flashcards

1
Q

Risk Management

A

IMC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

IMC

A

Identify
Measure
Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Identifying The Risk

A

SEFH

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

SEFH

A

Site inspection
Enployee interviews
Financial Analysis
Historical records

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Funtions of Insurance

A

SSCCEL

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

SSCCEL

A
Spread risk
Security
Credit
Capital
Employment
Loss prevention
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Steps in Rate determination

A

CGDDD

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

CGDDD

A
Classify the risk
Gather statistics
Determine the pure premium
Determine the total premium
Detetermine the rate
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Private Insurers

A

CCSIR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

CCSIR

A
Captives
Cooperatives
Stock Companies
Insurance Pools
Reciprocals
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Insurance Company Organization

A

FAABMUC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

FAABMUC

A
Finance, Accounting and Investing
Administraion
Actuarial
Branch Operations
Marketing
Underwriting
Claims
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Agency/Brokerage Agreement

A

PCBPORT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

PCBPORT

A
Parties to the agreement
Class of business to be written
Binding authority
Premium collection and credits terms
Other
Remuneration
Termination
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Broker Obligations

A

ACCDNA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

ACCDNA

A
Avoid negligence
Collect and remit premiums
Claims notice
Do not delegate authority
Notification of business written
Act within the contract
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Broker Formations

A

LLGCCSIPFT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

LLGCCSIPFT

A
Liability
Lack of privacy
Goverment Control
Capital
Continuity
Skills
Initial cost
Partner disputes
Flexibility
Tax advantages
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Role of Intermediaries

A

PPPTC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

PPPTC

A
Product knowledge
Production targets
Prospecting and selling
Time control
Curiosity
21
Q

Elements of a contract

A

CLAIM

22
Q

CLAIM

A
Capacity of the parties to contract
Legality of object
Agreement (offer and acceptance
Intention is genuine
Money (or other consideration)
23
Q

Void and voidable contracts

A

MMUD

24
Q

MMUD

A

Mistake
Misrepresentation
Undue influense
Duress

25
Q

Discharge of a contract

A

PAFOB

26
Q

PAFOB

A
Performance
Agreement
Frustration
Operation of Law
Breach
27
Q

Conditions of Formation of Contracts

A

CCCO

28
Q

CCCO

A

Consent
Capacity to contract
Cause of contract
Object of contract

29
Q

Additional requirement for a contract

A

IAU

30
Q

IAU

A

Insurable interest
A risk and promise to indemnity
Utmost good faith

31
Q

Written application is preferable because

A

FMPM

32
Q

FMPM

A

Forms part of the policy
Misunderstandings are avoided
Prevents fraud
Misrepresentation has been made or not

33
Q

Problems with binders

A

WDW

34
Q

WDW

A

Was a contract actually made?
Does the intermediary have authority?
What are the provisions of the contract?

35
Q

Parts of a policy

A

DIPSS

36
Q

DIPSS

A
Declaration
Insuring agreements
Policy conditions
Statutory/general conditions
Signature clause
37
Q

Declarations

A

PPCIAD

38
Q

PPCIAD

A
Parties to the contract
Premium
Commencement and expiry dates
Interest in the policy
Amount insured
Description of subject matter
39
Q

Insuring agreements

A

SPEC

40
Q

SPEC

A

Subject matter of insurance
Perils insured
Exclusions
Circumstances under which the insured may recieve the proceeds of insurance

41
Q

Influences on standardization of coverage

A

GLC

42
Q

GLC

A

General usage
Legislation
Court decisions

43
Q

Finalizing the claim

A

SSRPC

44
Q

SSRPC

A
Salvage
Subrogation
Release
Proof of loss
Claims forms
45
Q

Investigating the loss

A

LCRAFIVKAL

46
Q

LCRAFIVKAL

A
Loss report
Confirm coverage
Routing the claim
Appointing an adjuster
Fraud
Investigate and report
Verify damage and extent of
Keep claims department informed
Adjusters reports
Loss reserves kept up to date
47
Q

Reasons for reinsuring

A

IPERM

48
Q

IPERM

A

Increase the insurer’s capacity to write business
Provide stability in the fluctuating market
Enable an insurer to cease operations
Reduce the effect of catastrophic loss
Maintain a proper reserve/liability balance