Acronyms Flashcards
1
Q
Risk Management
A
IMC
2
Q
IMC
A
Identify
Measure
Control
3
Q
Identifying The Risk
A
SEFH
4
Q
SEFH
A
Site inspection
Enployee interviews
Financial Analysis
Historical records
5
Q
Funtions of Insurance
A
SSCCEL
6
Q
SSCCEL
A
Spread risk Security Credit Capital Employment Loss prevention
7
Q
Steps in Rate determination
A
CGDDD
8
Q
CGDDD
A
Classify the risk Gather statistics Determine the pure premium Determine the total premium Detetermine the rate
9
Q
Private Insurers
A
CCSIR
10
Q
CCSIR
A
Captives Cooperatives Stock Companies Insurance Pools Reciprocals
11
Q
Insurance Company Organization
A
FAABMUC
12
Q
FAABMUC
A
Finance, Accounting and Investing Administraion Actuarial Branch Operations Marketing Underwriting Claims
13
Q
Agency/Brokerage Agreement
A
PCBPORT
14
Q
PCBPORT
A
Parties to the agreement Class of business to be written Binding authority Premium collection and credits terms Other Remuneration Termination
15
Q
Broker Obligations
A
ACCDNA
16
Q
ACCDNA
A
Avoid negligence Collect and remit premiums Claims notice Do not delegate authority Notification of business written Act within the contract
17
Q
Broker Formations
A
LLGCCSIPFT
18
Q
LLGCCSIPFT
A
Liability Lack of privacy Goverment Control Capital Continuity Skills Initial cost Partner disputes Flexibility Tax advantages
19
Q
Role of Intermediaries
A
PPPTC
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
Discharge of a contract
PAFOB
26
PAFOB
```
Performance
Agreement
Frustration
Operation of Law
Breach
```
27
Conditions of Formation of Contracts
CCCO
28
CCCO
Consent
Capacity to contract
Cause of contract
Object of contract
29
Additional requirement for a contract
IAU
30
IAU
Insurable interest
A risk and promise to indemnity
Utmost good faith
31
Written application is preferable because
FMPM
32
FMPM
Forms part of the policy
Misunderstandings are avoided
Prevents fraud
Misrepresentation has been made or not
33
Problems with binders
WDW
34
WDW
Was a contract actually made?
Does the intermediary have authority?
What are the provisions of the contract?
35
Parts of a policy
DIPSS
36
DIPSS
```
Declaration
Insuring agreements
Policy conditions
Statutory/general conditions
Signature clause
```
37
Declarations
PPCIAD
38
PPCIAD
```
Parties to the contract
Premium
Commencement and expiry dates
Interest in the policy
Amount insured
Description of subject matter
```
39
Insuring agreements
SPEC
40
SPEC
Subject matter of insurance
Perils insured
Exclusions
Circumstances under which the insured may recieve the proceeds of insurance
41
Influences on standardization of coverage
GLC
42
GLC
General usage
Legislation
Court decisions
43
Finalizing the claim
SSRPC
44
SSRPC
```
Salvage
Subrogation
Release
Proof of loss
Claims forms
```
45
Investigating the loss
LCRAFIVKAL
46
LCRAFIVKAL
```
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
Reasons for reinsuring
IPERM
48
IPERM
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
