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C11 Principles and Practice of Insurance Acronyms > Acronyms > Flashcards

Acronyms Flashcards

1
Q

Risk Management

A

IMC

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2
Q

IMC

A

Identify
Measure
Control

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3
Q

Identifying The Risk

A

SEFH

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4
Q

SEFH

A

Site inspection
Enployee interviews
Financial Analysis
Historical records

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5
Q

Funtions of Insurance

A

SSCCEL

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6
Q

SSCCEL

A 
Spread risk
Security
Credit
Capital
Employment
Loss prevention
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7
Q

Steps in Rate determination

A

CGDDD

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8
Q

CGDDD

A 
Classify the risk
Gather statistics
Determine the pure premium
Determine the total premium
Detetermine the rate
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9
Q

Private Insurers

A

CCSIR

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10
Q

CCSIR

A 
Captives
Cooperatives
Stock Companies
Insurance Pools
Reciprocals
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11
Q

Insurance Company Organization

A

FAABMUC

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12
Q

FAABMUC

A 
Finance, Accounting and Investing
Administraion
Actuarial
Branch Operations
Marketing
Underwriting
Claims
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13
Q

Agency/Brokerage Agreement

A

PCBPORT

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14
Q

PCBPORT

A 
Parties to the agreement
Class of business to be written
Binding authority
Premium collection and credits terms
Other
Remuneration
Termination
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15
Q

Broker Obligations

A

ACCDNA

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16
Q

ACCDNA

A 
Avoid negligence
Collect and remit premiums
Claims notice
Do not delegate authority
Notification of business written
Act within the contract
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17
Q

Broker Formations

A

LLGCCSIPFT

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18
Q

LLGCCSIPFT

A 
Liability
Lack of privacy
Goverment Control
Capital
Continuity
Skills
Initial cost
Partner disputes
Flexibility
Tax advantages
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19
Q

Role of Intermediaries

A

PPPTC

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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

C11 Principles and Practice of Insurance Acronyms (1 decks)

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