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General Insurance > Definitions > Flashcards

Definitions Flashcards

1
Q

Contract bw an insured & insurance company which agrees to pay insured 4 loss caused by specific events

A

Insurance policy

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2
Q

Company who issues policy of insurance

A

Insurer/principal

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3
Q

Person covered by policy of insurance

A

Insured

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4
Q

Person who pays for policy

A

Policyowner

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5
Q

Person who receives benefits from policy of insurance

A

Beneficiary

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6
Q

Money paid to insurance company for the policy of insurance

A

Premium

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7
Q

Amt paid when claim is issued against a policy of insurance

A

Death benefit (face amt/value or coverage)

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8
Q

Uncertainty or chance of loss occurring

A

Risk

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9
Q

Unit of measure used to determine rates charged for insurance coverage

A

Exposure

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10
Q

Conditions/situations that increase probability of an insured loss occurring

A

Hazards

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11
Q

Insuring if risks that are if a poorer class (more prone to losses) than the ave risk

A

Adverse selection

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12
Q

Insurance organizations owned by policyholders; profits returned as non-taxable dividends

A

Mutual companies

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13
Q

Insurance resulting from interchange of reciprocal agreements of indemnity among subscribers; attorney-in-fact manages/operates exchange

A

Reciprocal

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14
Q

Provides support facilities for underwriters or ppl that accept insurance risk

A

Lloyd’s associations

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15
Q

Producer who handles insurer funds In a trust capacity

A

Fiduciary

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16
Q

Elements of a legal contract

A

Offer & acceptance
Consideration
Compete t parties
Legal purpose

17
Q

Provision in policy that states tat in event of loss, insured is not permitted to collect only to extent of financial loss (not allowed to gain financially)

A

Indemnity/reimbursement

18
Q

Statements believed to be true to the best of ones knowledge

A

Representation

19
Q

Intentional, untruthful statements

A

Misrepresentations

20
Q

Absolutely true statement upon which validity if policy depends

A

Warranty

21
Q

Legal term for intentional withholding of info of a material fact which is crucial in making a decision

A

Concealment

22
Q

Intentional misrepresentation/concealment of material fact used to induce another party to make or refrain from making a contract (or to cheat/deceive)

A

Fraud

23
Q

Intentional act of relinquishing a known right, claim or privilege

A

Waiver

24
Q

Legal process that can be used to prevent a party to a contract from reasserting a right/privilege after it has been waived

A

Estoppel

General Insurance (1 decks)

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