General Insurance #1 Flashcards

1
Q

a legal representative of an insurance company

A

Agent/Producer

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2
Q

a person applying for insurance

A

Applicant

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3
Q

an insurance producer not appointed by an insurer and is deemed to represent the client

A

Broker

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4
Q

a contract between a policy owner and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events

A

Insurance policy

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5
Q

the person covered by the insurance policy. May or may not be the policy holder

A

Insured

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6
Q

the company who issues an insurance policy

A

Insurer (principal)

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7
Q

the person entitled to exercise the rights and privileges in the policy

A

Policyowner

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8
Q

the money paid to the insurance company for the insurance policy

A

Premium

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9
Q

a mutual interchange of rights and priveleges

A

Reciprocity/Reciprocale

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