General Insurance #1 Flashcards
1
Q
a legal representative of an insurance company
A
Agent/Producer
2
Q
a person applying for insurance
A
Applicant
3
Q
an insurance producer not appointed by an insurer and is deemed to represent the client
A
Broker
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
5
Q
the person covered by the insurance policy. May or may not be the policy holder
A
Insured
6
Q
the company who issues an insurance policy
A
Insurer (principal)
7
Q
the person entitled to exercise the rights and privileges in the policy
A
Policyowner
8
Q
the money paid to the insurance company for the insurance policy
A
Premium
9
Q
a mutual interchange of rights and priveleges
A
Reciprocity/Reciprocale
