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IF1 Empower Cards > IF1 > Flashcards

IF1 Flashcards

1
Q

A risk where there is possibility of a loss but not a gain

A

Pure Risk

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2
Q

A risk where there is chance of a gain

A

Speculative Risk

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3
Q

A risk that is localised or personal in its cause and effect

A

Particular Risk

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4
Q

A risk that occurs on such a vast scale that it is uninsurable

A

Fundamental Risk

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5
Q

An event that is accidental or unexpected and not inevitable

A

Fortuitous Event

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6
Q

That with gives rise to a loss

A

Peril

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7
Q

That which influences the operation or effect of the peril

A

Hazard

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8
Q

Each person’s side of the margin which supports the contract

A

Consideration

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9
Q

Acceptance of an offer which does not alter any of the terms of the original offer

A

Unconditional Acceptance

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10
Q

Acceptance of an offer where new terms are introduced, forming a counteroffer

A

Conditional Acceptance

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11
Q

The legal right to Insure arising out of a financial relationship recognised at law between the Insured and the subject-matter of Insurance

A

Insurable Interest

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12
Q

A legal term used for a bar or impediment that precludes a person from asserting a fact or a right arising when one party’s conduct has been relied upon by the other

A

Estoppel

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13
Q

The contract has been fully performed

A

Fulfilment

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14
Q

The dominant cause of a loss where there is a direct link between it and resulting loss

A

Proximate Cause

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15
Q

Financial compensation sufficient to place the Insured in the same financial position after a loss as they enjoyed immediately before the loss occurred

A

Indemnity

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16
Q

Non-indemnity policies that provide fixed benefits, mainly for sickness and accident

A

Benefit Policies

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17
Q

The policy term applied when there has been underinsurance

A

Average

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18
Q

A policy where the value of the subject-matter of Insurance is agreed at the start of the contract and the sum insured is fixed accordingly

A

Agreed Value Policy

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19
Q

A policy where the full value of the insured property is not at risk

A

First Loss Policy

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20
Q

An Insurer accepts an unknown future potential risk for an agreed premium

A

Risk Transfer Mechanism

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21
Q

The right of an Insurer to call upon others liable to the same insured to share the cost of an indemnity payment

A

Contribution

22
Q

The right to stand in the place of another and avail all the rights and remedies of that other

A

Subrogation

23
Q

The original insurer who is passing the risk to reinsurers

A

Cedant

24
Q

The process whereby Insurers share a risk with other Insurers or with their own Insured

A

Co-Insurance

25
Q

When two or more policies are in force which cover the same risk

A

Dual Insurance

26
Q

A reinsurer obtaining reinsurance for itself

A

Retrocedant

27
Q

Groups of private individuals or corporate investors who carry the risks

A

Syndicates

28
Q

Companies where shareholders have limited liability

A

Proprietary Companies

29
Q

An entity that is employed by a syndicate to appoint underwriters to write the risks and manage the day-to-day running of the syndicate

A

Managing Agents

30
Q

The wider market that transacts insurance business in the London Market but outside of Lloyd’s

A

Company Market

31
Q

An entity that ring-fences the assets of participating cells in a group to allow them to operate as distinct insurance entities

A

Protected Cell Company

32
Q

Companies owned by their Policyholders

A

Mutual Companies

33
Q

Insurance Companies who are solely insuring risks from parent/sister companies in the same group

A

Captives

34
Q

Companies that accept a wide range of classes of business

A

Composite Company

35
Q

The complete and final agreement of all terms between the Insured and the Insurer by the time that they enter into the contract

A

Contract Certainty

36
Q

A non-traditional form of insurance that is compliant with the rulings of Sharia Law

A

Takaful Insurance

37
Q

A specialist type of intermediary who has delegated authority to act for one or more Insurers

A

Managing General Agent

38
Q

A requirement that companies have a solvency margin where assets must exceed liabilities

A

Capital Adequacy

39
Q

A representative that is limited to distributing ‘non-real time financial promotions’ such as brochures

A

Introducer Appointed Representative (IAR)

40
Q

An agreement outlining the contractual relationship between an Insurer and an intermediary

A

Terms of Business Agreement (TOBA)

41
Q

Where a Third Party is not in a position to make a judgement about the extent of an agents authority

A

Apparent (Ostensible) Authority

42
Q

An individual or a company that is appointed by an authorised person under the terms of the contract

A

Appointed Representatives

43
Q

An intermediary that has been directly authorised by the FCA to provide independent advice

A

Authorised Persons

44
Q

A broking firm can acquire access to centralised services and benefit from a formal alliance with other brokers

A

Broker Network

45
Q

Companies that grow through formal acquisition of others within the marketplace

A

Consolidator

46
Q

An arrangement between a bank and insurance company whereby insurance products are sold to the bank’s existing customers

A

Bancassurance

47
Q

An act containing the law on disclosure and representations for non-consumer insureds

A

Insurance Act 2015

48
Q

An act containing the law on disclosure and representations for consumers

A

Consumers (Disclosure and Representations) Act 2012

49
Q

An act introducing a remedy for insureds who believe their claims have been paid late

A

Enterprise Act 2016

50
Q

The extent of an agent’s authority - This can be expressed or implied

A

Actual Authority

IF1 Empower Cards (1 decks)

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