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FP512 > Module 1: Principles of Insurance > Flashcards

Module 1: Principles of Insurance Flashcards

1
Q

Abandonment

A
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2
Q

Absolute Liability

A
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3
Q

Acceptance

A
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4
Q

Actual Cash Value

A
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5
Q

Adjuster

A
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6
Q

Adverse Selection

A
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7
Q

Aleatory Contract

A
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8
Q

Attractive Nuisance

A
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9
Q

Authority

A
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10
Q

Bilateral

A
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11
Q

Broker

A
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12
Q

Captive Agents

A
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13
Q

Career Agents

A
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14
Q

Coinsurance

A
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15
Q

Collateral Source Rule

A
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16
Q

Comparative Negligence

A
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17
Q

Concealment

A
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18
Q

Conditional

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19
Q

Consideration

A
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20
Q

Contract

A
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21
Q

Contract Disputes

A
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22
Q

Contract Law

A

liability related to the asset or activity (club membership putting certain responsibilities on client)

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23
Q

Contract of Adhesion

A
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24
Q

Contributory Negligence

A
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25
Q

Deductible

A
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26
Q

Doctrine of Estoppel

A
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27
Q

Doctrine of Waiver

A
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28
Q

Dynamic Risks

A

result of changes in the economy - uninsurable

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29
Q

Equitable Remedies

A
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30
Q

Federal Regulation

A
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31
Q

Field Underwriting

A
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32
Q

Fundamental Risks

A

affect a large group of people

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33
Q

Hazard

A

increases the potential for loss

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34
Q

Indemnifcation

A
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35
Q

Indemnity

A
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36
Q

Independent Agents

A
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37
Q

Insurable Interest

A
38
Q

Insurable Risk

A
39
Q

Insurance Contracts

A
40
Q

Insurance Producers

A
41
Q

Last Clear Chance

A
42
Q

Law of Large Numbers

A
43
Q

Legal Object

A
44
Q

Loss Adjustment Process

A
45
Q

Misrepresentation

A
46
Q

Moral Hazard

A
47
Q

Morale Hazard

A
48
Q

Morbidity

A
49
Q

Mortality

A
50
Q

Mutual Companies

A
51
Q

NAIC

A
52
Q

Negligence per se offer

A
53
Q

Pair or set Option

A
54
Q

Parol Evidence Rule

A
55
Q

Particular Risks

A

affect individuals or small groups of people

56
Q

Peril

A

the cause of a loss

57
Q

Personal Contracts

A
58
Q

Private Insurance

A
59
Q

Producing General Agents (PGAs)

A
60
Q

Proximate Cause

A
61
Q

Public Insurance

A
62
Q

Pure Risks

A

the chance of loss or no loss - no change of gain - Insurable

63
Q

Ratification

A
64
Q

Reformation

A
65
Q

Rescission

A
66
Q

Risk

A

the possibility of a loss - or a negative deviation from a desired outcome

67
Q

Risk Control

A

risk management technique that seeks to minimize the risk of loss

68
Q

Risk Financing

A
69
Q

Salvage

A
70
Q

Self-Insurance

A
71
Q

Social Insurance

A
72
Q

Speculative Risks

A

both the change of loss and gain (gambling) - uninsurable

73
Q

State Regulation

A
74
Q

Static Risks

A

results from factors other than changes in the economy - occur with regularity and can be insured

75
Q

Stock Companies

A
76
Q

Strick Liability

A
77
Q

Subrogation

A
78
Q

Surplus and Excess Line

A
79
Q

Tort

A
80
Q

Tort Law

A

liability for a loss resulting from the use of the asset or from an activity (boating accident)

81
Q

Tortfeasor

A
82
Q

Underwriters

A
83
Q

Unilateral

A
84
Q

Unintentional Torts

A
85
Q

Utmost Good Faith

A
86
Q

Vicarious Liability

A
87
Q

Void Contract

A
88
Q

Waiver Provision

A
89
Q

Warranty

A
90
Q

Risk Avoidance

A

If you don’t want to get hurt playing football, you don’t play football

91
Q

Risk Reduction

A

if you don’t want to get hurt playing football, you wear protective gear to eliminate chance of getting hurt

FP512 (1 decks)

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