Module 1: Principles of Insurance Flashcards
Abandonment
Absolute Liability
Acceptance
Actual Cash Value
Adjuster
Adverse Selection
Aleatory Contract
Attractive Nuisance
Authority
Bilateral
Broker
Captive Agents
Career Agents
Coinsurance
Collateral Source Rule
Comparative Negligence
Concealment
Conditional
Consideration
Contract
Contract Disputes
Contract Law
liability related to the asset or activity (club membership putting certain responsibilities on client)
Contract of Adhesion
Contributory Negligence
Deductible
Doctrine of Estoppel
Doctrine of Waiver
Dynamic Risks
result of changes in the economy - uninsurable
Equitable Remedies
Federal Regulation
Field Underwriting
Fundamental Risks
affect a large group of people
Hazard
increases the potential for loss
Indemnifcation
Indemnity
Independent Agents
Insurable Interest
Insurable Risk
Insurance Contracts
Insurance Producers
Last Clear Chance
Law of Large Numbers
Legal Object
Loss Adjustment Process
Misrepresentation
Moral Hazard
Morale Hazard
Morbidity
Mortality
Mutual Companies
NAIC
Negligence per se offer
Pair or set Option
Parol Evidence Rule
Particular Risks
affect individuals or small groups of people
Peril
the cause of a loss
Personal Contracts
Private Insurance
Producing General Agents (PGAs)
Proximate Cause
Public Insurance
Pure Risks
the chance of loss or no loss - no change of gain - Insurable
Ratification
Reformation
Rescission
Risk
the possibility of a loss - or a negative deviation from a desired outcome
Risk Control
risk management technique that seeks to minimize the risk of loss
Risk Financing
Salvage
Self-Insurance
Social Insurance
Speculative Risks
both the change of loss and gain (gambling) - uninsurable
State Regulation
Static Risks
results from factors other than changes in the economy - occur with regularity and can be insured
Stock Companies
Strick Liability
Subrogation
Surplus and Excess Line
Tort
Tort Law
liability for a loss resulting from the use of the asset or from an activity (boating accident)
Tortfeasor
Underwriters
Unilateral
Unintentional Torts
Utmost Good Faith
Vicarious Liability
Void Contract
Waiver Provision
Warranty
Risk Avoidance
If you don’t want to get hurt playing football, you don’t play football
Risk Reduction
if you don’t want to get hurt playing football, you wear protective gear to eliminate chance of getting hurt