Study 5

Question 1

A claimant under a liability policy, so called because that party is not one of the two parties (insured and insurer) who has entered into the insurance contract that pays the claim.

Answer 1

third party

Question 2

(1) The agent/broker negotiating insurance or reinsurance contracts for another. (2) Any party representing another party, in negotiation with a third party.

Answer 2

intermediary

Question 3

An enterprise that introduces innovative technology and business models to the insurance sector.

Answer 3

insurtech

Question 4

When more than one policy has been issued to insure a given risk, a loss must be divided equitably among the various policies. According to their amount and terms, each “contributes” its share of the loss.

Answer 4

contribution