Activity 1 Insurance Terms And Concepts Flashcards Preview

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Flashcards in Activity 1 Insurance Terms And Concepts Deck (16)
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The transfer of risk by contractual means to parties who agree to indemnify others by pooling risks is

Insurance

1

Insurance attempts to ------- someone after an economic loss.

Indemnify

2

An insurance company charted in New York and operating in Florida is referred to as a -------- company in the Florida Statues.

Foreign

3

The document that may contain endorsements as well as coverages, conditions, and exclusion is a

Policy

4

The chance of a loss is a __________. Something that increases that chance of loss is known as a _________.

Risk; Hazard

5

An unconscious careless act that results in a loss is a _______ hazard.

Morale

6

The claim settlement method under which depreciation is deducted from current costs is __________.

Actual Cash Value ACV

7

A loss settlement was made which did not include depreciation of the object in the loss. This method of settlement is __________.

Replacement Cost

8

When a loss is paid to a third party on behalf of the insured, this type of insurance is called _________.

Liability/Casualty insurance

9

A material statement of false facts is a

Misrepresentation

10

__________ is to withhold material facts.

Concealment

11

The lender of a loan on fixed property such as real estate is a _________

Loss payee

12

An insurer attempted to recover part of its loss payment from an at fault driver with the rights transferred by the policyholder to the insurer, this process is known as __________

Subrogation

13

A policy that pay for any loss up to the face amount of the policy that was determined Bryan appraisal is a __________ policy.

Valued

14

The interests of two insureds may be changed to protect the innocent insured and not protect the insured who committed an intentional felony. This is known as the doctrine of _______.

Severability

15

An insurer increases a benefit without charging an additional premium; all policyholders participate in this benefit thru the process of _______

Liberalization