C81: Part 1: Study 7

Question 1

Loss

Answer 1

A word often used in place in the word “claim”. Refers to the amount an insurer must oay because one of the possibilities of loss insured against under a policy has happened

Question 2

Direcr Loss

Answer 2

Damage to property by direct action of a peril insured against, as distringuished from contigent or indirect damage

Question 3

Indirect loss

Answer 3

Loss resulting from direct damage to property; for example income & expense loss resulting from the inability to use damaged property

Question 4

Occurence

Answer 4

1) A happening or event
2) The continual or repeated exposure ro an unfavourable situation neither intended nor expected to cause injury or damage
3) The geouping of related losses into a single loss situation

Question 5

Accident

Answer 5

1) An unsusk, fortuitous, unexpected or unforseen event or iccurence
2) A mishap that is not expected or designed

Question 6

Claims-made basis

Answer 6

A provision in some insurancr and reninsurance contracts covering only claims made during the term of the contract

Question 7

Foreiture

Answer 7

The loss of a rifht as a result of the non preformance of some obligation or condition

Question 8

Prescription

Answer 8

1) In law, limitstion of time within which legsl action be taken by a claimant
2) In inshrance, the period of time in which a claim may be brought by the policyholder

Question 9

Statue of limitations

Answer 9

A law that determines the time period whithin which oarties can take a specific lefslcaction to enforce their righrs. Usually behints to run when the injury or damage occurs or was discovered

Question 10

Attest

Answer 10

To swear or delcare, either verbally or in writting a particular document or testimony about an event is a true & accurate representatin of the facts

Question 11

Sworn statement

Answer 11

Oral or written assertion of facrs stated under oath
example) addidavit

Question 12

Claims Examiner

Answer 12

An employee of an insurance company who directs the ivestigations of staff adjusters & independent adjusters, reviews their reports & approves claims settlements