Module 1: Principles of Insurance Flashcards
1
Q
Abandonment
A
2
Q
Absolute Liability
A
3
Q
Acceptance
A
4
Q
Actual Cash Value
A
5
Q
Adjuster
A
6
Q
Adverse Selection
A
7
Q
Aleatory Contract
A
8
Q
Attractive Nuisance
A
9
Q
Authority
A
10
Q
Bilateral
A
11
Q
Broker
A
12
Q
Captive Agents
A
13
Q
Career Agents
A
14
Q
Coinsurance
A
15
Q
Collateral Source Rule
A
16
Q
Comparative Negligence
A
17
Q
Concealment
A
18
Q
Conditional
A
19
Q
Consideration
A
20
Q
Contract
A
21
Q
Contract Disputes
A
22
Q
Contract Law
A
liability related to the asset or activity (club membership putting certain responsibilities on client)
23
Q
Contract of Adhesion
A
24
Q
Contributory Negligence
A
25
Deductible
26
Doctrine of Estoppel
27
Doctrine of Waiver
28
Dynamic Risks
result of changes in the economy - uninsurable
29
Equitable Remedies
30
Federal Regulation
31
Field Underwriting
32
Fundamental Risks
affect a large group of people
33
Hazard
increases the potential for loss
34
Indemnifcation
35
Indemnity
36
Independent Agents
37
Insurable Interest
38
Insurable Risk
39
Insurance Contracts
40
Insurance Producers
41
Last Clear Chance
42
Law of Large Numbers
43
Legal Object
44
Loss Adjustment Process
45
Misrepresentation
46
Moral Hazard
47
Morale Hazard
48
Morbidity
49
Mortality
50
Mutual Companies
51
NAIC
52
Negligence per se offer
53
Pair or set Option
54
Parol Evidence Rule
55
Particular Risks
affect individuals or small groups of people
56
Peril
the cause of a loss
57
Personal Contracts
58
Private Insurance
59
Producing General Agents (PGAs)
60
Proximate Cause
61
Public Insurance
62
Pure Risks
the chance of loss or no loss - no change of gain - Insurable
63
Ratification
64
Reformation
65
Rescission
66
Risk
the possibility of a loss - or a negative deviation from a desired outcome
67
Risk Control
risk management technique that seeks to minimize the risk of loss
68
Risk Financing
69
Salvage
70
Self-Insurance
71
Social Insurance
72
Speculative Risks
both the change of loss and gain (gambling) - uninsurable
73
State Regulation
74
Static Risks
results from factors other than changes in the economy - occur with regularity and can be insured
75
Stock Companies
76
Strick Liability
77
Subrogation
78
Surplus and Excess Line
79
Tort
80
Tort Law
liability for a loss resulting from the use of the asset or from an activity (boating accident)
81
Tortfeasor
82
Underwriters
83
Unilateral
84
Unintentional Torts
85
Utmost Good Faith
86
Vicarious Liability
87
Void Contract
88
Waiver Provision
89
Warranty
90
Risk Avoidance
If you don't want to get hurt playing football, you don't play football
91
Risk Reduction
if you don't want to get hurt playing football, you wear protective gear to eliminate chance of getting hurt
