Term
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Definition
| An environment in which insurers and policyholders intereact and trade |
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Definition
| A sellers' market intentions |
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Definition
| Reflects buyers' market intentions |
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| Refer to the sensitivity of demand in relationship to changes in price.The demand for personal insurance is inelastic because the quantity of product demanded does not fluctuate greatly in reponse to price changes. |
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Term
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Definition
| Products perceived to be the same by consumers. |
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Term
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Definition
| A recurring rise and fall in profits, usually profits in just one industry |
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Term
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Definition
| A commonly used term for a recurring rise and fall in profits and prices in the property and liability insurance industry. |
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Definition
| An insurance market in which buyers have difficulty finding coverage and must pay higher prices fo the coverage they are able to buy. |
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Definition
| Refers to an insurance market in which coverage is widely available and insurers reduce prices to write the policies. |
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Definition
| The sum of the loss ratio and the expense ratio. |
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Definition
| The volumne of business that an insurer is able to handle relative to the size of its policyholder surplus. |
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Term
| Four stages of Market Development |
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Definition
| Emergence stage, Control Stage, Breakdown stage and Reorganization stage. |
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Definition
| A group of customers with specialized needs. |
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Term
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Definition
| Statistically map the relationships among data elements for a specific purpose. The resulting statistics can be used to predict outcomes. |
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Definition
| Marketing that takes place directly between the customer and the insurer through mail, phone and the internet without the agent as an intermediary. |
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Term
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Definition
| Misrepresentation intended to induce another to part with something of value or to surrender a legal right. |
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Term
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Definition
| 1)Infomation in an insurance application is falsified in an attempt to obtain lower premium rates. 2)The amount of the loss in a claim is falsified.3) A claim is falsified. |
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Definition
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Term
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Definition
| Computerized databases that provide access to a bank of information through search inquiries. |
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Term
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Definition
| Sets of computer programs that perform tasks at the level of a human expert. They imitate the reasoning process of a human being. |
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Term
| A Special Investigative Unit (SIU) |
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Definition
| A unit within an insurance company specially dedicated to investigating suspicious claims and other possible frauds. |
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Term
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Definition
| An offense that is lower than a felony and punishable by fine, penalty or imprisionment in a facility other than a penitentiary |
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Term
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Definition
| A crime of a serious nature punishable by death or imprisonment for a term exceeding one year. |
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Term
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Definition
| Provide protection to insurance companies for the good-faith exchange of information required to provide information to state insurance departments or law enforcement without fear of criminal or civil prosecution. |
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Term
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Definition
| Garages or lots where stolen vehicles are brought to be stripped of their components. |
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Term
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Definition
| Court orders that prohibit someone from committing a specified act or that command someone to undo a wrong or an injury. |
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Term
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Definition
| A vehicle owner who conspires with others to commit fraud. |
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