Term
| Loss exposure define & list elements |
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Definition
Any condition or situation that presents of possibility of loss
- asset exposed to loss
- cause of loss
- financial consequences to low
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Term
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Definition
| peril - the means by which property is damaged or destroyed. |
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Term
| what is an asset exposed to loss? |
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Definition
| any item with value that is exposed to a possible reduction in that value due to loss |
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Term
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Definition
| property may be destroyed, damaged, stolen of lost, - suffer a decrease in value because of a peril |
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Term
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Definition
| tangible property, structures, building attached or growing on loand |
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Term
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Definition
| tangible or intangible that is not real property. |
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Term
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Definition
| loss exposure = asset exposed to loss x cause of loss x financial consequence of loss |
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Term
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Definition
| any item with value that is exposed to a possible reduction in that value due to loss. |
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Term
financial consquences of loss
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Definition
Reduction in value of property
increased expenses
lost income |
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Term
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Definition
| monetary awareds for pain & suffering-not specific |
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Term
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Definition
| specific damages, medical bills, lost wages |
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Term
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Definition
| awared by court to punish a defandant |
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Term
| Negligence - four elements |
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Definition
- a duty to act
- a breach of that duty
- injury or damage occurs
- breach of duty is the direct cause of the injury.
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Term
Libel
Slander
Assault
Battery |
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Definition
Libel written or printed unture stmt that damages a persons rep
Slander oral untrue stmt that damages a person's rep
Assault the inentional & unlawful threat of bodily harm
Battery the unlawful physical contact with another person |
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Term
| retirement loss exposures |
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Definition
| assets exposed to a loss when an individual retires are regular employment income and related benefits |
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Term
| 4 personal financial planning loss exposures |
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Definition
- retirement loss exposure
- regular employment income
- benefits/health ins
- premature death loss exposure
- death occurs before life expectancy
- Health & Disability
- temp partial disability
- temp total disability
- perm partial disability
- perm total disability
- Unemployment
- income & employee benefits
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Term
6 steps of risk mgmt process
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Definition
- indentify loss exposures
- Analyze loss exposures
- examing the feasilibty of risk mgmt techniques
- Select the appriopriate risk mgmt tech
- Implenting the selected riks mgmt tech
- monitor results
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Term
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Definition
- avoidiance
- loss prevention
- loss reduction
- separation
- duplication
- diversification
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Term
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Definition
retention - losses are retained by generating funds within the organization to pay for the lossess
transfer - insurance |
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Term
| risk financing techniques |
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Definition
- Property & liability loss exposures
- retirement loss exposures
- premature death loss exp
- heath & disability
- unemployment loss exp
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Term
policy provision - section
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Definition
DDICEM
Declarations insured info, polcy # dates, limites, deductible, endoresements
Definitions defines terms used in policy
Insuring Agreements - promise of coverage
Conditions - agreed to provide by to receive coverages
Exclusions - policy provision that would eliminate coverage for specified exposures
Misc provisions-unique to a particular types of insurer
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Term
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Definition
| relies on scanario analysis to determine the extent of coverage |
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Term
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Definition
| insurer must determine whether the loss triggers coverage, and the extent of the coverage |
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Term
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Definition
| compensates an insured for bodily injury caused by an uninsured motoritst, hit & run driver, or driver insurance is insolvent |
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Term
| UIM - Underinsured motorist coverage |
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Definition
| provides addtional limits of protection to the victim of an auto accident when the negligent driver ins limits are insufficient |
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Term
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Definition
| Ins that covers auto accidents victims on a first party basis |
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Term
| An automobile insurance plan. |
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Definition
| A plan for insuring high-risk drivers, in which all auto insurers doing business in the state are assigned their proportionate share of high-risk drivers based on the total volume of automobile insurance written in a state, |
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Term
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Definition
| plans that place some restrictions on the right to sue an at fault driver but does not entirely eliminate the right |
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Term
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Definition
may recover economic damages from either his or the other driver insurer.
permit or require an insured to purchase no-fault benefits and allow an injured driver to recover economic damages from his own insurer or seek recovery from the other driver's insurance. |
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Term
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Definition
| insured can choose whether to be covered ona modified no fault basis or not |
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Term
| disadvantage of the tort liability system |
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Definition
| substantial time delays in reaching a settlement either through negotiation or through the courts. |
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Term
| personal injury protection (PIP) endorsement |
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Definition
| an endorsement added to an auto insurance policy to provide no-fault benefits. |
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Term
| most commonly used method of compensating auto accident victims? |
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Definition
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Term
| In states with joint underwriting associations (JUAs), |
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Definition
| all auto insurers in the state pay their proportionate share of underwriting losses and expenses, they do not actually issue policies. |
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Term
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Definition
| Insurers and other organizations that make insurance available to those who cannot obtain coverage from the standard market |
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Term
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Definition
| in no-fault system, a injured motorist can sue for non-economic losses if the economic losses exceed a stated dollar amount |
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Term
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Definition
| no-fault system- an injured motorist can sue for non-economic losses if his or her injuries meet a verbal description of serious injuries |
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Term
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Definition
| Insurers and other organizations that make insurance available to those who cannot obtain coverage from the standard market |
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