Term
| Restoring the Insured to the financial condition prior to a loss is |
|
Definition
|
|
Term
| which is true regarding insurance companies? |
|
Definition
| Mutuals are owned by the policy holders, have the management member chosen by the policy holders, and pay dividends to the policy holders. |
|
|
Term
| National Association of Insurance Commissioners (NAIC) |
|
Definition
| merely advises the state insurance commissioners |
|
|
Term
| the trasfer of pure risk is |
|
Definition
|
|
Term
| each of the following is generally considered to be an isuranble risk Except |
|
Definition
|
|
Term
|
Definition
| uncertainty or chance of loss |
|
|
Term
| the uncertainty of future outcomes is |
|
Definition
|
|
Term
|
Definition
|
|
Term
| which best describes indemnification? |
|
Definition
| after a car wreck, an injured person is paid for medical expenses and cehicle damages |
|
|
Term
| A company that has purchased a fire plicy on its building has decreased its |
|
Definition
| risk with respect to loss. |
|
|
Term
| Chance of a windstorm causing a loss to one's property is |
|
Definition
|
|
Term
| to avoid the concentration of insurance risks, an insurer should |
|
Definition
|
|
Term
| a stock company is referred to as a |
|
Definition
| Non-participating company |
|
|
Term
| The primary concept behind insurance is |
|
Definition
|
|
Term
|
Definition
|
|
Term
each of the following involves pure risk EXCEPT
loss in stock market
Drought
Flood
Bodily injury |
|
Definition
|
|
Term
|
Definition
|
|
Term
which of the following is considered to be a "participating" insurer?
Fraternal insurer
mutual insurer
stock insurer
government insurer |
|
Definition
|
|
Term
| a unique point about this type of insurance company is that it is run by someone known as an ättorney in fact" |
|
Definition
|
|
Term
|
Definition
|
|
Term
| the lutern run insurance companies are examples of |
|
Definition
| fraternal benefit insurers |
|
|
Term
|
Definition
| is used to determine premiums basde on historical loss figures. |
|
|
Term
|
Definition
|
|
Term
| A risk management technique which transfers risk is |
|
Definition
|
|
Term
| Uncertainty of future outcomes is |
|
Definition
|
|
Term
| The Law of large numbers allows insurers to |
|
Definition
| predict loss more acurately |
|
|
