Insurance Definition Part 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| All Risk Coverage | Policies that provide coverage for any peril except those that are specifically excluded
🗑
|
||||
| Fiduciary Responsibility | The obligation that one party has in relationship with another one to act entirely on the other party's behalf and best interest
🗑
|
||||
| Hazard | Conditions that increase the probability of loss
🗑
|
||||
| Insurance Agent | A person or organization who/that solicits, negotiates, or initiates insurance contracts on behalf of an insurer and can be independent or an employee of an insurer
🗑
|
||||
| Insurance Broker | An insurance intermediary ( go-between) that represents the insured rather than the insurer
🗑
|
||||
| Insurer | Insurance company that undertakes to indemnify for losses and perform other insurance-related operations
🗑
|
||||
| Intentional Acts | An act committed with the purpose of injuring someone or damaging another's property
🗑
|
||||
| Loss | The basis of a claim for damages under the terms of a policy and loss of assets resulting from a "pure risk"
🗑
|
||||
| Moral Hazard | Concerns intentional acts committed by the insured that either create or exaggerate a loss to receive claim payment
🗑
|
||||
| Morale Hazard | Implies a certain indifference to loss simply because of the existence of insurance
🗑
|
||||
| Named Perils Coverage | Policies that provide coverage only for loss caused by the perils specifically listed as covered
🗑
|
||||
| Negligence | The failure to use a reasonable degree of care under a given set of circumstances
🗑
|
||||
| Peril | Cause of loss
🗑
|
||||
| Physical hazard | Material, structural, or operational features of a business that may create or increase the opportunity for injury or damage
🗑
|
||||
| Pure Risk | The risk involved in situations that present the opportunity for loss, but no opportunity for gain
🗑
|
||||
| Reinsurance | Transaction in which one party, the "reinsurer", in consideration of a premium paid to it, agrees to indemnify another party, the "reinsured", for part or all of the liability assumed by the reinsured under a policy it has issued.
🗑
|
||||
| Risk | Uncertainty arising from the possible occurrence of events
🗑
|
||||
| Risk Classification | Defined classes based on the probability of loss
🗑
|
||||
| Speculative Risk | Uncertainty about an event under consideration that could produce either a profit or loss
🗑
|
||||
| Strict Liability | A legal doctrine that holds a party responsible for their actions or products, regardless of fault
🗑
|
||||
| Tort | A civil or private wrong giving rise to legal liability
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
jcmartinez,jm4
Popular Insurance sets