Close
Insurance
Risk
What are the two types of risk?
Speculative Risk
Pure Risk
Exposure
Peril
Loss
What are the two different types of losses?
Direct Loss
Indirect Loss
Hazard
What are the 3 different types of hazards?
Physical Hazard
Moral Hazard
Morale Hazard
What is the acronym called that is used for handling risks?
Risk Sharing
Risk Transfer
Risk Avoidance
Risk Retention
Risk Reduction
Insurance Contract
The Law of Large Numbers
What is the acronym for pure insurable risk characteristics?
Actuary
Calculable (CANHAM)
Affordable (CANHAM)
Non-Catastrophic (CANHAM)
Homogeneous (CANHAM)
Accidental (CANHAM)
Measurable (CANHAM)
Adverse Selection
Reinsurance
What is the difference between a ceding insurer and a reinsurer?
Facultative Reinsurance
Treaty Reinsurance
Stock Insurer
Dividend
Mutual Insurer
Fraternal Benefit Societies
Open Contracts
Reciprocal Insurers
Lloyd's Associations
Risk Retention Groups
Risk Purchasing Groups
Self-Insurers
Private Vs. Government Insurers
Domestic Insurer
Foreign Insurer
Alien Insurer
Certificate of Authority
Authorized Vs. Unauthorized Insurers
Surplus Line Insurers
Financial Strength Rating
What are the four different types of agents?
Independent insurance agents
Captive (exclusive) agents
General agents (GAs) or managing general agents (MGAs)
Direct-writing companies
Direct Response
Agency
Agent
Principal
What are the three different types of agent/producer authority?
Express authority
Implied authority
Apparent authority
Fiduicary
What is the acronym used to define the elements of a legal contract? How many elements? What are they?
Consideration (CLOAC)
Legal Purpose (CLOAC)
Offer and Acceptance (CLOAC)
Counteroffer
Component Parties (CLOAC)
Adhesion
Aletory
Utmost Good Faith and Reasonable Expectation
Unilateral
Personal Contracts
Conditional
Indemnity
Representations
Misrepresentations
Material Misrepresentations
Warranties
Concealement
Fraud
Waiver
Estoppel
Casualty Insurance
Property insurance
What are the different party losses?
What is the acronym used to describe the seven parts of the property and casualty policy structure?
Declarations
Insuring agreements
Conditions
Endorsements
Exclusions
Additional/supplementary coverage
Insureds
Named insured
First-named insureds
Additional insureds
Policy Period
Policy Territory
What is the beginning date of a policy referred to as?
What is the end date of a policy referred to as?
Cancellation
Unearned premium
