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