Exam (elaborations)
Insurance Adjuster license Exam
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Insurance Adjuster license Exam
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Insurance Adjuster license ExamInsurance - -Transfer of risk from a person or business to an insurer
-Risk - -Uncertainty/possibility of a loss
-Speculative Risk - -chance of loss OR gain; not insurable
-Pure Risk - -Chance of loss ONLY; insurable
-Exposure - -Possibility that a loss will occur
-Peril - -A cause of a loss
-Indirect loss - -consequence of a direct loss
-Hazard - -Increases the chance of a loss
-Contract (policy) - -An agreement between the Insured and the insurer
-Law of Large Numbers - -The larger the group, the more accurately future
losses can be predicted
-Adverse selection - -Risks that have a greater-than-average chance of loss
-Reinsurance - -The transfer of insurance risk from one Insurer to another
insurer
-Stock Insurer - -An insurer that is owned by its stockholders and formed as
a corporation for the purpose of earning a profit for the stockholders.
-Mutual Insurer - -An insurer that is owned by its policyholders and formed
as a corporation for the purpose of providing insurance to them.
-Fraternal Insurer - -a mutual insurer that provides insurance to members of
a social or religious organization
-Reciprocal Insurer - -an unincorporated organization in which all members
insure one another
-Lloyd's Association - -insurance provided by individual underwriters not
companies
-Risk Retention Group - -Liability insurance company created for
policyholders within the same industry
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