Other
AINS 21 SEGMENT A (CH 1-3) STUDY GUIDE
- Course
- Institution
AINS 21 SEGMENT A (CH 1-3) STUDY GUIDE
[Show more]
Content preview
AINS 21 SEGMENT A (CH 1-3) STUDY GUIDELoss exposure - Answers-Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs
Risk management - Answers-The process of making and implementing decisions that
will minimize the adverse effects of accidental losses on an organization
Loss prevention - Answers-A risk control technique that reduces the frequency of a
particular loss
Loss reduction - Answers-A risk control technique that reduces the severity of a
particular loss
Exposure unit - Answers-A fundamental measure of the loss exposure assumed by an
insurer
Property-casualty insurance - Answers-One of the two main sectors of the insurance
industry, encompassing numerous types of insurance, most of which cover the financial
consequences of damage to one's own property or legal liability to others.
Life-health insurance - Answers-One of the two main sectors of the insurance industry,
encompassing numerous types of insurance that cover the financial consequences of
death, injury, or sickness
Utmost good faith - Answers-An obligation to act in complete honesty and to disclose all
relevant facts
Contract of adhesion - Answers-Any contract in which one party must either accept the
agreement as written by the other party or reject it
Contract of indemnity - Answers-A contract in which the insurer agrees, in the event of a
covered loss, to pay an amount directly related to the amount of the loss
Self-contained policy - Answers-A single document that contains all the agreements
between the insured and the insurer and that forms a complete insurance policy
Modular policy - Answers-An insurance policy that consists of several different
documents, none of which by itself forms a complete policy
Property insurance - Answers-Any type of insurance that indemnifies an insured who
suffers a financial loss because property has been lost, stolen, damaged, or destroyed
Liability insurance - Answers-Insurance that covers losses resulting from the insured's
liability to others
, Homeowners policy - Answers-Policy that covers most of the property and liability loss
exposures that arise out of residential property ownership and occupancy, as well as
property and liability loss exposures that individuals and families may have while they
are away from their residences.
Personal liability coverage - Answers-Coverage for damages, plus costs of any defense,
related to a claim or suit brought against the insured that resulted from bodily injury or
property damage caused by an occurrence covered under the policy
Personal auto policy (PAP) - Answers-An insurance policy that covers an individual or a
family against loss exposures arising out of the ownership, maintenance, or use of
automobile
Comprehensive coverage - Answers-Coverage for direct and accidental loss or damage
to a covered auto by any peril except collision or overturn or a peril specifically excluded
Personal watercraft policy - Answers-An insurance policy that covers an individual's or a
family's loss exposures arising out of the ownership, maintenance, or use of watercraft
used principally for recreational or personal transportation purposes
Umbrella liability policy - Answers-A liability policy that provides excess coverage above
underlying policies and may also provide coverage not available in the underlying
policies, subject to a self insured retention
Liability coverage - Answers-Coverage that protects the insured from damages owed
because of legal liability to another party. For auto policies, it protects insureds against
liability arising out of the ownership or operation of automobiles
Term life insurance - Answers-Life insurance that provides coverage for a specified
period, such as ten or twenty years, with no cash value
Permanent life insurance - Answers-Coverage until death
Long-term care insurance - Answers-Insurance that pays for extended medical care or
custodial care received in a nursing homes, hospital, or home
Annuity - Answers-A type of life insurance policy or contract that makes periodic
payments to the recipient for a fixed period or for life in exchange for a specified
premium
Commercial package policy (CPP) - Answers-Policy that covers two or more lines of
business by combining ISO's commercial lines coverage parts
Businessowners policy (BOP) - Answers-A package policy that combines most of the
property and liability coverages needed by small and medium-sized businesses
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now