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SC PROPERTY, CASUALTY, SURETY, AND MARINE COURSE
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SC PROPERTY, CASUALTY, SURETY, AND MARINE COURSE
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SC PROPERTY, CASUALTY, SURETY, AND MARINECOURSE
insurance - Answers- a contractual relationship that exists when one party (the insurer)
for a consideration (the premium) agrees to reimburse another party (the insured) for
loss to a specified subject (the risk) caused by designated contingencies (hazards or
perils)
risk transfer - Answers- an individual or business transfers the risk of loss to another
party
indemnity - Answers- restoration to the victim of a loss up to the amount of the loss
risk - Answers- uncertainty arising from the possible occurrence of given events; the
chance of loss
risk - Answers- the insured or the property to which an insurance policy relates
insurer - Answers- the insurance company that undertakes to indemnify for losses and
perform other insurance-related operations
insured - Answers- the person(s) protected under an insurance contract
exposure - Answers- the state of being subject to loss because of some hazard or
contingency. Also used as a measure of the rating units or the premium base of a risk
exposure unit - Answers- each item or activity that is exposed to loss
hazard - Answers- conditions that increase the probability of loss
severity - Answers- the amount of damage that is (or that may be) inflicted by a loss or
catastrophe. Sometimes quantified as a severity rate, which is a ratio relating the
amount of loss to values exposed to loss during a specified period.
disability - Answers- a condition that incapacitates a person in some way so that he or
she cannot carry on normal pursuits
moral hazards - Answers- the tendencies or traits of an individual that increase the
chance of loss
morale hazards - Answers- individual tendencies that arise from a state of mind,
attitude, or indifference to loss
physical hazards - Answers- characteristics that increase the chance of loss. They exist
due to the presence of some physical condition in or surrounding the property
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