Flashcards: Insurance Key Terms

actual insured and employees insured

Amount of Insurance

owned, rented or controlled by the insured

Actual Insured and employees insured

owned, rented , or controlled by insured

Course of Construction

owned, rented, or leased-or otherwise controlled

occurrences or persons not covered by the policy

paying for losses yourself ( out of pocket)

adds coverage to a policy

1. License insurers that operate in multiple provinces. 2. Monitors & sets strict financial standards to ensure stability.

Covers policy holders even when insurer goes bankrupt Less than or equal to $250,000 per claim, refund premiums less than or equal to 70% less than or equal to $ 700

Approves policy forms "Format"

Is the legislative framework for insurance operations in Alberta. Governs Licensing, governance, reporting requirements of insurance companies in the province. Incorporations and prudential supervision of provincial insurers.

Financial hardship due to accident, sickness or death

Damage or destruction of tangible property: more property = MORE RISK

Actions of individuals or businesses that result in injury or DAMAGE TO OTHERS

Pictures, Info(Client), Checklist, Application, Software, Inspections

Control-reduce frequency/Avoidance-avoid hazardous activity/Retention- pay for the loss yourself/Transfer- Indemnify-shift risk to someone else.

=can only lose(this is the only type of risk that is ISNURABLE

=might win or lose(gambling not insurable)

Three Types: 1. Basic 2. broad 3. comprehensive