Insurance Key Terms Test and Flashcards

Insured

actual insured and employees insured

AoI

Amount of Insurance

On Premises

Controlled

owned, rented or controlled by the insured

CoC

owned

Vehicles

Agent

Binder

Bodily Injury

Broker

Burglary

Insured

Actual Insured and employees insured

AoI

On premises

Controlled

owned, rented , or controlled by insured

CoC

Course of Construction

Owned

owned, rented, or leased-or otherwise controlled

Vehicles

Commission

Condition

Consideration

Contract

Damages

Deductible

Disability

Dweling

Endorsements

Ethics

Exclusions

occurrences or persons not covered by the policy

Fiduciary

Floater

Forthwith

Fraud

Friendly Fire

Ground Water

Hazard

Head of Household

Hold Harmless

Hostile Fire

Indemnity

Insurable Interest

Insurance

Loading

Material Change

Material Fact

Minimum Retained Premium

Negligence

Partial Loss

Payee

Warranty

Peril

Premises

Premium

Private Protection

Property Damage

Public Protection

Pure Risk

Retention

paying for losses yourself ( out of pocket)

Rider

adds coverage to a policy

Risk

Subrogation

Tort

Tortfeasor

Waive

Waiver of coinsurance

Federal: Office of the Superintendent of Financial Institutions

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

Property & Casualty Insurance Compensation Corporation

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

Superintendent of Insurance

Approves policy forms "Format"

Insurance Act

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.

Personal Risk

Financial hardship due to accident, sickness or death

Property Risk

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

Liability Risk

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

PICASI (Acronym) used for risk analysis

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

CART (Acronym) for dealing with risk

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

Pure Risk

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

Speculative Risk

=might win or lose(gambling not insurable)

Personal Property Insurance=Homeowners

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

Flashcards: Insurance Key Terms