2021-01-14T14:16:51+03:00[Europe/Moscow] en true Insured, AoI, On Premises, Controlled, CoC, owned, Vehicles, Agent, Binder, Bodily Injury, Broker, Burglary, Insured, AoI, On premises, Controlled, CoC, Owned, Vehicles, Commission, Condition, Consideration, Contract, Damages, Deductible, Disability, Dweling, Endorsements, Ethics, Exclusions, 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, Rider, Risk, Subrogation, Tort, Tortfeasor, Waive, Waiver of coinsurance, Federal: Office of the Superintendent of Financial Institutions, Property & Casualty Insurance Compensation Corporation, Superintendent of Insurance, Insurance Act, Personal Risk, Property Risk, Liability Risk, PICASI (Acronym) used for risk analysis, CART (Acronym) for dealing with risk, Pure Risk, Speculative Risk, Personal Property Insurance=Homeowners flashcards
Insurance Key Terms

Insurance Key Terms

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  • 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