Term
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Definition
The chance of financial loss. |
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Term
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Definition
The amount of risk the insured is willing to absorb. |
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Term
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Definition
Temporary insurance, not longer than 60 days |
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Term
When an insurance company gives the authority, to a licensed agent to transact business on their behlf is called what? |
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Definition
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Term
What is the law of large numbers? |
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Definition
When insurance companies conduct studies based on location, age, etc. It gives a predictable and accurate estimate. |
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Term
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Definition
| When insurance company pays the insured for a covered loss, any rights of recovery from an at-fualt party are transffered to the insurer. |
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Term
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Definition
- Moral: intentional loss
- Morale: Accidental proness
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Term
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Definition
- insurance policy application
- insurer questionaires
- inspections
- in house indexes
- the producer visits
- public records
- credit reports
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