Term
Substitution of a small certain loss for a large uncertain loss is:
1. a pure risk
2. insurance
3. law of large numbers
4. an insurable event |
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Definition
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Term
When a right or privilege has been given up, a party cannot reassert that right or privilege. The process of preventing the party from reasserting that right or privilege is known as:
Pro-rata
Indemnity
Waiver
Estoppel |
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Definition
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Term
Which of the following is NOT a known private insurer?
Bond Insurance Companies
Stock Insurance Companies
Reciprocal Insurance Exchanges
Mutual Insurance Companies |
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Definition
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Term
The term loss exposure refers to:
the uncertainty of a loss occurring.
the possibility of a loss.
the increase in the possibility of a loss.
the actual cause of the loss. |
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Definition
| the possibility of a loss. |
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Term
The state of being subject to a loss is considered:
risk
insurance
hazard
exposure |
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Definition
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Term
What are the two types of torts?
Broad & Basic
Legal & Non-Legal
Pure & Speculative
Intentional & Unintentional |
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Definition
| Intentional & Unintentional |
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Term
| Restoring the insured back to the condition he or she was in before the loss occurred is known as: |
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Definition
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Term
| describes when one party intentionally gives the other party false information in order to benefit from the unlawful gain? |
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Definition
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Term
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Definition
| the actual cause of the loss |
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Term
| A hazard is best defined as? |
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Definition
| anything that increases the chance of loss or severity of loss due to a peril. |
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