Chapter 1
The cost of repairing damaged vehicle due to car crash is which type of loss
Direct Loss
This hazard is attributed to the human factor of a risk
What is a Moral Hazard
What are the 5 main steps in the risk management process
Identify exposures
Formulate options
Select best techniques
Implement Risk management Plan
Monitor for results and exposures
To provide compensation for a loss or expenses incurred by an insured
Indemnity
A licensed individual whop acts on behalf of multiple insurance companies to place business
Broker
Loss or rents due to a flooded basement are which type of loss
Indirect loss
This is the defining case for for Proximate cause vs remote cause
Scot vs Sherppars (Squib)
4 methods of exposure indeification
Surveys
Flow Charts
Financial Statement
Inspections
What are the components of the insurance model
Fund Income - Insurance Fund - Fund Outgo
One who investigates claims
Adjuster
Persson Lines - Commercial Lines - Special risks are which type of insurance
General Insurance
A cause that in a natural continuous sequence of events, without any new case produces an event of which the event would not have happened
Proximate cause
What are 2 options for dealing with Exposures
Avoidance and Risk Transfer
Fund income is
Premiums form insureds
One who investigates claims but not employed by anyone company
Independent adjuster
Specific Policies covering Life, Health Sickness and accident insurance are which type of insurance
Life Insurance
A cause that is not proximate and is separate from the proximate cause in a chain of events leading to a loss
Remote cause
A hold harmless agreement is an example of
Risk transfer
Insurance fund is...
Reserves held by the insurer
Primary function of insurance
Spread Risk
Slippery floors, Loose Tiles are examples of which Hazard
Physical Hazard
Scott VS is Sheppard is also referred to as the ..
Squib case - Proximate cause vs remote cause
Self insurance is also called
Retention
A person that is authorized to act on behalf of another
Agent
Secondary functions of insurance
Aid Security
Aid credit
Promote loss prevention
Provide capital
Provide employment