Insurance Basics
Insurance benefits this group.
Who is Society as a Whole?
An individual hits a deer in their own vehicle.
Private insurers whose objective is to earn a profit.
What are Stock Insurers?
What is Artificial Intelligence?
Involves uncertainty about outcomes that can be either positive or negative.
What is Risk?
Three concepts pertinent to understanding insurance.
What are Risk, Transferring, and Pooling?
A store employee robs the store one night while closing.
What is Commercial Crime?
Allows a primary insurer to transfer some loss exposures to another insurer.
What is Reinsurance?
This helps a machine recognize an object and respond to it as a human would, like in a driverless auto.
What is Computer Vision?
This type of risk has a chance of loss, no loss, or gain.
What is Speculative Risk?
Putting the financial consequences of unanticipated events to an insurer.
What is Transferring?
Term that refers to property and liability insurances.
What is Property-Casualty Insurance?
These private insurers pays dividends to policyholders.
What are Mutual Insurers?
4 kinds of risk that risk management has evolved to tackle.
What are Hazard, Operational, Financial, and Strategic?
Restoring a party who has sustained a loss to the same financial position the party held before the loss occurred.
What is Indemnify?
This type of risk is managed by insurance.
What is Pure Risk?
An office building is destroyed by fire.
Private insurers who provides coverages that are unavailable in the standard market.
What are Surplus Lines Insurers?
Technologies that allow companies to prevent risk, rather than mitigate it.
What are Risk Management Technologies?
The price of insurance coverage for a specific period.
What is a Premium?
Complying with legal requirements and managing cash flow uncertainty are _____ of insurance.
What are Benefits?
Additional protection for people with a high potential for large liability losses with policy limits usually in the millions.
What is Personal Umbrella?
A type of insurance that exists to fill unmet insurance needs.
What is Government Insurance?
Some types of these may automatically trigger responses to an issue to help reduce losses.
What are (Smart) Sensors?
One of the two main sectors of insurance -- encompasses numerous types of insurance that cover death, injury, or sickness.
What is Life-Health Insurance?