Key Terms
A person licensed and authorized or employed to act on behalf of another
What is Agent ?
Part of the premuim not yet earned
What is Unearned Premiums ?
Accountants, Adjusters, Agents , appraisers brokers are all examples of what function of insurance
What is providing employment ?
One who investigates insurance claims, makes recommendations regarding the payment of benefits from insurance policies and negotiates payments and settlements
What is an Adjuster?
What are reserves ?
Exchanging the certainty of a premium for the uncertainty of a loss
What is aiding security ?
One who adjusts losses on behalf of the insurance companies but is not employed by any one insurance company
What is an independent adjuster ?
Portion of the premium that has been earned by the insurance company
What are earned premiums ?
When financing a car or mortgaging a house, the first requirement is to arrange insurance
What is Aid to Credit ?
An agreement or promise between two or more parties intended to be legally enforceable
What is a contract
An interdisciplinary field with telecommunications, vehicular technologies, road safety, electrical engineering and computer science
What is Telematics
Safe driving campaigns encourage safe driving and also reward safe drivers through lower insurance costs
What is Loss prevention activities ?
An insurance claims adjuster representing an insured on a fee basis in a claims settlement
What is a public adjuster ?
A blanket term used to describe insurance for subjects other than life, fire or auto
What is casualty insurance ?
Insurers invest large amounts of money into the Canadian economy in bonds and stocks and certain other securities and in buildings and land.
What is Source of Capital ?