all relevant
insurance intro
Insurance Industry Overview
And then some
The Business of Insurance
100
developed a system that was recorded in the famous Code of Hammurabi: if a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen.
What is Babylonians
100
A person licensed to sell insurance.
What is insurance agent
100
A broad superset of insurance that covers legal costs and claims against the insured for bodily or property damage, or for other wrongs covered by the insurance. policies typically cover only the negligence of the insured and will not apply to results of willful or intentional acts by the insured.
What is liability insurance
100
The practice of appraising and controlling risk.
What is riskmanagment
100
The discipline that uses math and statistics to assess risk in the insurance and finance industries. It includes a number of interrelated subjects, including probability and statistics, finance, mathematics, and economics.
What is actuarial science
200
introduced the origins of health and life insurance around the year 600 CE, when they organized guilds called “benevolent societies,” which cared for the families and paid funeral expenses of members upon their death.
What is Greeks and Romans
200
A company that sells insurance and is responsible for paying when a covered claim occurs.
What is insurer or insurance company
200
In insurance, an occurrence or event, either caused by a person or nature, that triggers a financial loss.
What is peril
200
In the first half of 2016, Texas insurance companies recorded how much in loss
What is $5.5 billion
200
In the field of insurance, the individual who evaluates the likelihood of events and quantifies the contingent outcomes in order to minimize losses, emotional and financial, associated with uncertain undesirable events.
What is actuary
300
The first insurance company in the United States sold fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732 and started by
What is Benjamin Franklin
300
A form of risk management primarily used to protect against the risk of a loss. It involves the transfer of risk from one entity to another, in exchange for a premium, and can be thought of as paying smaller planned payments to prevent larger, financially catastrophic losses.
What is insurance
300
A policy whereby the insurance company pays the claim, and the insured has no out-of-pocket costs. Most modern liability insurance
What is pay-on-behalf
300
What other companies sale insurance besides insurance companies
What is banks
300
A risk that has met certain criteria, making it likely to be insurable through a standard insurance policy. Most insurable risks would result in meaningful, clearly calculable losses, and are shared by a large class of individuals or organizations.
What is insurable risk
400
Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 destroyed 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England’s first fire insurance company
What is The Fire Office
400
In the field of insurance, a situation or occurrence that, if it happens, would lead to negative consequences (especially negative financial consequences).
What is risk
400
The fee paid by the insured to the insurer for assuming the risk. Insurance premiums from many insured customers are used to fund accounts reserved for later payment of claims.
What is premium
400
Actuaries put their data into tables. These tables usually organize the data using different criteria such as age, gender, location, and many others.
What is Actuary Tables
400
The amount of a financial loss impact an insured has sustained that an insurance company has written a policy to protect.
What is loss
500
. Franklin’s company was the first to make contributions toward
What is fire prevention
500
A business licensed to sell insurance products for one or more insurers or insurance companies. An agency may employ many people or be a single licensed salesperson.
What is insurance agency
500
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.
What is indemnity
500
A promise to pay a sum of money in the event that another person fails to fulfill an obligation. Most often seen when loans are cosigned by another party as a way to protect the lending institution.
What is surety
500
In insurance, the person who evaluates the risk and exposures of potential clients. They decide how much coverage the client should receive, how to price the risk based on rate factors, or whether even to accept the risk and insure them.
What is underwriter
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