RISK DETECTIVES
This refers to the uncertainty about an outcome that may result in a loss or no loss.
Risk?
This is financial protection against possible future losses or damages, provided according to the terms of an insurance contract.
Insurance
This principle requires the insured to disclose relevant information to the insurer.
Utmost Good Faith
This is the insurance company that provides insurance coverage
Insurer / Carrier
An intermediary, who acts on behalf of a person who is applying for insurance. They earn a commission from the insurer; however, they have a responsibility to obtain the best cover for the best price possible.
Broker
This type of risk can be measured in financial terms, such as accidental damage to a car or theft of property.
Financial Risk
This class of insurance generally covers non-life risks such as property, vehicles, and travel.
General Insurance
This principle means you must have a legitimate financial interest in the person or property being insured.
Insurable Interest
This professional evaluates risks and determines whether the insurer should accept the risk and under what terms.
Underwriter
A policy which has been allowed to expire because of non payment of premiums
Lapsed Policy
This type of risk has only two possible outcomes: loss or no loss, with no possibility of gain.
Pure Risk
This type of insurance provides a benefit related to the death of an insured person, depending on the policy.
Life Insurance
This principle means that insurance compensation is intended to cover a covered loss rather than allow the insured to profit from the loss.
Indemnity
These professionals use data, statistics, and mathematical analysis to help insurers understand risk and pricing.
Actuaries
A special condition that applies to a policy. At times, it could also refer to an additional coverage added to a standard policy
Endorsement
This type of risk can result in a gain, a loss, or no change. Investing in stocks is an example.
Speculative Risk
This type of insurance is designed to help cover medical care and healthcare-related expenses, depending on the policy.
Health Insurance
Two insurance companies provide coverage for the same risk. When a covered loss occurs, the insurers share the loss according to their respective interests. Which principle applies?
Contribution
This group is responsible for handling claims, investigating losses, and determining appropriate settlement based on the policy.
Claims Personnel
The person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate
Underwriter
A risk that is localized or personal in its cause and effect, such as a house being burglarized, is known as this.
Particular Risk
This insurance concept involves grouping similar risks together so that the financial burden of losses can be spread among many participants.
Pooling / Risk Pooling
An insurer pays an insured's covered claim. Another person was responsible for causing the damage. The insurer then seeks recovery from that responsible party. Which principle applies?
Subrogation
This professional may work on behalf of the insured to help prepare and negotiate an insurance claim.
Loss Assessor
The price of insurance cover for a specified risk for a specified period of time
Premium