Insurance Basics
This individual represents the insurance company and handles straightforward claims over the phone.
Who is a telephone adjuster?
Accountants, actuaries, adjusters, brokers, and underwriters.
What is employment in insurance?
This term describes insurance for subjects other than life, fire, or automobile.
What is casualty insurance?
In Canada, insurance is a significant percentage of what?
What is gross domestic product (GDP)?
This independent businessperson can be engaged by the insured to help settle large claims and is not an employee of the insurer
What is a public adjuster?
Fire prevention, safe driving campaigns, antitheft protection, and hail-suppression programs.
What are pre-loss prevention activities?
This type of policy expires with the death of the insured, the insured reaching a specific age, or a lapse of the policy.
What are life policies?
One factor that has worked greatly in the insurance industry's favor is the move toward these types of policies.
What are plain-language policies?
This is the practice of collecting premiums from all members of a group and using the accumulated funds to pay for the losses of a few.
What is pooling funds to pay losses?
Volume, diversity of type of risk, and diversity of location.
What are methods to spread risk?
This type of insurance covers losses resulting from explosion, falling object, impact by aircraft or land vehicle, and other specified perils.
What is extended coverage (EC)?
Consumers often lack understanding of insurance because it is considered this kind of product.
What is an intangible product?
This businessperson is engaged by the insurer to assist in loss settlement when the loss site is remote or complex, or when there are numerous claims.
What is an independent adjuster?
Insurers invest premiums collected in bonds, stocks, certain other securities, buildings, and land.
What is the source of capital?
This type of insurance provides financial protection and access to legal resources when an insured is faced with a legal dispute.
What is legal expense insurance?
The Canadian insurance market is considered traditional due to the density and penetration into all areas of society. This can be attributed to which factor?
What is market maturity?
This individual acts as an intermediary to assist in bringing the insured and the insurer together in a contractual relationship.
Who is an insurance agent or broker?
Aiding security, aiding credit, promoting loss prevention, providing capital, and providing employment.
What are the secondary functions of insurance?
This type of bond is usually required for contractors by owners of construction projects or by law.
What are surety bonds?
P&C insurers hold billions of dollars in these types of financial instruments to help finance governments and business.
What are bonds, equities, and real estate?