Vocab 1
This is the person or organization covered by an insurance policy.
What is INSURED
This individual sells insurance, either for one or multiple companies.
What is AGENT
This is the insurance company to which risk is transferred.
What is INSURER
This addition or change to a policy requires formal consent from all parties.
What is AMENDMENT
This is the relinquishing of damaged property to the insurer on a partial loss.
What is ABANDONMENT
This mathematical concept states that the more times an event is repeated, the more predictable the outcome.
What is LAW OF LARGE NUMBERS
This is the uncertainty of a loss, a core concept in insurance.
What is RISK
This is proof that someone stands to lose financially, required for an insurance policy.
What is INSURABLE INTEREST
This condition enhances the chance of a loss occurring.
What is HAZARD
This is a statement regarding the extent of a claim, often requested per policy conditions (abbreviated as POL).
What is PROOF OF LOSS
This is the process by which an insurer recovers a loss amount from the responsible party.
What is SUBROGATION
These guarantee that contractual obligations will be fulfilled.
What is SURETY BONDS
This Texas act addresses unfair or misleading business practices (abbreviated as DTPA).
What is DECEPTIVE TRADE PRACTICES ACT
Insurance for direct losses under commercial property .This protects against loss of income due to an insured peril
BUSINESS INTERRUPTION INSURANCE
This assesses a customer’s eligibility for insurance coverage and premiums
What is UNDERWRITING
This state department regulates insurance-related issues in Texas (abbreviated as TDI).
TEXAS DEPARTMENT OF INSURANCE
This identification number is assigned to a licensee by the Texas Department of Insurance.
What is TDI LICENSE NUMBER
This is any request or demand for payment under an insurance contract.
What is CLAIM
This act, passed by a legislative body, forms the basis of insurance regulations.
What is LEGISLATIVE ACT
An insurance adjuster who primarily meets outside an office and often meets personally with the public
What is FIELD ADJUSTER
This standard policy in Texas covers fire-related losses (abbreviated as TSFP).
What is TEXAS STANDARD FIRE POLICY
A type of insurance associated with the risks and perils of transportation.
Inland Marine
Failure to use care that a reasonable or prudent person would have used under the same or similar circumstances
What is Negligence
Legislative Laws or acts
What is Statutes
The insurance company in which the risk is transferred to by the contract.
What is the SECOND PARTY