Types of Insurance
Insurance protection for a car.
What is auto/car insurance?
A situation involving exposure to danger.
What is risk?
Incident occurs outside on one's control. (cleaning gun & it gets fired at the tv)
What is accidental loss?
Reviewing someone's record to determine premiums and future claims.
What is Historical Losses?
What you pay the insurance company in exchange for insurance.
What is a premium?
Insurance protection to cover doctor expenses.
What is health insurance?
Serious or immediate danger.
What is a peril?
A single disaster causes losses to hundreds or thousands of policy holders.
What is Limited Risk of Catastrophic loss?
What is an Actuary?
What you pay first before insurance kicks in.
What is a deductible?
Insurance protection a person uses to cover damages to their house.
What is home insurance?
Extra people/family added onto your policy.
What is a rider/endorsement?
Size of the lost must be meaningful from the perspective of the insured.
What is Large Material Loss?
Someone who determines how expensive it will be if disaster strikes.
What is an Underwriter?
Modifications to your policy stating things no covered.
What is an exclusion?
Insurance that covers a person if they become sick or injured.
Type of contract that allows you to cancel at any time.
What is a unilateral contract?
Likelihood of an insured event is so high, or the cost of the event is so large, that the resulting premium is large relative to the amount of protection offered.
What is Affordable Premium?
Total amount of money an insurance company pays out to the policyholders and sets aside for future claims.
What is Incurred Losses?
The types of coverage and the amount of coverage listed at the top part of the policy.
What is a declaration?