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Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments - Correct Answer-Two related insurance company functions. Through the process of , applications are assessed for insurability and to assign premium rates. The department analyzes data to help estimate future losses and to produce rate tables. Managerial System vs. General Agency System - Correct Answer-Two variations of the career agency system in which producers represent a single company. One is headed by a company employee called a general manager (GM), the other by an independent contractor called a general agent (GA). Fraternal Insurance Company - Correct Answer-A non-profit form of insurance provider sponsored by an organization of people who share a common ethnic, religious, or vocational affiliation. Peril and Hazard - Correct Answer-Two related general insurance terms: Peril is the immediate cause of a loss (and the event that is insured against). Hazard is any condition that increases the risk of incurring a loss. Contract of adhesion - Correct Answer-A type of contract in which one party (the offeror) drafts the terms that must be accepted as-is by the offeree. Insurance policies are this type. Mutual Insurance Company - Correct Answer-A form of insurance company that is owned by policyowners. May distribute policy dividends (non-taxable) through participating policies. Independent Agency System - Correct Answer-An insurance distribution system in which the manager and producers are fully independent and not affiliated with any single insurer. Buyer's Guide and Policy Summary - Correct Answer-Two related disclosure documents that are required by most states to be presented to life and health insurance applicants at some point during the buying process. Risk - Correct Answer-A basic insurance term referring to the possibility of incurring a loss. Domestic, Foreign, and Alien Insurers - Correct Answer-Insurers can be categorized by their state of domicile. There are three categories, known as , , and . Law of Large Numbers - Correct Answer-A mathematical principle that is the basis for predicting the odds of a loss occurring in a certain population in any given year. Social Security (OASDI) - Correct Answer-A federal insurance program that provides disability, death, and retirement benefits to covered workers and their qualifying beneficiaries. Agents vs. Brokers - Correct Answer-Two basic types of insurance producer: an represents a single insurer and a sells policies from multiple insurers.