Kentucky Property and Casualty Insurance
Licensing ACTUAL EXAM (Latest
Update) Real Questions and Verified Answers |
100% Correct | Already Graded A+.
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Chance or uncertainty of loss
Choose matching term
1 Law of Large Numbers 2 Risk
3 Part A Auto Liability Limits 4 Mono-Line Company
Don't know?
Terms in this set (193)
,Risk Chance or uncertainty of loss
Managing Risk STARR: Share, Transfer, Avoid, Reduce, Retain
Transfer risk and responsibility in exchange for
Purpose of Insurance
payment of a premium
The more examples used to develop any statistic, the
Law of Large Numbers
more reliable that statistic will be.
Insurable interest, definite risk of loss, accidental risk,
calculable loss, affordable cost to the insured,
Elements of Insurability predictable losses due to large number of persons
with similar potential loss available, loss must be
spread
Declarations, Insuring Agreements, Conditions,
Parts of a Policy
Exclusions, Definitions
Contain name, address, amount of coverage
Declarations
provided, property description, cost of policy
Contains losses for which the insured will be
Insuring Agreements indemnified, type of property covered, perils against
which the property is insured
"Ground rules" for the policy, responsibilities and
Conditions obligations of both the insurance company and the
insured
Describes the losses for which the insured is not
Exclusions
covered.
Definitions Clarifies the meanings of terms in the policy.
Policy Jacket/Skeleton Contains general conditions and the Declarations
Policy
Members insure each other and share the losses with
Reciprocal Company
each other, managed by an attorney-in-fact
Made up of syndicates who voluntarily agree to share
Lloyds Association
in insurance contracts
, Protects against product liability exposures (ex.
Risk Retention Groups
multimillion dollar lawsuits)
Part or all of the risk of loss is borne without the
Self-Insurance benefit of insurance coverage to fall back on if a loss
occurs
Government provides insurance that is not readily
available from private insurers. Federal: Flood, War
Residual Market Insurance
Risk, Nuclear Energy Liability, Federal Crop
State: Workers compensation, unemployment
Mono-Line Company Writes only one kind of insurance
An insurance company that writes more than one line
Multi-Line Company
of insurance
Covers risks that we will suffer financial loss over
Property Insurance because something we own is damaged or destroyed,
first-party coverage
Covers risk that we will suffer financial loss as a result
Casualty Insurance
of our actions towards others
property-casualty coverages that protect an
Personal Lines
individual or family
Commercial Lines Coverages designed for businesses
The agent signs each new policy prepared by the
Countersigning
company before delivering it to the insured
using preestablished criteria to seek out the type of
Field Underwriting business that is likely to be acceptable to the
company
Shows the prospect what the premium for the
Quotation
proposed coverage will be
Alerts the agent prior to the time of the policy
Suspense/Diary System
renewal
Name change, change in the method of premium
Service Needs
payment, maintenance of accurate records
Licensing ACTUAL EXAM (Latest
Update) Real Questions and Verified Answers |
100% Correct | Already Graded A+.
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Chance or uncertainty of loss
Choose matching term
1 Law of Large Numbers 2 Risk
3 Part A Auto Liability Limits 4 Mono-Line Company
Don't know?
Terms in this set (193)
,Risk Chance or uncertainty of loss
Managing Risk STARR: Share, Transfer, Avoid, Reduce, Retain
Transfer risk and responsibility in exchange for
Purpose of Insurance
payment of a premium
The more examples used to develop any statistic, the
Law of Large Numbers
more reliable that statistic will be.
Insurable interest, definite risk of loss, accidental risk,
calculable loss, affordable cost to the insured,
Elements of Insurability predictable losses due to large number of persons
with similar potential loss available, loss must be
spread
Declarations, Insuring Agreements, Conditions,
Parts of a Policy
Exclusions, Definitions
Contain name, address, amount of coverage
Declarations
provided, property description, cost of policy
Contains losses for which the insured will be
Insuring Agreements indemnified, type of property covered, perils against
which the property is insured
"Ground rules" for the policy, responsibilities and
Conditions obligations of both the insurance company and the
insured
Describes the losses for which the insured is not
Exclusions
covered.
Definitions Clarifies the meanings of terms in the policy.
Policy Jacket/Skeleton Contains general conditions and the Declarations
Policy
Members insure each other and share the losses with
Reciprocal Company
each other, managed by an attorney-in-fact
Made up of syndicates who voluntarily agree to share
Lloyds Association
in insurance contracts
, Protects against product liability exposures (ex.
Risk Retention Groups
multimillion dollar lawsuits)
Part or all of the risk of loss is borne without the
Self-Insurance benefit of insurance coverage to fall back on if a loss
occurs
Government provides insurance that is not readily
available from private insurers. Federal: Flood, War
Residual Market Insurance
Risk, Nuclear Energy Liability, Federal Crop
State: Workers compensation, unemployment
Mono-Line Company Writes only one kind of insurance
An insurance company that writes more than one line
Multi-Line Company
of insurance
Covers risks that we will suffer financial loss over
Property Insurance because something we own is damaged or destroyed,
first-party coverage
Covers risk that we will suffer financial loss as a result
Casualty Insurance
of our actions towards others
property-casualty coverages that protect an
Personal Lines
individual or family
Commercial Lines Coverages designed for businesses
The agent signs each new policy prepared by the
Countersigning
company before delivering it to the insured
using preestablished criteria to seek out the type of
Field Underwriting business that is likely to be acceptable to the
company
Shows the prospect what the premium for the
Quotation
proposed coverage will be
Alerts the agent prior to the time of the policy
Suspense/Diary System
renewal
Name change, change in the method of premium
Service Needs
payment, maintenance of accurate records
