Insurance Fundamentals Definitions, Types and Principles Study Guide Comprehensive Questions Answers Detailed Explanations 2025/ 2026

Insurance Fundamentals Definitions Types and Principles.pdf Insurance Fundamentals Definitions Types and Principles.pdf Insurance Fundamentals Definitions Types and Principles.pdf




Insurance Fundamentals
Definitions Types and
Principles




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Insurance Fundamentals Definitions Types and Principles.pdf Insurance Fundamentals Definitions Types and Principles.pdf Insurance Fundamentals Definitions Types and Principles.pdf

, Insurance Fundamentals_ Definitions, Types, and Principles.pdf Insurance Fundamentals_ Definitions, Types, and Principles.pdf Insurance Fundamentals_ Definitions, Types, and Principles.pdf


Terms in this set (38)



Insured (definition) Actual insured(s) and employees of the insured


AoI Amount of Insurance


On Premises On the premises stated on the declarations page of the policy


Controlled (definition) Owned, rented, or controlled by the insured


CoC Course of construction


Owned (definition) Owned, rented, or leased (or otherwise controlled)


Vehicles (definition) Includes watercraft and other motorized vehicles (not only cars)


Insurance (definition) An undertaking by one party to indemnify another if a specific peril damages an
object of insurance


Function of insurance: Spread risk Spreads risk from a few to many (premiums are used to pay losses)

Insurance Fundamentals_ Definitions, Types, and Principles.pdf Insurance Fundamentals_ Definitions, Types, and Principles.pdf Insurance Fundamentals_ Definitions, Types, and Principles.pdf