USAA Licensing Exam
Insurance Transfer of risk from one person or organization to an insurance company Indemnity The principle to restore the insured to the pre-loss economic or financial condition. Brainpower Read More Law of Large numbers Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder Temporary insurance contract; commits the company to act as if a policy has been issued Peril Cause of loss Direct Loss Immediate actual physical damage to tangible property Indirect loss Inability to use property as a result of a direct loss Risk Chance of loss; uncertainty of loss What are the two types of risk? Speculative and Pure Speculative Risk Involves the simultaneous chance of gain or loss: is not insurable Pur
Información del documento
- Subido en
- 16 de diciembre de 2023
- Número de páginas
- 25
- Escrito en
- 2023/2024
- Tipo
- Otro
- Personaje
- Desconocido
