AINS 21 Segment A (ch 1-3) | 92 Questions with 100 % Verified Solutions | Verified& Updated 2024 | Already Passed

AINS 21 Segment A (ch 1-3) | 92 Questions with 100 % Verified Solutions | Verified& Updated 2024 | Already Passed Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss exposure assumed by an insurer Property-casualty insurance - One of the two main sectors of the insurance industry, encompassing numerous types of insurance, most of which cover the financial consequences of damage to one's own property or legal liability to others. Life-health insurance - One of the two main sectors of the insurance industry, encompassing numerous types of insurance that cover the financial consequences of death, injury, or sickness Utmost good faith - An obligation to act in complete honesty and to disclose all relevant facts Contract of adhesion - Any contract in which one party must either accept the agreement as written by the other party or reject it Contract of indemnity - A contract in which the insurer agrees, in the event of a covered loss, to pay an amount directly related to the amount of the loss Self-contained policy - A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy Modular policy - An insurance policy that consists of several different documents, none of which by itself forms a complete policy