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8 Cards in this Set
- Front
- Back
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Risk analysis consist of 2 parts? |
1. analysis of the subject - the person, people, or company/entity applying for ins. 2. analysis of object - the prop, liability, crime, broiler and machinery, auto & more |
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Defne Additional Insured |
a person other than the named insured who is protected by the terms of the policy. May be named or unnamed. |
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Under a home policy insured will often be defined as the person(s) named on the dec pages and if living in the home. Those individuals include the following? |
- named insured and or spouse - relatives of either the insured or spouse - anyone under age of 21 under the care of the insured |
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List the reasons why a backdated policy raises several concerns? |
- concern that a loss may have occurred on a backdated policy - concern of moral hazard - usually done for admin purposes - signed declaration should be required confirming no known losses |
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________ __________ requires signed applications for the collection of personal data. |
Privacy legislation |
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In the analysis of a personal lines application the employment status can be a potential risk assessment tool for moral hazard in what way? |
- if the applicant is unemployed - if the applicant is self employed and the stability of that venture - if the applicant's stated occupation is vague - length of employment in business shows stability |
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In seeking out and analyzing a comprehensive loss history, the uw must always remember two points: |
1. Losses are not the same as claims 2. The amount of loss is less important than the circumstance surrounding the loss |
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Past loss history is a critical tool for assessing the exposure to future losses for the given risk that may reveal information through 2 ways? |
1. subject of the insurance - the applicant 2. object of the insurance - the risk |
