Ins 22

Front 1

Loss Exposure

Back 1

Any condition is situation that presents a possibility of loss, weather or not a loss occurs

Front 2

Cause of loss ( peril )

Back 2

The actual means by which property is damaged or destroyed

Front 3

Property loss exposer

Back 3

A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage to property in which that person or organization has a financial interest

Front 4

Real property

Back 4

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 5

Personal property

Back 5

All tangible and intangible property that is not real property

Front 6

Real property

Back 6

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 7

Personal property

Back 7

All tangible and intangible property that is not real property

Front 8

Liability loss exposure

Back 8

Any condition or situation that presents the possibility is a claim alleging legal responsibility of a person or business for injury or damage suffered by another party

Front 9

Real property

Back 9

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 10

Personal property

Back 10

All tangible and intangible property that is not real property

Front 11

Liability loss exposure

Back 11

Any condition or situation that presents the possibility is a claim alleging legal responsibility of a person or business for injury or damage suffered by another party

Front 12

Damage

Back 12

Money claimed by, or a monetary award to, a party who suffers bodily injury or property damage for which another party is legally responsible

Front 13

Real property

Back 13

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 14

Personal property

Back 14

All tangible and intangible property that is not real property

Front 15

Liability loss exposure

Back 15

Any condition or situation that presents the possibility is a claim alleging legal responsibility of a person or business for injury or damage suffered by another party

Front 16

Damage

Back 16

Money claimed by, or a monetary award to, a party who suffers bodily injury or property damage for which another party is legally responsible

Front 17

General damages

Back 17

A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses

Front 18

Real property

Back 18

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 19

Personal property

Back 19

All tangible and intangible property that is not real property

Front 20

Liability loss exposure

Back 20

Any condition or situation that presents the possibility is a claim alleging legal responsibility of a person or business for injury or damage suffered by another party

Front 21

Damage

Back 21

Money claimed by, or a monetary award to, a party who suffers bodily injury or property damage for which another party is legally responsible

Front 22

General damages

Back 22

A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses

Front 23

Special Damages

Back 23

A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages.

Front 24

Real property

Back 24

Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land

Front 25

Personal property

Back 25

All tangible and intangible property that is not real property

Front 26

Liability loss exposure

Back 26

Any condition or situation that presents the possibility is a claim alleging legal responsibility of a person or business for injury or damage suffered by another party

Front 27

Damage

Back 27

Money claimed by, or a monetary award to, a party who suffers bodily injury or property damage for which another party is legally responsible

Front 28

General damages

Back 28

A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses

Front 29

Special Damages

Back 29

A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages.

Front 30

Punitive damages

Back 30

A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act to deter similar conduct, the award need not bear any relation to a party's actual damages.

Front 31

Civil law

Back 31

A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others

Front 32

Tort

Back 32

A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally protected right

Front 33

Negligence

Back 33

The failure to exercise the degree of care that reasonable person in a similar situation would exercise to avoid harming others

Front 34

Personal financial planning loss exposures

Back 34

Life, health, and retirement related loss exposers

Front 35

Temporary partial disability

Back 35

A disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is eventually able to return to full duties and hours

Front 36

Negligence

Back 36

The failure to exercise the degree of care that reasonable person in a similar situation would exercise to avoid harming others

Front 37

Personal financial planning loss exposures

Back 37

Life, health, and retirement related loss exposers

Front 38

Temporary partial disability

Back 38

A disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is eventually able to return to full duties and hours

Front 39

Temporary total disability

Back 39

A disability caused by a work- related injury or disease that temporarily renders an injured worker unable to perform any job duties for a period of time

Front 40

Permanent partial disability

Back 40

A disability caused by a work-related injury or disease that impairs the injured employee's earning capacity for life, but the employee is able to work at reduced efficiency

Front 41

Permanent partial disability

Back 41

A disability caused by a work-related injury or disease that impairs the injured employee's earning capacity for life, but the employee is able to work at reduced efficiency

Front 42

Permanent total disability

Back 42

A disability caused by a work-related injury or disease that renders an injured employee unable to ever return to gainful employment

Front 43

Risk management process

Back 43

The method of making, implementing, and monitoring decisions that minimize the adverse effects of risk on an organization

Front 44

Risk Control

Back 44

A conscious act or decision not to act that reduces the frequency and/or severity of losses or makes losses more predictable

Front 45

Risk financing

Back 45

A conscious act or decision not to act that generates the funds to pay for losses and risk control measures or to offset variability in cash flows

Front 46

Avoidance

Back 46

A risk control technique that involves ceasing or never understanding an activity so that the possibility of a future loss occurring from that activity is eleminated

Front 47

Avoidance

Back 47

A risk control technique that involves ceasing or never understanding an activity so that the possibility of a future loss occurring from that activity is eleminated

Front 48

Loss prevention

Back 48

A risk control technique that reduces the frequency of a particular loss

Front 49

Loss reduction

Back 49

A risk control technique that reduces the severity of a particular loss

Front 50

Separation

Back 50

A risk control technique that isolates loss exposers from one another to minimize the adverse effective effect of a single loss

Front 51

Separation

Back 51

A risk control technique that isolates loss exposers from one another to minimize the adverse effective effect of a single loss

Front 52

Duplication

Back 52

A risk control technique that uses backups, spare, or copies of critical property, information, or capabilities and keeps them reserve

Front 53

Separation

Back 53

A risk control technique that isolates loss exposers from one another to minimize the adverse effective effect of a single loss

Front 54

Duplication

Back 54

A risk control technique that uses backups, spare, or copies of critical property, information, or capabilities and keeps them reserve

Front 55

Diversification

Back 55

A risk control technique that spreads loss exposers over numerous projects, products, markets, or regions

Front 56

Retention

Back 56

A risk financing technique by which losses are retained by generating funds within the organization to pay for the losses

Front 57

Retention

Back 57

A risk financing technique by which losses are retained by generating funds within the organization to pay for the losses

Front 58

Insurance

Back 58

A risk management technique that transfers the potential financial consequences of certain specified loss exposers from the insured to the insurer

Front 59

Transfer

Back 59

In the context of risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party

Front 60

Transfer

Back 60

In the context of risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party

Front 61

Workers compensation

Back 61

A system that pays lost wages, medical and vocational rehabilitation expenses, and death benefits to injured workers or their dependents for employment-related injuries and diseases

Front 62

Transfer

Back 62

In the context of risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party

Front 63

Workers compensation

Back 63

A system that pays lost wages, medical and vocational rehabilitation expenses, and death benefits to injured workers or their dependents for employment-related injuries and diseases

Front 64

Policy provision

Back 64

Any phrases or chase in an insurance policy that describes the policy's coverage, exclusions, limit, conditions, or other feature

Front 65

Transfer

Back 65

In the context of risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party

Front 66

Workers compensation

Back 66

A system that pays lost wages, medical and vocational rehabilitation expenses, and death benefits to injured workers or their dependents for employment-related injuries and diseases

Front 67

Policy provision

Back 67

Any phrases or chase in an insurance policy that describes the policy's coverage, exclusions, limit, conditions, or other feature

Front 68

Declarations page

Back 68

An insurance policy information page or pages providing specific details about the insured and the subject of the insurance

Front 69

Endorsement

Back 69

A document that amends an insurance policy

Front 70

Endorsement

Back 70

A document that amends an insurance policy

Front 71

Definitions

Back 71

A preliminary section of a homeowners policy identifying the insured, and the commonly used terms found throughout the policy

Front 72

Endorsement

Back 72

A document that amends an insurance policy

Front 73

Definitions

Back 73

A preliminary section of a homeowners policy identifying the insured, and the commonly used terms found throughout the policy

Front 74

Insuring agreement

Back 74

A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service

Front 75

Endorsement

Back 75

A document that amends an insurance policy

Front 76

Definitions

Back 76

A preliminary section of a homeowners policy identifying the insured, and the commonly used terms found throughout the policy

Front 77

Insuring agreement

Back 77

A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service

Front 78

Policy condition

Back 78

Any provision that qualifies an otherwise enforceable promise made in the policy

Front 79

Endorsement

Back 79

A document that amends an insurance policy

Front 80

Definitions

Back 80

A preliminary section of a homeowners policy identifying the insured, and the commonly used terms found throughout the policy

Front 81

Insuring agreement

Back 81

A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service

Front 82

Policy condition

Back 82

Any provision that qualifies an otherwise enforceable promise made in the policy

Front 83

Exclusion

Back 83

A policy provision that eliminates coverage for specified exposure

Front 84

Endorsement

Back 84

A document that amends an insurance policy

Front 85

Definitions

Back 85

A preliminary section of a homeowners policy identifying the insured, and the commonly used terms found throughout the policy

Front 86

Insuring agreement

Back 86

A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service

Front 87

Policy condition

Back 87

Any provision that qualifies an otherwise enforceable promise made in the policy

Front 88

Exclusion

Back 88

A policy provision that eliminates coverage for specified exposure

Front 89

Financial responsibility law

Back 89

Law enacted to ensure that motorists have the financial ability to pay for any property demand or bodily injury they might cause as a result of driving or owning an auto

Front 90

Compulsory auto insurance law

Back 90

Law that requires the owners or operations of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle can be licensed or registered

Front 91

First party

Back 91

The insured in an insurance contract

Front 92

Unsatisfied judgement fund

Back 92

A fund designed to provide a source of recovery for victims of motor vehicle accident when an at-fault motorist is unable to pay any judgement

Front 93

uninsured motorists coverage

Back 93

coverage that provides a source of recovery for occupants of a covered auto or the qualifying pedestrians who are injured in an accident caused by an at-fault motorist who does not have state minimum liability or by a hit-and-run driver

Front 94

uninsured motorists coverage

Back 94

coverage that provides a source of recovery for occupants of a covered auto or the qualifying pedestrians who are injured in an accident caused by an at-fault motorist who does not have state minimum liability or by a hit-and-run driver

Front 95

No-fault automobile coverage insurance

Back 95

Insurance that covers automobile accident victims on a first-party basis, allowing them to collect damages from their own insurers regardless of who was at fault

Front 96

underinsured motorist

Back 96

Coverage that applies when a negligent driver has liability insurance at the time of the accident but has limits lower than those of the injured person's coverageNo

Front 97

no-fault laws

Back 97

State statues that require motorists to purchase insurance that provide minimum first-party benefits to injured persons regardless of fault

Front 98

monetary threshold

Back 98

in a no-fault system, a dollar limit in total medical expenses an injured victim must exceed before he or she is permitted to sure the other party

Front 99

verbal threshold

Back 99

in a no-fault system, the designated criteria that are verbally "set forth in the statue that limit the right to sue"

Front 100

Add-on plan

Back 100

in a no-fault system, a plan that provides certain personal injury protection type being its such as medical payments and disability coverages to injured victims, without refused to fault

Front 101

Add-on plan

Back 101

in a no-fault system, a plan that provides certain personal injury protection type being its such as medical payments and disability coverages to injured victims, without refused to fault

Front 102

choice no-fault plan

Back 102

in a no-fault system, a plan that gives the insured the option, at the time an auto insurance policy is purchased or renewed, of choosing whether to be covered on a no-fault basis

Front 103

personal injury protection coverage

Back 103

Coverage that pays benefits, regardless of fault, for medical expenses, income loss, and other benefits, resulting from bodily injury to occupants of a covered auto

Front 104

subrogation

Back 104

the process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party other than the insured who caused the loss or is otherwise legally liable for the loss

Front 105

residual market

Back 105

the term referring collectively to insurers and other organization that make insurance available through a shared risk mechanism to those who cannot obtain coverage in the admitted market

Front 106

Safe driver insurance plan

Back 106

plan that allows for lower basic premiums for accident-free driving records and a surcharge for accidents

Front 107

Safe driver insurance plan

Back 107

plan that allows for lower basic premiums for accident-free driving records and a surcharge for accidents

Front 108

automobile insurance plan

Back 108

plan for insuring high-risk drivers in which all auto insurers doing business in the state are assigned their proportionate share of such drivers on the total volume of auto insurance written in the state

Front 109

Safe driver insurance plan

Back 109

plan that allows for lower basic premiums for accident-free driving records and a surcharge for accidents

Front 110

automobile insurance plan

Back 110

plan for insuring high-risk drivers in which all auto insurers doing business in the state are assigned their proportionate share of such drivers on the total volume of auto insurance written in the state

Front 111

joint underwriting association

Back 111

organization that designates servicing insurers to handle high-risk auto insurance business; all auto insurers in the state are assessed a proportionate share of the losses and expenses based on their percentage of the voluntary auto insurance premiums written in the state

Front 112

Safe driver insurance plan

Back 112

plan that allows for lower basic premiums for accident-free driving records and a surcharge for accidents

Front 113

automobile insurance plan

Back 113

plan for insuring high-risk drivers in which all auto insurers doing business in the state are assigned their proportionate share of such drivers on the total volume of auto insurance written in the state

Front 114

joint underwriting association

Back 114

organization that designates servicing insurers to handle high-risk auto insurance business; all auto insurers in the state are assessed a proportionate share of the losses and expenses based on their percentage of the voluntary auto insurance premiums written in the state

Front 115

reinsurance facility

Back 115

a state wide reinsurance pool to which insurers can assign premiums and losses for high risk drivers; original insurers services the policies, but all insurers in the pool share the losses and expenses of the facility in proportion to the total auto insurance they write in that state