risk - correct answer Chance of loss
Pure risk - correct answer If it's pure you can insure
Speculative riak - correct answer Loss or gain
peril
... [Show More] - correct answer The cause of loss
Life insurance peril - correct answer Death
Health insurance peril - correct answer Illness, accidental injury, disability
hazard - correct answer Increases chance of peril
Risk Transfer - correct answer shifting risk to another party
Underwriting - correct answer Assessing an applicant
Law of Large Numbers - correct answer Mathematical principle of probability
Moral Hazard - correct answer Tendencies that increase risk
Morale Hazard - correct answer Attitude or state of mind
Physical Hazard - correct answer Characteristics that increase risk
Risk Avoidance - correct answer Strategy to deal with risk
Risk Reduction - correct answer Reduce exposure to risk
Risk Retention - correct answer Choosing to use existing assets to pay for loss
Deductibles - correct answer A stated sun of money that the insured must pay
risk sharing - correct answer Allocating ownership of a part of the risk to another party
Risk Transfer - correct answer Transferring risk to a third party
insurable risk - correct answer If he or she meets certain criteria
mortality - correct answer Death
Morbidity - correct answer Ilness
Adverse selecton - correct answer The tendency of persons at greater risk of loss to seek out and maintain insurance
Loss Exposure - correct answer The extent to which an insurer is subject to a possible loss
Commercial Insurance companies - correct answer Stock & mutual insurance companies
Stock Insurance Company - correct answer A type of insurance company owned by stockholders.
Mutual Insurance Company - correct answer A type of insurance company owned by its policyholders.
Fraternal benefit - correct answer Non- profit
Policy Dividends - correct answer an amount returned to the owner of a participating insurance policy out of an insurance companies surplus funds
Demutualization - correct answer Mutual companies transformed into stock companies
Self-insurers - correct answer Large companies able to retain certain risk
Home Service Insurance companies - correct answer Issues small face industrial life insurance
Ordinary life insurance - correct answer Life insurance greater than 25,000
Reinsurance - correct answer Accepts some of the risk
Admitted Insurer - correct answer A company that received a certificate
Domestic Insurer - correct answer An insurer doing business in the jurisdiction in which it is incorporated.
Foreign Insurer - correct answer An insurance company that is incorporated in another state.
Alien Insurer - correct answer An insurance company that is incorporated outside the United States.
career (or captive) agency system - correct answer Agent employed by one insurance company
Managerial System - correct answer The insurer employs agents through regional offices [Show Less]