CPCU Chapter 6 (SR)

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Across
  1. 5. A signed agreement indicating that during the course of investigation, neither the insurer nor the insured waives rights under the policy.
  2. 10. The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy.
  3. 12. An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding.
  4. 13. An alternative dispute resolution method by which disputing parties participate in an abbreviated trial, presenting the evidence of a few witnesses to a panel of mock jurors who decide the case.
  5. 15. A payment awarded by a court to reimburse a victim for actual harm.
  6. 16. An insurer’s letter that specifies coverage issues and informs the insured that the insurer is handling a claim with the understanding that the insurer may later deny coverage should the facts warrant it.
  7. 17. A record of all the activities and analyses that occur while handling a claim.
  8. 19. 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.
  9. 21. Coverage for direct and accidental loss caused by fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief, vandalism, or loss resulting from the sinking, burning, collision, or derailment of a conveyance transporting the covered auto.
  10. 23. An alternative dispute resolution method by which a case undergoes an abbreviated version of a trial before a panel or an adviser who poses questions and offers opinions on the outcome of a trial, based on the evidence presented.
Down
  1. 1. 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.
  2. 2. 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.
  3. 3. A monetary award to compensate a victim for losses, such as pain and suffering, that does not involve specific, measurable expenses.
  4. 4. A ratio that measures losses and loss adjustment expenses against earned premiums and that reflects the percentage of premiums being consumed by losses.
  5. 6. A review of claim files to examine the technical details of claim settlements; ensure that claims procedures are followed; and verify that appropriate, thorough documentation is included.
  6. 7. A security setting that controls an individual computer user’s ability to review, enter, and change information in a claims information system
  7. 8. A person responsible for investigating, evaluating, and settling claims.
  8. 9. An outside organization or person hired by an insured to represent the insured in a claim in exchange for a fee.
  9. 11. A designated dollar amount assigned to claims personnel to limit the reserve amounts they can set and the payment amounts they can make.
  10. 14. Property insurance coverage covering all causes of loss not specifically excluded. Direct loss A reduction in the value of property that results directly and often immediately from damage to that property.
  11. 18. A loss that arises as a result of damage to property, other than the direct loss to the property.
  12. 19. Any of several kinds of insurance personnel who place insurance and surety business with insurers and who represent either insurers or insureds, or both.
  13. 20. An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a mutually agreeable settlement.
  14. 22. A method of resolving disputes between insurers and insureds over the amount owed on a covered loss.