INSURANCE ESSENTIALS

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Across
  1. 4. a condition within an exposure that may lead to an incident
  2. 5. a cause of loss
  3. 6. an incorporated insurance company owned by its policyholders
  4. 8. a technique of transferring the risk of an individual or organization to another by means of a contract
  5. 9. a form of reinsurance using offer and acceptance of individual risks
  6. 12. / a statement that promises or guarantees that something is absolutely true or will be true in the future
  7. 15. a failure to exercise care an ordinarily prudent person would use to protect others from unreasonable risk of injury
  8. 17. a type of negligence when a person adds in any way to his/her own injury and is barred from recovery
  9. 21. an underwriting concept to encourage an insured to purchase insurance equal to the full value of the property
  10. 22. an insurance company that is authorized and licensed to do business in a state
  11. 23. an accident, including continuous or repeated exposure to substantially the same conditions
  12. 25. a London association of private underwriters, each of whom underwrites insurance contracts on a basis of personal liability
Down
  1. 1. a rating that considers the individual loss experience of a particular insured
  2. 2. money for damages in excess of the amount required to compensate for loss, imposed to punish and deter conduct
  3. 3. the amount of loss which an insured must pay before the insurance company will pay its portion of the loss
  4. 7. the process of selecting a risk and assigning a proper rating classification to calculate the correct premium
  5. 10. the intentional deceit of a person by failing to disclose complete and correct information
  6. 11. right of an insurance company to recover money paid to an insured for a loss when the loss is someone else’s fault
  7. 13. an insurance company formed and domiciled in a country outside the united states
  8. 14. any act of stealing
  9. 16. the removal of a right by acting in a manner that is inconsistent with that right
  10. 18. an individual who aids in placing risks as the agent of the buyer
  11. 19. someone who has rightful possession of the property of another
  12. 20. not enough business personal property to conduct normal operations, in a broad sense, it means no contents
  13. 24. the chance of loss; the uncertainty of loss