Basics of Insurance

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Across
  1. 1. A contract of insurance describing the terms of the agreement.
  2. 5. The process of examining a risk for potential of loss and establishing premium
  3. 9. That part of the policy that defines details about the risk and its associated limits, deductibles, and premium.
  4. 11. Form of insurance required by US law
  5. 13. Insurance provided to individuals is referred to as the ___ lines.
  6. 17. Type of agent that sells directly to clients
  7. 18. Insurance provided that insures an individual's life.
  8. 21. Type of market for those who cannot get insurance through the voluntary market
  9. 22. Amount of premiums customers are required to pay for insurance policies written during the accounting period
  10. 24. Type of agent who represents only one company
  11. 26. A marketplace where underwriting syndicates, or mini-insurers, gather to sell insurance policies and reinsurancechinese The people known to first use a form of insurance
  12. 27. The lines of business providing liability insurance are referred to as ___ lines.
Down
  1. 2. A contract between the consumer and an insurance company in which the consumer transfers the risk of loss for certain occurrences to the insurance company in exchange for a fee.
  2. 3. The process of calculating premium
  3. 4. Company owned by its policyholders
  4. 6. One of the 7 principals of insurance
  5. 7. Security, protection and compensation given against damage, loss or injury
  6. 8. Mid-term change or form
  7. 10. An incorporated insurer that has capital provided by stockholders
  8. 12. Form of Life insurance that is illegal
  9. 14. The automatic re-establishment of the policy by payment of the premium
  10. 15. A temporary agreement secured by a payment to evidence good faith, used until a formal contract takes effect
  11. 16. Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.
  12. 19. The organization that controls insurance in the US
  13. 20. Insurance provided to businesses is referred to as the ___ lines.
  14. 23. An insurer assuming the risk of another under contractpremium
  15. 25. Type of insurer that insures the average risk