Across
- 2. An insurance producer not appointed by an insurer and is deemed to represent the client
- 5. Most effective way to handle risk. With this method, the loss is borne by another party
- 8. Types of hazards that arise from a state of mind that causes indifference to loss, such as carelessness
- 10. Method of dealing with risk that entails eliminating exposure to a loss
- 12. A person applying for insurance
- 15. Intentional misrepresentation or intentional concealment of a material fact
- 16. The planned assumption of risk by an insured through the use of deductibles, co-payments, or self-insurance
- 19. A type of risk that involves an opportunity for gain or loss
- 20. Takes place when an insurer's underwriter approves the application and issues the policy
- 21. A method of dealing with risk for a group of individual persons or businesses with the same or simliar exposure to loss to share the losses that occur within that group
- 23. A type of risk that can only result in a loss or no change
- 25. Another word for indemnity
- 27. The person covered by the insurance policy. May or may not be the policyowner
- 30. Statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true
- 31. Types of hazards that exist because of a physical condition
- 33. The reduction, decrease, or disappearance of value of the person or property insured in a policy, caused by a named peril
- 37. Untrue statements on the application
- 41. Conditions or situations that increase the probability of an insured loss occurring
- 42. The causes of loss insured against an insurance policy
- 43. Method of dealing with loss that attempts to lessen the possibility or severity of a loss
Down
- 1. A large number of units having the same or similar exposure to loss
- 3. Something of value that each party gives to the other
- 4. A person who recieves the benefits of an insurance policy
- 6. The legal term for the intentional withholding of information of a material fact that is crucial in making a decision
- 7. A unit of measure used to determine the rates charged for insurance coverage
- 9. Type of authority that is based on the actions, words, or deeds of the principal or because of circumstances
- 11. Company who issues an insurance policy
- 13. A provision in an insurance policy that states that in the event of a loss, an insured or a beneficiary is permitted to collect only to the extent of the financial loss
- 14. A transfer of risk of loss from an individual or a business entity to an insurance company
- 17. The money paid to the insurance company for the insurance policy
- 18. A legal representative of an insurance company
- 20. Law of ____ defines the relationship between the principal and the agent/producer
- 22. Types of hazards that involve evaluating the character and reputation of the proposed insured
- 24. The person entitled to exercise the rights and privileges in the policy
- 26. Type of authority that is granted to the agent through the agent's contract
- 28. A mutual interchange of rights and privileges
- 29. A contract between a policyowner and an insurance company which agrees to pay the insured or beneficiary for loss caused by specific events
- 31. Another name for the insurer
- 32. An agreement between two or more parties enforceable by law
- 34. Type of authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance
- 35. An absolutely true statement upon which the validity of the insurance policy depends
- 36. Type of misrepresentations that, if discovered, would alter the underwriting decision of the insurance company
- 38. Made by the applicant when the submit the application
- 39. Legislation that was established to set the rules for commercial e-mail, and to give the recipients the right to reject commercial messages
- 40. _________ selection is the insuring of risks that are more prone to losses than the average risk