Across
- 5. One consequence of an inefficient claims management process is the overpayment of genuine claims and the mistaken acceptance of fraudulent claims. What is this called?
- 10. An insurer has accepted a risk it no longer wishes to retain. It can choose to transfer some or all of this risk with a:
- 12. What is an insurance company that is owned by its policyholders called?
- 14. Which principle of insurance describes a situation where the insurer has a legal right to pursue a third party that caused an insurance loss to the insured?
- 16. The principle of insurance which describes the situation where an insured is returned to their pre-loss financial position is:
- 17. ___ are a possible solution to moral hazard problems.
Down
- 1. A reinsurer contract that is entered into on a case-by-case basis after an application for insurance is received by a primary insurer is called ___ reinsurance
- 2. What kind of insurance company is wholly owned by its parent company and does not offer insurance to the general public?
- 3. Cyber, Reputational, and pandemic risks are examples of ___ risks
- 4. A situation where people who have taken out insurance behave more recklessly as a result is known as moral ___
- 6. When the average buyer of an insurance policy is likely to have higher risk than others in their risk class, this is known as ___ selection
- 7. How are insurance brokers usually paid?
- 8. Reputation is an ___ asset
- 9. Which law means that the predictability increases with the number of cases? The law of ___ numbers
- 11. An insurer buys reinsurance for a risk. In the event of a claim they are obligated to pay 60% of all losses and are entitled to retain 60% of the premiums. This is known as a ___ share
- 13. Who provides capital to the Lloyds insurance market?
- 15. What is another word to describe fair premiums?