Chapter 1 - General Insurance Concepts: Idaho with Complete Solutions

Chapter 1 - General Insurance Concepts: Idaho with Complete SolutionsChapter 1 - General Insurance Concepts: Idaho with Complete SolutionsChapter 1 - General Insurance Concepts: Idaho with Complete SolutionsChapter 1 - General Insurance Concepts: Idaho with Complete Solutions Define: Agent/Producer - - ANSWER-A legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer. Define: Applicant or Proposed Insured - - ANSWER-A person applying for insurance. Define: Broker - - ANSWER-An insurance producer not appointed by an insurer and is deemed to represent the client. Define: Insurance Policy - - ANSWER-A contract between a policyowner (and/or insurer) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events. Define: Insured - - ANSWER-The person covered by the insurance policy. This person may or may not be the policyowner. Define: Insurer (Principal) - - ANSWER-The company who issues an insurance policy. Define: Policyowner - - ANSWER-The person entitled to exercise the rights and privileges in the policy. Define: Premium - - ANSWER-The money paid to the insurance company for the insurance policy.