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AIN2601 ASSIGNMENT 3 SEMESTER 2 2024( 7 DIFFERENT SETS OF QNA)
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AIN2601 ASSIGNMENT 3 SEMESTER 2 2024( 7 DIFFERENT SETS OF QNA)
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AIN2601 ASSIGNMENT 3 SEMESTER2 2024( 7 DIFFERENT SETS OF QNA)
Loss exposure - -ANSWER--Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
Risk management - -ANSWER--The process of making and implementing decisions
that will minimize the adverse effects of accidental losses on an organization.
Loss prevention - -ANSWER--A risk control technique that reduces the frequency of a
particular loss.
Loss reduction - -ANSWER--A risk control technique that reduces the severity of a
particular loss.
Exposure unit - -ANSWER--A fundamental measure of the loss exposure assumed by
an insurer.
Property-casualty insurance - -ANSWER--One of the two main sectors of the insurance
industry, encompassing numerous types of insurance, most of which cover the financial
consequences of damage to one's own property or legal liability to others.
Life-health insurance - -ANSWER--One of the two main sectors of the insurance
industry, encompassing numerous types of insurance that cover the financial
consequences of death, injury, or sickness.
Utmost good faith - -ANSWER--An obligation to act in complete honesty and to disclose
all relevant facts.
Contract of adhesion - -ANSWER--Any contract in which one party must either accept
the agreement as written by the other party or reject it.
Contract of indemnity - -ANSWER--A contract in which the insurer agrees, in the event
of a covered loss, to pay an amount directly related to the amount of the loss.
Self-contained policy - -ANSWER--A single document that contains all the agreements
between the insured and the insurer and that forms a complete insurance policy.
, Modular policy - -ANSWER--An insurance policy that consists of several different
documents, none of which by itself forms a complete policy.
Property insurance - -ANSWER--Any type of insurance that indemnifies an insured who
suffers a financial loss because property has been lost, stolen, damaged, or destroyed.
Liability insurance - -ANSWER--Insurance that covers losses resulting from the
insured's liability to others.
Homeowners policy - -ANSWER--Policy that covers most of the property and liability
loss exposures that arise out of residential property ownership and occupancy, as well
as property and liability loss exposures that individuals and families may have while
they are away from their residences.
Personal liability coverage - -ANSWER--Coverage for damages, plus costs of any
defense, related to a claim or suit brought against the insured that resulted from bodily
injury or property damage caused by an occurrence covered under the policy.
Personal auto policy (PAP) - -ANSWER--An insurance policy that covers an individual
or a family against loss exposure arising out of the ownership, maintenance, or use of
automobiles.
Comprehensive coverage - -ANSWER--Coverage for direct and accidental loss or
damage to a covered auto by any peril except collision or overturn or a peril specifically
excluded.
Personal watercraft policy - -ANSWER--An insurance policy that covers an individual's
or a family's loss exposures arising out of the ownership, maintenance, or use of
watercraft used principally for recreational or personal transportation purposes.
Market conduct regulation - -ANSWER--Regulation of the practices of insurers in regard
to four areas of operation: sales practices, underwriting practices, claim practices, and
bad-faith actions.
Unfair trade practices law - -ANSWER--State law that specifies certain prohibited
business practices.
Solvency surveillance - -ANSWER--The process, conducted by state insurance
regulators, of verifying the solvency of insurers and determining whether their financial
condition enables them to meet their financial obligations and to remain in business.
National Association of Insurance Commissioners (NAIC) - -ANSWER--An association
of insurance commissioners from the fifty U.S. states, the District of Columbia, and the
five U.S. territories and possessions, whose purpose is to coordinate insurance
regulations activities among the various state insurance dept.
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