Exam (elaborations)
Insurance Adjuster license Exam
- Institution
- Insurance Adjuster License Exam
Insurance Adjuster license Exam
[Show more]
Content preview
Insurance Adjuster license ExamInsurance - -Transfer of risk from a person or business to an insurer
-Risk - -Uncertainty/possibility of a loss
-Speculative Risk - -chance of loss OR gain; not insurable
-Pure Risk - -Chance of loss ONLY; insurable
-Exposure - -Possibility that a loss will occur
-Peril - -A cause of a loss
-Indirect loss - -consequence of a direct loss
-Hazard - -Increases the chance of a loss
-Contract (policy) - -An agreement between the Insured and the insurer
-Law of Large Numbers - -The larger the group, the more accurately future
losses can be predicted
-Adverse selection - -Risks that have a greater-than-average chance of loss
-Reinsurance - -The transfer of insurance risk from one Insurer to another
insurer
-Stock Insurer - -An insurer that is owned by its stockholders and formed as
a corporation for the purpose of earning a profit for the stockholders.
-Mutual Insurer - -An insurer that is owned by its policyholders and formed
as a corporation for the purpose of providing insurance to them.
-Fraternal Insurer - -a mutual insurer that provides insurance to members of
a social or religious organization
-Reciprocal Insurer - -an unincorporated organization in which all members
insure one another
-Lloyd's Association - -insurance provided by individual underwriters not
companies
-Risk Retention Group - -Liability insurance company created for
policyholders within the same industry
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now