Quiz :Required Disclosures - √Answer :Buyer's guide and policy summary
Quiz :Offer - √Answer :signed application and initial premium
Quiz :Acceptance - √Answer :issuing of policy as applied for by insurer
, Quiz :Contract of Adhesion - √Answer :ambiguities in the contract that are
interpreted to the benefit of the policyowner
Quiz :Representations - √Answer :applicants truthful statements on application
Quiz :Ways to manage risk - √Answer :Transfer
Avoid
Retain
Reduce
Share with others
Quiz :Speculative Risk - √Answer :result in loss or gain, noninsurable
Quiz :Moral Hazard - √Answer :character weakness like habits or lifestyle
Quiz :Morale Hazard - √Answer :State of mind or carless attitude
Quiz :Physical Hazard - √Answer :physical condition that increases ones less like
heavy drinking or smoking
Quiz :Managed Care Service Providers - √Answer :blend of commercial and
medical insurance like blue cross blue shield
Quiz :Fraternal benefit society - √Answer :An organization formed to provide
insurance benefits for affiliated members
Quiz :Self Insurer - √Answer :large companies that can cover losses, must
follow laws and pay for itself
Quiz :Risk Retention groups - √Answer :Self-run insurance programs set up by
insurance companies to do own admin tasks
Quiz :Surplus Line insurers - √Answer :property and causality market for
insurance not covered by state
Quiz :Reinsurance - √Answer :The transfer of insurance risk from one insurer to
another through a contractual agreement
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