Exam (elaborations)
Prometric Arizona License Exam - Terms (1)
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- Prometric CNA Skills rubrics
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- Prometric CNA Skills Rubrics
Prometric Arizona License Exam - Terms (1)
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Prometric Arizona License Exam - TermsAgent/ Producer - ANS-a legal representative of an insurance company; the
classification of PRODUCER usually includes agents & brokers; AGENTS are the
agents of the insurer.
Applicant (or proposed insured) - ANS-a person applying for insurance
Broker - ANS-an insurer producer not appointed by an insurer and is deemed to
represent the client.
Insurance Policy - ANS-a contract between a policyowner (&/or insured) and an
insurance company which agrees to pay the insured or the beneficiary for loss caused
by specific events.
Insured - ANS-the person covered by the insurance policy. This person may or may not
be the policy owner.
Insurer (principal) - ANS-the company who issues an insurance policy
Policyowner - ANS-the person entitled to exercise the rights and privileges in the policy.
Premium - ANS-the money paid to the insurance company for the insurance policy
Reciprocity/ reciprocal - ANS-a mutual interchange of rights and privileges.
Insurance - ANS-Transfers the risk of loss from an individual or business entity to an
insurance company, which in turns spreads the costs of unexpected losses to many
individuals.
Person - ANS-term meaning the individual or an insurer, association, organization
society, partnership, business trust, corporation and entity, etc.
Risk (Pure) - ANS-Pure Risk : refers to situations that can only result in a loss or no
change. There is no opportunity for financial gain. Pure risk is the only type of risk that
insurance companies are willing to accept.
Risk ( Speculative) - ANS-involves the opportunity for either loss or gain. AN example of
speculative risk is gambling. These types of risks are not insurable.
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