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AINS 21 Glossary | 286 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
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AINS 21 Glossary | 286 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
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AINS 21 Glossary | 286 Questions with 100 % correctanswers | Verified& Updated 2024 Graded A+
fire and allied line insurance - ✔✔insurance that covers direct damage to or loss of
insured property
business income insurance (business interruption insurance) - ✔✔insurance that covers the
loss of net income or additional expenses incurred by a business as the result of a covered loss
to its property
crime insurance - ✔✔insurance that covers money, securities, merchandise, and other
property from various causes of loss such as burglary, robbery, theft, and employee dishonesty
ocean marine insurance - ✔✔insurance that covers ships and their cargo against such causes
of loss as fire, lightning, and "perils of the seas"
inland marine insurance - ✔✔insurance that covers miscellaneous types of property, such
as movable property, goods in domestic transit, and property used in transportation and
communication
auto physical damage insurance - ✔✔insurance that covers loss of or damage to
specified vehicles from collision, fire, theft, or other causes
,auto liability insurance - ✔✔insurance that covers an insured's legal liability arising out of
the ownership, maintenance, or use of an automobile
commercial general liability insurance - ✔✔insurance that covers liability loss exposures arising
from a business organization's premises and operations, its products, or its completed work
personal liability insurance - ✔✔insurance that provides liability coverage to individuals and
families for bodily injury and property damage arising from the insured's personal premises
or activities
professional liability insurance - ✔✔insurance that provides liability coverage to
professionals for errors and omissions arising out of their professional duties
whole life insurance - ✔✔life insurance that provides lifetime protection, accrues cash value,
and has premiums that remain unchanged during the insured's lifetime
cash value - ✔✔the monetary amount, considered to be a form of savings, that accumulates in
a whole life insurance policy
term insurance - ✔✔life insurance that provides coverage for a specified period, such as ten or
twenty years, with no cash value
universal life insurance - ✔✔insurance that provides life insurance protection and a
savings component
,medical insurance - ✔✔insurance that covers medical expenses that result from illness or injury
disability income insurance - ✔✔a type of health insurance that provides periodic
income payments to an insured who is unable to work because of sickness or injury
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
demutualization - ✔✔the process by which a mutual insurer owned by its policyholders
becomes a stock company, which is then owned by its stockholders
reciprocal insurance exchange (interinsurance exchange) - ✔✔an insurer owned by its
policyholders, formed as an unincorporated association for the purpose of providing
insurance coverage to its members (called subscribers) and managed by an attorney-in-fact
subscribers - ✔✔the policyholders of a reciprocal insurance exchange who agree to insure
each toher
, attorney-in-fact - ✔✔in a reciprocal insurance exchange, the contractually authorized manager
of the reciprocal who administers its affairs and carries out its insurance transactions
captive insurer (captive) - ✔✔an insurer formed as a subsidiary of its parent company,
organization, or group, for the purpose of providing all or part of the insurance on the
parent company or companies
reinsurance - ✔✔a contractual agreement that transfers some or all of the potential costs
of insured loss exposures from policies written by one insurer to another insurer
primary insurer - ✔✔the insurer that transfers some or all of the potential costs of its insured
loss exposures to another insurer in a reinsurance contractual agreement
reinsurer - ✔✔the insurer that assumes some or all of the potential costs of insured
loss exposures of the primary insurer in a reinsurance contractual agreement
monopolistic state fund - ✔✔a state workers' compensation insurance plan that is the only source
of workers' compensation insurance allowed in that state
competitive state fund - ✔✔a state workers' compensation insurance plan that competes
with private insurers to provide workers' compensation insurance
residual market plan (shared market plan) - ✔✔a program that makes workers' compensation
insurance available for those who cannot obtain voluntary coverage from private insurers
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