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RPLU 2: Module 1: Fundamentals of Liability Insurance Questions And Answers Already Graded A+ R158,66
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RPLU 2: Module 1: Fundamentals of Liability Insurance Questions And Answers Already Graded A+
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Actuary - ️️A professional statistician who has specialized academic training and who calculates the risks and probabilities of future events, estimates claim costs based on past experience, and uses projections to establish insurance rates Captive Organization - ️️An organization that i...

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  • November 4, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
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  • rplu 2 module 1 fundamentals of liability insura

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RPLU 2: Module 1: Fundamentals of
Liability Insurance
Actuary - ✔️✔️A professional statistician who has specialized academic training and
who calculates the risks and probabilities of future events, estimates claim costs based
on past experience, and uses projections to establish insurance rates

Captive Organization - ✔️✔️An organization that is formed as a subsidiary of a parent
organization to serve the parent organization's insurance needs and that is an
alternative form of risk retention


Accident Year - ✔️✔️A twelve-month accounting period (usually a calendar year) in
which losses are allocated back to the accounting period in which the losses occurred,
regardless of when the losses were actually reported, booked, or paid

Actuarial Science - ✔️✔️A field of study that uses mathematical and statistical models
and tools to assess risk and develop rates

Admitted Market - ✔️✔️The insurance market that offers coverage from insurance
companies licensed by the state to conduct business. Subject to state regulation, unlike
a non-admitted market.

Absolute Liability (Strict Liability) - ✔️✔️A type of liability that is imposed when a
person or entity is held accountable for a loss without regard to fault

Agent - ✔️✔️An insurance professional who sells insurance on behalf of the insurance
company the agent represents. Typically authorized to bind coverage.

Alien Insurer - ✔️✔️An insurance company that is chartered by a foreign, non-U.S.
company and that must meet certain state requirements to conduct business within the
state.

Assumed Liability - ✔️✔️A type of liability that arises from a contractual agreement as
opposed to liability that arises from common or statutory law.

Bind - ✔️✔️The authority to make insurance temporarily effective until the insurer can
issue the policy

Breach - ✔️✔️A violation of a legal duty that is one of four criteria for proving
negligence

, Broker - ✔️✔️An insurance professional who solicits and negotiates insurance on the
insured's behalf and who typically is not authorized to bind coverage.

Calendar Year - ✔️✔️A calendar year accounting period in which losses are allocated
back to the accounting period in which the losses occurred, regardless of when the
losses were actually reported, booked, or paid.

Capacity - ✔️✔️The largest amount that an insurer is willing and able to underwrite,
either on an individual account or in the aggregate.

Carrier - ✔️✔️An insurance company

Case Law - ✔️✔️The body of court decisions (federal and state) that has shaped
insurance law and policies.

Case Reserve - ✔️✔️An amount that the claims professional estimates is needed to
cover the loss and corresponding loss adjustment expenses for a specific claim.


Cause - ✔️✔️An act that directly results in an injury and that is one of four criteria
required to prove negligence

Ceding Company - ✔️✔️An insurance company that writes the insurance policy that
being reinsured

Claims Professional - ✔️✔️An insurance professional who investigates claims and
determines if losses are covered by an insurer's policy and, if covered, who establishes
case reserves, manages litigation, and settles claims.

Combined Ratio - ✔️✔️Loss ratio + expense ratio = combined ratio

Commercial General Liability Insurance (CGL) - ✔️✔️A type of insurance that provides
coverage for commercial risks resulting in losses arising out of business operations
involving bodily injury and property damage, except those specifically excluded,
including professional services.

Compensatory Damages - ✔️✔️The costs for losses that are awarded to claimants and
that include both special damages (specific, out-of-pocket costs) and general damages
(costs for pain and suffering).

Conditions - ✔️✔️A section of an insurance policy that establishes the responsibilities
the insured must meet for coverage to apply that may limit or quality an insurer's
promises.

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