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Side ASide B
Define Insurance
-The TRANSFER of financial responsibility associated with a potential loss (RISK) -Insurance...
What does it mean to indemnify?
-Protect against a loss. -Make you whole, will not make you profit.
Define Risk and the 2 types of Risk.
-The chance of a loss occuring -Pure Risk: Result in a loss or no change -Speculative Risk:...
Define Hazards and the 3 types of Hazards.
-conditions that increase the probability of a loss -Physical : physical characteristics (oily...
What is Peril?
The causes of loss that a policy insures against.
What is the difference between Property insurance and Casualty insurance?
Property covers the loss of owners physical property or income potential Casualty covers the...
What is loss?
The reduction or disapperance of value of a person or property insured in a policy
Name and describe the 5 methods of managing risk.
Avoidance: eliminate the exposure (don't own a car) Retention: planned assumption of...
What are the 6 elements of an insurable risk?
-Must be due to chance -Must be definite and measurable (time place and amount) -Must be statistically...
What is the insuring of those that are more prone to loss (risky)?
Adverse Selection -Insurers protect themselves from Adverse Selection
The larger a number of people or things in a group, the easier it is to predict things about...
Law of Large Numbers -In insurance the larger the group of insured the closer actual losses...
Describe reinsurance.
When a company (reinsurer or assuming insurer) indemnifies another insurance company (ceding...
What are the 7 types of insureres?
-Stock Co. Owned by shareholders who share in profits -Mutual co. Owned by the policy holders...
What is the main difference between Private and Government insurers?
Government uses taxes. Private uses premiums. Government tends to insure things Private can't...
An insurance company that has received a Certificate to transact insurance is______.
Admitted or authorized.
Insurance companies are classified according to the location of incorporation. What are the...
Domestic- incorporated in the state Foreign- incorporated in another state or US territory Alien-outside...
True or False the Ohio Department of Insurance is responsible for rating the financial status...
False. AM Best, Fitch, Standard and Poor Moody and Weiss are companies that ratethe finacnial...
NATIONAL INSURANCE COMPANY LIMITED - AO EXPECTED INTERVIEW QUESTIONS Reviewed by sambasivan srinivasan on 6:20:00 PM Rating: 5

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