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C120 Insurance Terminology

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Horizontales
A method of rating risks individually because of their complexity and need for underwriting judgement
Minimum temperature at which a liquid forms an ignitable mixture with air
Required to establish a cause of legal action for negligence; this must be established to satisfy the court
Criteria forming part of an insurer's strategic plan
Level of government responsible for property rights, health care, education and the insurance industry
Hardest type of insurance to underwrite
Broker solicits quotes from many insurers to prevent competitors from quoting the same risk or applicant
Type of reinsurance arranged on an individual risk or policy
Principle that a given probability becomes more reliable the larger number of cases there are in the sample
Ratemaking is ___; it must use yesterday's stats to calculate today's rates for tomorrow's losses
Insurance professional who accepts or rejects risk on behalf of the insurer
Acronym for factors to be assessed in any physical risk
Professional skilled in the application of mathematics to financial problems
Amount of money left to the insurer after paying all expenses
Type of entrant on a property where the entrant does not have the permission of the occupier
Verticales
Rating system that replaced older system based on MSRP for physical damage insurance ratings
Method of rating on a large number of risks that share common characteristics
A retroactive insurance policy
A condition that may cause a peril to occur
The type of risk that an insurance policy can protect against
The doing of something, or failure to act, where a reasonable person would, or would not do in the same circumstances
Only the Attorney General can bring an action for this
Against the offerer
Highest standard of honesty required in insurance contracts
Class of auto use covering motorcycles, snowmobiles and ATVs
Person who enters a premises such as a hotel or theatre with the occupant's permission
Person who enters the premises when the occupier has a financial or material interest in the entrant's presence