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Fundamentals of Insurance 2024

Some answers will have hyphens
Horizontales
Who is the individual, business, or entity covered under an insurance policy. The insured pays a premium to the insurer in exchange for protection against specific risks, such as damage, loss, or liability, as defined in the policy
What payments are made by the insured to the insurer in exchange for coverage under an insurance policy.
What refers to a specific category or type of insurance coverage, such as auto insurance, health insurance, life insurance, or commercial property insurance.
Who is the U.S. organization composed of state insurance regulators. This group develops model laws and regulations, provides guidance, and facilitates collaboration among states to ensure the consistent and effective regulation of the insurance industry. It plays a key role in protecting consumers and maintaining the stability of the insurance market.
What date is the date on which an insurance policy becomes active and begins providing coverage. From this date, the insured is protected against the risks outlined in the policy, and the insurer is obligated to cover any valid claims that arise during the policy period.
What is a formal contract between the insured and the insurer. It specifies the terms, conditions, coverage limits, exclusions, and obligations of both parties.
What is the discipline that applies mathematical, statistical, and financial theory to assess and manage risk in insurance and finance.
Verticales
What is the process by which an insurer evaluates the liability of insuring an individual or entity and determines the terms and premium for coverage. Underwriters assess factors such as the applicant's health, lifestyle, property, or business operations to decide whether to offer coverage and at what price.
What refers to the possibility of loss or damage that an insurance policy is designed to protect against. It is the uncertainty regarding a potential negative outcome, such as financial loss, injury, or damage to property.
What is another term for an insurance company or insurer. It refers to the entity that assumes the risk and provides insurance coverage to policyholders
Which carrier is an insurance company that is licensed and regulated by the state insurance department in the state where it operates.
Which carrier is an insurance company that is not licensed by the state where the insurance is being provided but is allowed to offer coverage on a surplus lines basis. These carriers do not participate in state guaranty funds and are subject to different regulatory requirements, allowing them to provide coverage for higher-risk or unusual situations that admitted carriers might decline
Who is the individual, business, or entity covered under an insurance policy. They pay a premium to the insurer in exchange for protection against specific risks, such as damage, loss, or liability, as defined in the policy
What is a formal request made by the insured to the insurer for payment or compensation under the terms of the insurance policy. These are made when a covered event, such as an accident, damage, or loss, occurs.