1
Q
Risk Avoidance
A
Eliminates risk
2
Q
Risk Management
A
Measures taken by an insurance company to ensure that their exposure is not too high
and to control the effect of a loss
3
Q
Risk Reduction
A
Reduces or mitigates risk
4
Q
Risk Retention
A
Assumes or accepts risk
5
Q
Risk Transferrence
A
Paying someone else to take the risk
Insurance Terms
flashcards
Decks in class (15)
# Cards
-
Module 1-A - What is Insurance15
-
Module 1-B-Characteristics of Insurance Contracts14
-
Module 1-C-Types of Insurers11
-
Module 1-D - Hazards and Risks9
-
Module 1-E - Risk Management5
-
Module 1-F - Important Terms10
-
Module 1-G - Types of Hazards and Frauds8
-
Module 1-H - Cause and Loss5
-
Module 1-I - Interest, Subrogation and Claims5
-
Module 1-J - Valuation, Deductibles and Coinsurance17
-
Module 1-K - Liability Insurance and Policy Limits15
-
Module 1-L - Liability and Law26
-
Module 2-A - The Agent and Authority7
-
Module 2-B - What is Adjusting10
-
Module 2-C - Adjusting the Claim1
