Chartered Life Underwriter (CLU) – a professional designation awarded by American College to people in the life insurance field who pass a number of exams in the areas of insurance, investment, taxes, contingency plans, estate planning, accounting, management and economics. Danger – a circumstance that tends to increase the likelihood or severity of a loss. Fronting – an agreement whereby a direct insurer acts as an insurer of registration by issuing a policy, but then passes the full risk on to a reinsurer for a fee. Often, the leading insurer is allowed to work in a country or country where the risk is, but not the reinsurer. Dividends paid on participating life insurance policies are the life insurance commission – a life insurance and an annuity provision limiting the time within which the insurer has the right to cancel the contract due to a substantial inaccuracy in the application of the policy. An insurance company owned by the policyholders is referred to as the „premium beneficiary“ – the portion of the premium for which insurance coverage or insurance coverage has already been granted during the end of the insurance period. This was an accident, including exposure to conditions that resulted in personal or property damage during the insurance period that is neither expected nor contemplated from the insured`s point of view. (Bickelhaupt and Mage) Bonds – a form of bond in which the debtor holds a creditors` interest in the company. the obligations of operating entities, government units and certain non-profit entities, with a fixed schedule for one or more future cash payments; includes commercial paper, tradable certificates of deposit, pension transactions and equipment trust certificates. Chartered Property Casualty Underwriter (CPCU) – a professional designation awarded by the American Institute of Property and Casualty Underwriters to individuals in the field of civil insurance and liability who pass a number of audits in most areas of insurance, risk management, economics, finance, management, accounting and justice. In addition, designated individuals must have at least three years of experience in insurance activities or related areas.
Value insurance – amount of insurance acquired in relation to the actual cost of replacing the insured property, expressed in proportion. Excess – duration of insurance refers to unreported profits. What is the best statement of the agreement with respect to insurance contracts? Combinations – a special form of package, which consists of car insurance and private owner. C) It applies to credit reports ordered as part of insurance, banking and employment If an insured is not fully satisfied with an issued policy, can the insured return it to the insurance and receive a refund of the full premium paid, at which time? Product Liability – Insurance coverage to protect the manufacturer, distributor, seller or renter of a product from legal liability resulting from a defective condition causing bodily harm or damage to a natural or legal person related to the use of the product. Which of the following statements describes one of the reasons why individuals buy life insurance? Level Premium Insurance – Life insurance for which costs are evenly distributed over the duration of the premium period and always remain constant. Combined Ratio – an indication of the profitability of an insurance company calculated by adding up the rates of loss and effort. Policyholders – part (s) covered by an insurance policy. Coinsurance – A clause that is included in most non-life insurance plans to encourage policyholders to cover an adequate amount of insurance. If the insured holds the amount specified in the clause (as a rule, at least 80%) the insured shares a larger part of the damage. In health insurance, a percentage of each duty that the insured assumes.
Captive Insurer – an insurance company created by a parent company