WorksheetsInsurance and Financial Terms Quizs
Total questions: 20
Worksheet time: 10mins
Claim
A request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement.
A document submitted by the insurer to deny a request for payment.
A notification sent to the insured about policy renewal.
A summary of the insured's financial history.
Commercial Auto
Coverage for personal vehicles owned by individuals that protects against theft and damage.
Coverage for motor vehicles owned by a business engaged in commerce that protects the insured against financial loss because of legal liability for motor vehicle related injuries, or damage to the property of others.
Coverage for vehicles used exclusively for recreational purposes, such as boats and RVs.
Coverage for all types of vehicles regardless of ownership or usage, including bicycles and scooters.
Commercial Package Policy
Provides a broad package of property and liability coverages for commercial ventures other than those provided insurance through a business owners policy.
Covers only property damage for small businesses.
Is exclusively for personal insurance needs.
Offers limited coverage for commercial vehicles.
Commercial General Liability
Flexible & broad commercial liability coverage with two major sub-lines: premises/operations sub-line and products/completed operations sub-line.
A type of insurance that only covers property damage.
A policy that protects against employee injuries on the job.
Coverage that is limited to specific incidents and does not include general liability.
Carrying Value (Amount)
The total market value of the investment.
The SAP book value plus accrued interest and reduced by any valuation allowance and any nonadmitted adjustment applied to the individual investment.
The initial purchase price of the investment without any adjustments.
The estimated future cash flows from the investment discounted to present value.
Captive Insurer
An insurance company established by a parent firm for the purpose of insuring the parent's exposures.
A type of insurance that covers multiple unrelated risks.
An insurance policy that is only available to government entities.
A firm that provides insurance to other insurance companies.
Claims-made Form
A type of liability insurance form that pays for any claim made during the policy term.
A type of liability insurance form that only pays if both the event that causes the claim and the actual claim are submitted to the insurance company during the policy term.
A type of insurance that covers events that occurred before the policy was purchased.
A type of insurance that provides coverage for future claims regardless of when they are made.
Casualty Insurance
A type of health insurance that covers medical expenses.
A form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glass, boiler, and various malpractice coverages.
An insurance policy that protects against property damage only.
A type of life insurance that pays out upon the death of the insured.
Centers for Medicare & Medicaid Services (CMS)
U.S. governmental agency responsible for the licensing of federally qualified HMOs.
A private organization that manages health insurance plans.
A non-profit organization focused on healthcare research.
An international agency that oversees global health policies.
Commission
A fee charged by insurance companies for policy administration.
A percentage of premium paid to agents by insurance companies for the sale of policies.
A bonus given to customers for purchasing multiple policies.
A tax levied on insurance premiums by the government.
Ceded Premium
Amount of premium (fees) used to purchase reinsurance.
Total amount of insurance claims paid out.
The initial premium charged to policyholders.
The amount of premium retained by the insurer.
Combined Ratio
A measure of an insurance company's total revenue
An indication of the profitability of an insurance company, calculated by adding the loss and expense ratios.
A ratio that compares the total claims paid to the total premiums collected
A metric used to assess the liquidity of an insurance company.
Combinations
A type of insurance that covers only personal property.
A special form of package policy composed of personal automobile and homeowners insurance.
A policy that only covers commercial vehicles.
An insurance plan that combines health and life insurance.
Commercial Multiple Peril
Policy that packages two or more insurance coverages protecting an enterprise from various property and liability risk exposures.
A type of insurance that covers only property damage.
An insurance policy that only covers liability risks.
A policy that provides coverage for personal property only.
Chartered Life Underwriter (CLU)
A professional designation awarded by the American College to persons in the life insurance field who pass a series of exams in various financial subjects.
A certification for financial planners focusing solely on retirement planning.
A title given to insurance agents who have completed a single course in life insurance.
A designation for real estate agents specializing in life insurance policies.
Captive Agent
An individual who sells or services insurance contracts for a specific insurer or fleet of insurers.
A freelance insurance broker who works with multiple insurers.
An insurance agent who only sells life insurance products.
A customer service representative for an insurance company.
Chartered Property Casualty Underwriter (CPCU)
A professional designation awarded by the American Institute of Property and Casualty Underwriters to persons in the property and liability insurance field who pass a series of exams in insurance, risk management, economics, finance, management, accounting, and law.
A certification for real estate agents focusing on property management and leasing.
A title given to individuals who have completed a course in basic insurance principles and practices.
A designation for financial analysts specializing in investment risk assessment.
Commercial Flood
A type of insurance for residential properties.
A separate flood insurance policy sold to commercial ventures.
A government program for flood relief.
A standard homeowner's insurance policy.
Catastrophe Loss
A minor loss that can be easily predicted.
A large magnitude loss with little ability to forecast.
A loss that occurs gradually over time.
A loss that is fully insured and predictable.
Capitation Arrangement
A compensation plan where a physician is paid a flat amount for each subscriber monthly.
A fee-for-service payment model based on the number of services provided.
A payment model where patients pay out-of-pocket for each visit.
A system where providers are paid based on patient satisfaction scores.
