UCanPass Primerica VA
Agent/Producer - answera legal representative of an insurance company; the
classification of producer usually includes agents and brokers; agents are the agents of
the insurer
Applicant or purposed insured - answerA person applying for insurance
Broker - answerAn insurance producer not appointed by and insurer and is deemed to
represent a client
Insurance policy - answerA contract between a policyowner (and/or insured) and
insurance company which agrees to pay e insured or the beneficiary for loss caused by
specific events
Insured - answerThe person covered by the insurance policy. This person may or may
not be the policyowner
Insurer(principal) - answerThe company who issues an insurance policy
Policyowner - answerThe person entitled to exercise the rights and privileges in the
policy
Premium - answerThe money paid to the insurance company for the insurance policy
Reciprocity/Reciprocal - answerA mutual interchange of right and privileges
Insurance is the _______ of risk. Insureds' losses are transferred over to the insurer -
answerTransfer
Risk - answerUncertainty or or chance of a loss occurring
Pure risk - answerRefers to situations that can only result in loss or no change
Speculative risk - answerInvolves the opportunity for either loss or gain
Only _______ risks are insurable - answerPure
Exposure - answerUnit of measure used to determine rates charged for insurance
coverage
Homogeneous - answerA large number of units having the same or similar exposure to
loss
Agent/Producer - answera legal representative of an insurance company; the
classification of producer usually includes agents and brokers; agents are the agents of
the insurer
Applicant or purposed insured - answerA person applying for insurance
Broker - answerAn insurance producer not appointed by and insurer and is deemed to
represent a client
Insurance policy - answerA contract between a policyowner (and/or insured) and
insurance company which agrees to pay e insured or the beneficiary for loss caused by
specific events
Insured - answerThe person covered by the insurance policy. This person may or may
not be the policyowner
Insurer(principal) - answerThe company who issues an insurance policy
Policyowner - answerThe person entitled to exercise the rights and privileges in the
policy
Premium - answerThe money paid to the insurance company for the insurance policy
Reciprocity/Reciprocal - answerA mutual interchange of right and privileges
Insurance is the _______ of risk. Insureds' losses are transferred over to the insurer -
answerTransfer
Risk - answerUncertainty or or chance of a loss occurring
Pure risk - answerRefers to situations that can only result in loss or no change
Speculative risk - answerInvolves the opportunity for either loss or gain
Only _______ risks are insurable - answerPure
Exposure - answerUnit of measure used to determine rates charged for insurance
coverage
Homogeneous - answerA large number of units having the same or similar exposure to
loss
