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FBLA Insurance and Risk Management

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FBLA Insurance and Risk Management

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25 Questions

1. Pure Premium

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.makes loan/credit transaction payments to the creditor when the debtor becomes involuntarily unemployed.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

2. Short term Disability

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.makes loan/credit transaction payments to the creditor when the debtor becomes involuntarily unemployed.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

3. Subsequent Event

that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.makes loan/credit transaction payments to the creditor when the debtor becomes involuntarily unemployed.

4. Credit - Involuntary Unemployment

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.makes loan/credit transaction payments to the creditor when the debtor becomes involuntarily unemployed.

5. Lifetime Disability Benefit

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.a provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured's life in case of permanent disability.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

6. Insurance Holding Company System

that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.consists of two or more affiliated persons, one or more of which is an insurer.

7. Ocean Marine

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.coverage for ocean and inland water transportation exposures; goods or cargoes; ships or hulls; earnings; and liability.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

8. Accumulation Period

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.period of time insured must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.

9. Copay

a cost sharing mechanism in group insurance plans where the insured pays a specified dollar amount of incurred medical expenses and the insurer pays the remainder.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

10. International

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.includes all business transacted outside the U.S. and its territories and possessions where the appropriate line of business is not determinable.

11. Equity Indexed Annuity

a fixed annuity that earns interest or provides benefits that are linked to an external reference or equity index, subject to a minimum guarantee.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

12. Primary Insurance

that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.coverage that takes precedence when more than one policy covers the same loss.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

13. Contractual Liability

liability coverage of an insured who has assumed the legal liability of another party by written or oral contract. Includes a contractual liability policy providing coverage for all obligations and liabilities incurred by a service contract provider under the terms of service contracts issued by the provider.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

14. Incurred Losses

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.sustained losses, paid or not, during a specified time period. Incurred losses are typically found by combining losses paid during the period plus unpaid losses sustained during the time period minus outstanding losses at the beginning of the period incurred in the previous period.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.

15. Special revenue bond

any security, or other instrument under which a payment obligation is created, issued by or on behalf of a governmental unit to finance a project serving a substantial public purpose and not payable from the sources in connection with the payment of municipal obligation bonds.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.

16. Fidelity

that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.a bond or policy covering an employer's loss resulting from an employee's dishonest act (e.g., loss of cash, securities, valuables, etc.).a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

17. Credit Accident and Health (group and individual)

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.coverage provided to or offered to borrowers in connection with a consumer credit transaction where the proceeds are used to repay a debt or an installment loan in the event the consumer is disabled as the result of an accident, including business not exceeding 120 months duration.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

18. Adjuster

a person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.

19. NFIP

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.National Flood Insurance Program - flood insurance and floodplain management for personal and business property administered under the National Flood Act of 1968. Encourages participation by private insurers through a flood insurance pool .a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.

20. Pet Insurance Plans

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.veterinary care plan insurance policy providing care for a pet animal (e.g., dog or cat) of the insured owner in the event of its illness or accident.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

21. Insurable Interest

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.A right or relationship in regard to the subject matter of the insured contract such that the insured can suffer a financial loss from damage, loss or destruction to it. (Bickelhaupt and Magee )events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.

22. Alternative Workers' Compensation

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.other than standard workers' compensation coverage, employer's liability and excess workers' compensation (e.g., large deductible, managed care).

23. Other Liability

events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.coverage protecting the insured against legal liability resulting from negligence, carelessness, or a failure to act resulting in property damage or personal injury to others.

24. Unearned Premium

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.amount of premium for which payment has been made by the policyholder but coverage has not yet been provided.

25. Substandard Risk

that portion of the premium equal to expected losses void of insurance company expenses, premium taxes, contingencies, or profit margin.events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.(impaired risk) risks deemed undesirable due to medical condition or hazardous occupation requiring the use of a waiver, a special policy form, or a higher premium charge.a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com