Insurance Exam Vocabulary Terms

Moral Hazard

Personality characteristics that increase probability of losses. For example not taking proper care to protect insured property because the insured knows the insurance company will replace it if it is damaged or stolen.

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Other terms you may be interested in:

Medical Only
Pro-rata (proportional) Reinsurance
Primary Insurance
Occurrence
Credit – Involuntary Unemployment
State Page
Individual Annuities- Deferred Non-Variable and Variable
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Domestic Insurer
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