Government Insurance Programs

Ace your homework & exams now with Quizwiz!

TRIA

Abbreviation for Terrorism Risk Insurance Act

TRIPRA

Abbreviation for Terrorism Risk Insurance Program Reauthorization Act

Solvency

Ability to meet financial obligations

Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)

Amendment and extension of TRIA to provide terrorism insurance

Insurance

Financial protection against potential loss or damage

U.S. Treasury

Government department responsible for administering reinsurance

Federal Government

Government responsible for providing compensation for terrorism losses

Irish Republican Army (IRA)

Group responsible for destructive bombings in the UK

Diversified Insurers

Insurance companies with a wide range of coverage

Small Insurers

Insurance companies with limited resources and coverage

Commercial Property

Insurance coverage for non-residential buildings and structures

Reinsurance

Insurance for insurance companies to limit potential loss

Terrorism Risk Insurance Act (TRIA)

Legislation requiring insurance companies to offer terrorism insurance

Cyber Related Losses

Losses related to cyber attacks

Non-Physical Business Interruption Loss

Losses related to terrorism that do not involve physical damage

Private Insurance Market

Marketplace for insurance provided by private companies

Program Trigger

Minimum loss amount required for compensation under the program

Triggering Event Threshold

Minimum loss amount required for federal funds to be paid out

Insurer Deductible

Portion of losses that the insurer is required to cover

Insurer Share of Terrorism Losses

Portion of terrorism losses that the insurer is required to cover

Risk Management

Process of identifying, assessing, and prioritizing risks

Backstop

Safety net or support system

Copayment

Share of losses that the insurer is required to cover

Aggregate Insured Losses

Total losses covered by insurance policies

UK Pool Re

United Kingdom terrorism insurance program


Related study sets

Cataluña vs el resto de España

View Set

management exam 2 questions from class

View Set

ESP 103 Creativity Exam Study Set

View Set

Immunology and HIV Practice Questions

View Set

Stats Exam Unit 3 Thought Questions

View Set