Study 9 – Emerging Issues and Trends in Insurance

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71 Terms

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Cyber Crime

Criminal activities committed using the internet and computer networks.

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Denial-of-service (DoS) attacks

Attacks that disable an organization's network and ecommerce services.

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Social Engineering

Techniques used to manipulate individuals into divulging confidential information.

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Virus

A computer program that copies itself and corrupts files without user consent.

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Trojan Horse

A legitimate program with unauthorized code that allows intruders to gain control.

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Worm

A self-replicating computer program that spreads through a network without user intervention.

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Intellectual Property Theft

The illegal stealing of proprietary information such as trademarks or copyrights.

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Intrusion Offences

Unauthorized access to computer systems by exploiting vulnerabilities.

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Distributed denial-of-service (DDoS) attacks

Attacks that flood a target's resources using multiple compromised systems.

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Extortion

Using ransom to threaten exposure or damage unless payment is made.

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Web Defacement

Malicious alteration of a webpage by intruders.

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Remote Hacking

Exploiting software vulnerabilities remotely to gain control over devices.

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Deepfake Attacks

Synthetic media creations used for impersonation or misinformation.

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Multi-vector Threats

Cyber attacks that use various methods to compromise security.

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Bot Scams

Using bot malware to control numerous computers for malicious purposes.

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Cyber Crime Insurance

Insurance that covers losses from cyber incidents.

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Pandemic

A disease outbreak occurring over a wide geographic area affecting a high proportion of the population.

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Operational Risk

Risk of loss resulting from inadequate or failed internal processes.

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Insurance Coverage Risk

Potential for claims incurred during a pandemic exceeding policy limits.

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Climate Change

Long-term changes in temperature and weather patterns affecting environmental conditions.

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Generative AI

AI that creates new content, such as text, images, or code.

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Cannabis Risk

Insurance considerations associated with legal cannabis production and sale.

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Forever Chemicals

Per- and polyfluoroalkyl substances (PFAS) known for longevity in the environment.

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Smart Contracts

Self-executing contracts with terms written into code on a blockchain.

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Risk Assessment

The process of evaluating risks to determine their potential impact.

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Reinsurance

Insurance purchased by insurance companies to manage risk.

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Micro Insurance

Insurance with low premiums designed for low-income individuals.

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Parametric Insurance

Insurance that pays out based on specific parameters being met.

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Real-Time Insurance

Insurance that adapts coverage and premiums to current conditions.

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Insurance Frauds

Claims that are exaggerated, falsified, or otherwise dishonest.

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Insurance Regulation

Laws and guidelines governing how insurance companies operate.

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Epidemic

An outbreak of a disease occurring in a community or region.

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Endemic

The constant presence and/or usual prevalence of a disease in a population.

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Liability Insurance

Insurance that protects against claims resulting from injuries and damage to people or property.

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Commercial General Liability (CGL) Insurance

Insurance that protects businesses from legal claims due to accidents.

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Business Interruption Insurance

Insurance that covers loss of income during periods when a business cannot operate.

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Evidence of Coverage

Documentation from an insurer confirming policy details and coverage limits.

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Negligence

Failure to take proper care in doing something, leading to damage or injury.

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Policy Exclusion

Provisions in an insurance policy that exclude certain risks from coverage.

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Claims Processing

The handling of claims submitted by insured parties.

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Telematics

Technology that uses telecommunications and monitoring to collect data.

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Cyber Liability

Legal responsibility related to data breaches and cyber incidents.

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Insurtech

Technological innovations in the insurance sector.

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Operational Resilience

An organization's ability to withstand and recover from disruptions.

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Insurance Underwriting

The process of evaluating risk and determining policy terms.

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Best Practices

Methods or techniques that are accepted as superior to others.

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Disaster Recovery Plan

A documented process to recover and protect a business IT infrastructure.

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Incident Response Plan

A plan for responding to and managing the aftermath of a security breach.

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Data Breach

An incident where unauthorized access is obtained to sensitive data.

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Insurance Fraud Detection

Methods used to identify fraudulent claims.

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Digital Transformation

The incorporation of digital technology into all aspects of a business.

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Claim Settlement

The resolution of a claim, usually involving a payout.

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Insured Property

Property or assets covered by an insurance policy.

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Reinsurance Broker

An intermediary who helps insurance companies obtain reinsurance.

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Insurance Premium

The amount paid for an insurance policy.

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Risk Pooling

Sharing risk by putting together multiple debts or liabilities.

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Emerging Risks

New and evolving risks that insurers may face.

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Loss Adjustment Expense (LAE)

Expenses incurred by insurers while investigating and settling claims.

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Policyholder

An individual or entity that owns an insurance policy.

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Coverage Limits

The maximum amount an insurer will pay for a covered loss.

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Business Continuity Planning

Preparation for potential disruptions to business operations.

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Privacy Laws

Regulations that govern the collection, storage, and sharing of personal information.

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AI in Insurance

Using artificial intelligence to enhance various insurance processes.

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Underwriting Guidelines

Criteria set by insurers to assess risk and determine policy terms.

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Insurance Market Trends

Current developments and changes within the insurance industry.

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Crisis Management

Strategies and processes used to manage emergencies.

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Insurance Portfolio

Collection of insurance policies held by an insurer.

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Insurance Act

Legislation that governs the insurance industry.

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Loss Reserve

Funds set aside to cover future claims.

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Market Liquidity

The ease with which assets can be bought or sold in the market.

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Asset Protection

Strategies to safeguard an individual's or entity's assets.