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16 Cards in this Set
- Front
- Back
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Agrees to take on certain economic risks and to pay for losses if they occur. |
insurer |
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Those risks that can be reduced or eliminated by actions you take. |
controllable risk |
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Illegal uses of intellectual property patents, trademarks, and copyrights. |
counterfeiting |
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The amount the policyholder must pay for insurance coverage. |
premium |
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The person or business for which the risk is assumed. |
insured |
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Those risks that can result in financial loss. |
economic risk |
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The possibility of incurring a loss. |
risk |
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A policyholder's request for payment for a loss that is covered by the insurance policy. |
claim |
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The person or company purchasing the policy. |
policyholder |
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This risk presents the chance of loss but no opportunity for gain. |
pure risk |
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The exclusive rights to possess and use property and its profits. |
property rights |
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States the conditions to which the insurance company and the policyholder have agreed. |
Insurance policy |
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Exchanges the uncertainty of a possible large fianancial loss for a certain small payment. |
insurance |
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This risk can result in losses, such as health and personal well being. |
personal risks |
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This risk can lead to a loss of personal or business items such as money, vehicles, and buildings. |
property risks |
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This risk is related to harm or injury to other people or their property because of your actions. |
liability risk |
