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10 Cards in this Set
- Front
- Back
Risk
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the chance of financial loss from perils to people or property
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Insurance
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teh method for spreading invivual risk among large group of people to make losses more affordable for all
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insurer
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a business taht agrees to pay the cost of potential future losses in exchange for regular fee payments
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policy
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a written insurance contract
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premium
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under the policy, the insurer agrees to assume an indentified risk for a fee
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policyholder
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usually paid at regular intervals byt thr owner of the policy
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indemnification
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putting the policyholder back in the same financial condition he or she was in before the loss occured
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probability
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the mathematics of chance and the root of indemnification
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personal risk
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the chances of loss involving your income and standard of living
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property risk
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teh chances of loss or harm to personal or real property
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