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10 Cards in this Set
- Front
- Back
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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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A method for spedaing individual risk among a large group of people to make losses more affordable for all
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Insurer
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A business that agress to pay the cost of potential future losses in exchange for regular fee payments
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Policy
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Written insurance contract
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Premium
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An identified risk for a fee
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Policyholder
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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 occurred
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Probability
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The mathematics of chance and trhe 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 Risks
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The chance of loss or harm to personal or real property
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