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10 Cards in this Set
- Front
- Back
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risk
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uncertainty or chance of loss
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loss
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reduction in value of an asset
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hazard
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increases the likelihood of a loss
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peril
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cause of a loss
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accident
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unplanned, unintended, unpredicted event
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incurable interest
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when an individual or entity will suffer a financial loss of the insured's property is damaged, destroyed, or if the individual is sued for liability
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deductible
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represents the amount of loss the insured would retain in the event of a loss
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binder
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temporary insurance valid for 60 days
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monoline policies
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provide coverage fore one line of insurance such as commercial property
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package policies
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provide coverage for more than one line of coverage ie businessowners policies which may cover commercial property and liability
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