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55 Cards in this Set

  • Front
  • Back

Insurance

A method of spreading the risk to portect assets and income

Policyholder

An insurer or ____, is a bussiness that issues policies of insurance

Insurable intrest

Is any interest in life or property that would result in a financial loss

Risk management

An oragnized strategy for protecting assets to help reduce financial loss called

Pure risk

There is always a chance of loss if certain events (perils) occur

Risk assumption

Means that you self-insure or pay for losses personally

Policy

A written insurance contract is called an insurance...

Risk reduction

You take measures to lessen the frequency or severity of losses that may occur

Risk

The possibility of a loss is called ...

Premuim

A fee, that is paid by the policyholder

Indemnification

Putting the policyholder back in the same financial condition as before a loss is called...

Probabily

The mathematics of chance or likelihood of and event occurring

Property risk

The possibilities of loss or harm to real property are called...

Personal risks

Are those potential losses involving income and standard of living

Liability risk

Both income and assets are protected from ___ arising out of errors or negligence



Speculative risk

Is one in which there may be either a gain or a loss

Risk avoidence

Occurs when you avoid situations that involve substantial risk

Risk assumption

Results when a financial loss can be determined

Homeowner's

insurance protects you from loss in the event your home is damaged or destroyed

Liabilty

The legal responsibility for the financial cost of another peron;s losses or injuries

Renter's Policy

Protects personal possessions kept on someone else's property

Attractice nuisance

A dangerous place, condition, or object that is especially attractive to childern

Collision

coverage, your own car is repaired or replaced if you are at fault in an accident

Comprehensive

Coverage. Damage to your car other than being hit or upset is covered by insurance

Endorsement

A written amendment to an insurance policy

Adjusters

Determine the value of what was destoryed or damaged by fire or other event causing loss.

Full coverage

All types of insurance purchased in one single policy

Personal injury protection

Medical, hospital, and funeral costs of the insured and his or her family and pssengers is called ___



Uninsured Motorist

In the event you are injured in an accident with a motorist without insurance, your ___ coverage pays your costs

Co-insurance

clause requires the policyholder to carry insurance equal to or exceeding 80 percent of the replacement cost of the building

Personaly property floater

Protects specific itmes of personal property

Misdemeanors

Serious traffic offenses, called___, will result in increased insurance premuims

No-fault insurance

laws provide for the repair or replacement oyour car by your own insurance company, regardless of who was at fault in an accident

Drivers' Classification

An insurance category based on age,sex,marital status, driving record, and driving habits

Assigned risk pool

A person unable to obtain insurnce goes into a(n) ___ that is available in every state

Umbrella liability

Insurance policy supplements basic personal liabilty coverage

Increased

Medical costs have ___ rapidly in the last decade, leaving many people without health insurance coverage

Coordination of benefits

When benefits from more than one health plan are limited to 100 percent of medical costs, this is called____

Health

___ Insurance is a plan for sharing the risk or financail loss resulting from an accident or illness

Life

____ Insurance provides protectiond from financial loss that might otherwise occur when a person dies

Beneficiary

People who will inerit money at the death of the insured are called_____

Inconestable

With a(n)____ clause insurance cannot be cancelled during a specified period of time

Rider

A smalle insurance policy that modifies the coverage of the main policy

Renewable

____ Term insurance gives the policyholder the right to renew each year, without having to pass a physical exam.

HMO (Health insurance maintance org.)

A group health insurance plan offering prepaid medical care care to it's members

PPO (Perferred Provider)

A group of health care providers who band together to prvoide health servies for set fees

Group health insurance

The most common type of health insurance

Straight life

Wth a ____ policy, premiums are paid throughout the life of the insured

Basic health insurance

The 3 types of insurance (medical, hospital, and surgical) are called _____

Mortaility

To predict the likelihood of death occuring, insurance companies use ____ tables

Guarnteed insurance Riders

Give a policyholder the right to buy a new policy or additional coverage without evidence of good health

Wavior of premium

A _____ rider allows you to stop paying premiums and keep your coverage in force if you become disabled

Term

___ Life insurance is protection for a specified period of time

Cash value

___ Is an amount available to borrow or at cancellation when you own a permanent life insurance policy.

Universal life

A type of permanent insurance, ___ has a premium and a death benefit that are not fixed