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17 Cards in this Set
- Front
- Back
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Claim
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A policyholder's request for payment for a loss that is covered by the insurance policy
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Controllable risk
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Those that can be reduced or eliminated by actions you take
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Counterfeiting
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illegal uses of intellectual property,patents,trademarks and copyrights.
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Economic Risk
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Those that can result in financial loss
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Insurance
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Exchanges the uncertainty of a possible large financial loss for a certain small payment
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Insurance policy
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States the conditions to which the insurance company and the policy holder have agreed
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Insured
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the person or business for which the risk is assumed
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Insurer
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Agrees to take on certain economic risk and to pay for losses if they occur
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Liability Risk
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Related to harm or injury to other people or their property because of your actions
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Personal risk
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Can result in losses, such as health and personal well being.
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Policyholder
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The person or company purchasing the polity
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Premium
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the amount the policyholder must pay for insurance coverage
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Property Rights
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The exclusive right to posses and use property and its profits
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Permanent Life insurance
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life insurance that has cash value and an investment feature
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Property Risk
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Can lead to a loss of personal or business items such as money,vehicles,and buildings
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Pure Risk
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Presents the chance of loss but no opportunity for gain
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Risk
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Th possibility of incurring a loss
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