The
possibility that a loss or injury will occur.
A risk that
accompanies the possibility of earning a profit.
A risk that
involves only the possibility of loss, with no potential for
gain.
The process of
evaluating the risks
faced by a firm or an individual and then
minimizing the costs involved with those risks.
The process of
establishing a monetary fund that can be used to cover the cost
of a loss.
A firm that
agrees, for a fee, to assume financial responsibility for losses
that may result from a specific risk.
The fee
charged by an insurance company.
The contract
between an insurer and the person or firm whose risk is assumed.
The protection
against loss that is afforded by the purchase of an insurance
policy.
A risk that
insurance companies will assume.
A risk that
insurance firms will not assume.
In the event
of a loss, an insured firm or individual cannot collect, from
the insurer, an amount greater than the actual dollar amount of
the loss.
An insurance
company that is owned by stockholders and is operated to earn a
profit.
An insurance
company that is collectively owned by its policyholders and is
thus a cooperative.
Insurance that
covers losses due to fire.
A part of a
fire insurance policy that requires the policyholder to purchase
coverage at least equal to a specified percentage of the
replacement cost of the property to obtain full reimbursement
for losses.
Insurance
protection against damage caused by wind, hail, explosion,
vandalism, riots or civil commotion, falling aircraft, and
smoke.
An insurance
policy that protects a business from theft, forgery, or
embezzlement by its employees.
Insurance that
covers financial losses resulting from injuries or damages
caused by the insured vehicle.
Insurance that
covers damage to the insured vehicle.
A method of
paying for losses suffered in an automobile accident; enacted by
state law, requires that those suffering injury or loss be
reimbursed by their own insurance companies, without regard to
who was at fault in the accident.
Insurance that
protects the policyholder from financial losses due to injuries
suffered by others as a result of negligence on the part of a
business owner or employee.
Insurance that
protects the policyholder from financial losses due to injuries
suffered by others as a result of using the policyholder's
products.
Insurance that
protects the policyholder against loss or damage to a ship or
its cargo on the high seas.
Insurance that
protects against loss or damage to goods shipped by rail, truck,
airplane, or inland barge.
Insurance
protection for a business whose operations are interrupted
because of a fire, storm, or other natural disaster.
Insurance that
covers medical expenses and provides salary continuation for
employees who are injured while they are at work.
Insurance that
covers the cost of medical attention, including hospital care,
physicians' and surgeons' fees, prescription medicines, and
related services.
An insurance
plan that directly employs or contracts with selected physicians
and hospitals to provide health&-care services in exchange
for a fixed, prepaid monthly premium.
Offer the
services of doctors and hospitals at discount rates or give
breaks in copayments and deductibles.
Insurance that
pays a stated amount of money on the death of the insured
individual.
Individual or
organization named in a life insurance policy as recipient of
the proceeds of that policy on the death of the insured.
Life insurance
that provides protection to beneficiaries for a stated period of
time.
Life insurance
that provides both protection and savings.
An amount that
is payable to the holder of a whole life insurance policy if the
policy is canceled.
Life insurance
that provides protection and guarantees the payment of a stated
amount to the policyholder after a specified number of years.
Life insurance
that combines insurance protection with an investment plan that
offers a potentially greater return than that guaranteed by a
whole life insurance policy.
