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economic risk

risk related to property liability and one's own personal well being

personal risks

loss of income or life due to illness, disability, old age, or unemployment

property risks

losses to property caused by perils, such as fire, theft, and hazards

liability risks

harm or injury to other people or their property because of your actions

insurance

planned protection provided by sharing economic losses

insurance company

businesses that provide planned protection

insured

a person whose interests are protected by an insurance policy

policy

written contract of insurance

premium

periodic amount of money the insured pays for insurance

claim

policyholder's request for payment for a loss covered by an insurance policy

deductible

amount policyholder must pay before the insurance company pays the claim

coinsurance

sharing of expenses by policyholder and the insurance company (80/20)

copay

flat fee paid by the patient in the office to receive medical care

risk

possibility of incurring a finanical loss

self-insurance

individual, family or business assumes the total risk of economic loss

insurance agent

licensed person who sells insurance

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