Chapter 32
About this set
Created by:
CarmenMiller on March 16, 2011
Subjects:
Log in to favorite or report as inappropriate.
Order by
16 terms
Terms | Definitions |
|---|---|
 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 |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.