13.1 vocab
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14 terms
Terms | Definitions |
|---|---|
 insurance | protection against possible financial loss |
| insurance company | a risk sharing business that agrees to pay for losses that may happen to someone it insures |
| policy | a persons joins the risk sharing group by purchasing a contract |
| policyholder | the purchaser of the policy |
| premium | a fee that the policyholder pays the company |
| coverage | the protection provided by the terms of an insurance policy |
| insured | people protected by the policy |
| risk | the chance of loss or injury |
| peril | anything that may possibly cause a loss |
| hazard | anything that increases the likelihood of loss through some peril |
| negligence | the failure to take ordinary or reasonable care to prevent accidents from happening |
| deductible | the set amount that the policyholder must pay per loss on an insurance policy |
| claims | or requests for payment to cover financial losses |
| liability | legal responsibility for the financial cost of another persons losses or injuries |
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