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Terms in this set (21)
A document detailing the terms and condition of the insurance contract
Amount to be paid for insurance
The likelihood of something happening
The possibility of a loss or something bad happening
Request for payment of a loss
The total amount to be paid on a policy
The amount the insured/policyholder must pay before the insurance company pays the claim
The person whose name is on the policy
the possibility of financial loss. Situations that can lead to financial gain, loss or failure.
the systematic process of managing an organization's risks to achieve objectives in a manner consistent with public interest, human safety, environmental needs, and the law.
risks that result from changes in overall business conditions.
Risks caused by natural causes, such as floods, tornadoes, hurricanes, fires, etc.
risks caused by human mistakes or dishonesty, or other risks that can be controlled by humans.
minimizing potential losses by preventing, avoiding, or reducing risk
buying insurance to shift the risk of financial loss to an insurance company
lowers the chance for loss by not doing the activity that could result in the loss
business assumes the cost of uninsurable risks
Worker's Compensation Insurance
Provides benefits to an employee or the employee's dependents for injury, disability, or disease contracted by the employee in the course of his/her employment
Protects a business from losses and damage to building, equipment, fixtures, and merchandise
Protects a business from lawsuits if a customer is injured on business property or if an employee causes damage
paid to beneficiaries when the insured person dies.
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