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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


planned protection provided by sharing economic losses

insurance company

businesses that provide planned protection


a person whose interests are protected by an insurance policy


written contract of insurance


periodic amount of money the insured pays for insurance


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


amount policyholder must pay before the insurance company pays the claim


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


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


possibility of incurring a finanical loss


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

insurance agent

licensed person who sells insurance

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