How can we help?

You can also find more resources in our Help Center.

16 terms

Chapter 32

STUDY
PLAY
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