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14 terms

13.1 vocab

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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