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Insurance & RiskMgmt
Insurance and Risk Management
| Term | Definition |
|---|---|
| Arbitration | The process by which the parties to a dispute submit their differences to the judgment of an impartial person or group appointed by mutual consent or statutory provision |
| Better Business Bureau (BBB) | an alliance of U.S. and Canadian businesses that promotes consumer education and ethical business practices |
| Claim | a request to cover losses from a specific event |
| Coverage | protection against a specific kind of loss |
| Deductible | the amount an insured pays on a claim before the insurer pays the remainder |
| Insurability | an insurer's determination that an individual meets the company's criteria to be insured |
| Insurance | financial protection that spreads risk among a large group of people |
| Insurance Policy | a contract written to protect individuals named in the policy against specific future losses |
| Insurance Premium | payment made by the insured to the insurer |
| Insurance Score | a rating that predicts the likelihood of an individual to file an insurance claim |
| Insured | an individual usually but not always the buyer, covered by an insurance policy |
| Insurer | the company or agency that writes an insurance policy |
| Liability | legal responsibility |
| Misrepresentation | the unethical practice of making false claims about an insurance policy, or a competitor's policy, to make a sale |
| Predatory Pricing | the practice of undercutting competitors' prices to drive them out of business and take over their share of the market |
| Risk | a situation in which some kind of loss is possible |
| Risk Management | an organized strategy for controlling financial loss from pure risk |
| Small Claims Court | a local court in which claims for small sums of money can be heard and decided quickly and cheaply, without legal representation |
Created by:
mcking
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