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P&C Insurance

property and casualty

TermDefinition
Claim The demand for payment from the insurer following a covered loss.
Exposure Any condition or situation that could lead to a loss. The potential for financial loss.
Hazard A condition that increases the chances of loss.
Indemnify To restore someone to the same financial position at which they existed before the loss
Law of Large Numbers Mathematical principle used to predict losses
Insurance Transferring risk from an individual or business to an insurer
Insurance Policy A legal contract used to transfer risk.
Insured The party transferring risk to an insurer
Insurer The party accepting the transfer of risk from another
Legal Liability Responsibility for injury to another person or their property
Loss Any reduction in the quantity, quality, or value of something.
Loss of Use When damage to real or personal property causes a financial loss because the real or personal property cannot be used.
Moral Hazard When the chance of loss is increased because of the insured's attempt to gain from insurance
Morale Hazard When the chance of loss is increased because of the insured's attitude toward safety.
Personal Property All property other than real property ie., household furnishings, business inventory, boat, watercraft.
Peril Something that causes loss ie., fire wind, hail
Physical Asset Real or personal property
Physical Hazard When the chance of loss in increased by the construction, use or location of the property.
Pure Risk Risk that only involves the possibility of loss only
Real Property Buildings or other structure ie., house, garage, fence
Risk Financial uncertainty of loss
Terrorism Risk Insurance Act (TRIA) Law passed to create a federal backstop for property and casualty insurance claims related to acts committed by foreign interest
Insurable Interest Based on a person's legal right to the preservation of the property
Speculative Risk There is a possibility of gain or loss ie., gambling, purchasing stock
Created by: prettylavish88
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