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Insurance & RiskMgmt

Insurance and Risk Management

TermDefinition
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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