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13.1 Risk Mgmt jw

Learn key insurance and risk management terms

TermDefinition
Insurance Protection against possible financial loss.
Coverage The protection provided by the terms of an insurance policy.
Insured The person protected by the insurance policy
Insurer or Insurance Company A risk sharing business that agrees to pay for losses that may happen to someone it insures.
Policy A contract with a risk sharing group
Premium A fee for insurance
Risk The chance of loss or injury
Peril Anything that may possibly cause loss (fire, windstorms, explosions, theft, accidents)
Hazard Anything that increases the likelihood of loss through peril. (like faulty wiring could increase chances of fire)
Personal Risk Involves loss of income or life due to illness, disability, old age, unemployment
Property Risk Involves losses to property caused by perils, such as fire, theft
Liability Risk Involves losses caused by negligence that leads to injury or property damage
Negligence Failure to take ordinary or reasonable care to prevent accidents from happening.
Risk Assumption Taking on responsibility for the negative results of a risk.
Deductible a set amount that a policyholder must pay per loss on an insurance policy
Liability a legal responsibility for the financial cost of another person's losses or injuries
Created by: joannw15
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