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