| A | B |
|---|
| economic risk | a risk that results in financial loss |
| personal risk | a risk resulting in a personal loss such as health |
| property risk | a risk that leads to loss of personal or business property such as money, vehicles and buildings |
| liability risk | a risk that relates to harm or injury to other people or their property because of your actions |
| non-economic risk | a risk that results in an inconvenience or embarrassment but does not have financial impact |
| pure risk | a risk that presents the chance of loss but no opportunity for gain |
| speculative risk | a risk that offers the chance either to gain or to lose |
| controllable risk | a risk that you can reduce or eliminate by actions you take |
| uncontrollable risk | a risk that cannot be reduced by your actions |
| insurable risk | a risk that a large number of people face and the possible amount of loss can be predicted |
| uninsurable risk | a risk that is not common or it is impossible to predict the amount of loss that can be suffered |
| risk | the possiblity of incurring a loss |
| insurance | a form of risk protection that exchanges the uncertainty of a possible laarge financial loss for a certain smaller payment |
| insurer | company that agrees to take on certain economic risks and to pay for losses if they occur |
| insured | the person or business for which the insurer assumes the risk |
| policyholder | the person or company buying an insurance policy |
| insurance policy | written contract that states the conditions to which the insurance company and policyholder have agreed |
| premium | the amount the policyholder must pay for insurance coverage |
| claim | a policyholder's request for payment for a loss that the insurance policy covers |
