| A | B |
|---|
| Casualty | ” It is mainly liability insurance coverage of an individual or organization's for negligent acts or omissions. “ |
| Deductible | ”The amount you have to pay out |
| Inherent Risk | ” The probability of loss arising out of circumstances or existing in an environment |
| Insurable | ”A risk that a typical insurance company will cover. “ |
| Insurance | ”A written contract between the insured and an insurance company that promises to pay for all or part of a loss. Examples of types of insurance include |
| Insurance Agency | ”Individual who is licensed by a state to sell insurance for one or more specific insurance companies. “ |
| Insurance Discounts | ”Customers can get discounts on insurance for having lower risk factors. For example |
| Keyman Life Insurance | ” Key person insurance |
| Lawsuit | ” Court case between individuals: a legal action brought between two private parties in a court of law. “ |
| Legal Liabilities | ”In law |
| Life Insurance | ”A way of providing legacy: a plan under which regular payments are made to a company during somebody's lifetime |
| Limited Liability Company (LLC) | ”A company similar to an S corporation but without the special eligibility requirements. A flexible form of enterprise that blends elements of partnership and corporate structures. The responsibilities of a business’s owners for losses only up to the amount they invest; limited investors have limited liability. “ |
| Loss | ”When a business’s expenses are more than its revenues coming in. “ |
| Negligence | ”In tort law |
| Non | ”insurable |
| Pilferage | ”A crime of theft of little things |
| Premium | ” In insurance |
| Pure Risk | ”Category of risk in which loss is the only possible outcome; there is no beneficial result. Pure risk is related to events that are beyond the risk-taker's control and |
| Risk | ”The chance an entrepreneur takes of losing money and time on a business that may not prove profitable. The chance of failure or loss. “ |
| Risk Avoidance | ” technique of risk management that involves taking steps to remove a hazard |
| Risk Management | ” The systematic process of managing an organization’s risks to achieve objectives in a manner consistent with public interest |
| Economic risk | ” Competition |
| Natural risk | ” Floods |
| Human risk | ” Employee mistakes |
| Risk Reduction | ” A systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence. “ |
| Risk Retention | ” An approach in which a business sets aside a sum as a protection against probable loss |
| Risk Transfer | ” shifting the risk from one party to another; examples include purchasing insurance coverage or issuing debt. “ |
| Self | ”insured |
| Speculative Risk | ” A type of risk not typically insurable |
