| A | B |
|---|
| claim | A policyholder's request for payment for a loss that is covered by the insurance policy |
| risk | The possibility of incurring a loss |
| counterfeiting | Illegal uses of intellectual property, patents, trademarks, and copyrights |
| economic risk | Those that can result in economic loss |
| insurance | Exchanges the uncertainty of a possible large financial loss for a certain smaller payment |
| insurance policy | States the conditions to which the insurance company and the policyholder have agreed |
| insured | The person or business for which the risk is assumed |
| insurer | Agrees to take on certain economic risks and to pay for losses if they occur |
| liability risks | Related to harm or injury to other people or their property because of your actions |
| personal risks | Can result in losses, such as health and personal well being |
| policyholder | The person or company purchasing the policy |
| premium | The amount the policyholder must pay for insurance coverage |
| property rights | The exclusive rights to possess and use property and its profits |
| property risks | Can lead to a loss of personal or business items such as money, vehicles, and buildings |
| pure risk | Presents the chance of loss but no opportunity for gain |
| controllable risk | Those that can be reduced or eliminated by actions you take |
