| A | B |
|---|
| risk | the possibility of incurring a loss |
| economic risk | can result in financial loss |
| personal risk | can result in personal losses such as health |
| property risk | can lead to loss of personal or business property |
| liability risk | harm or injury to other people or property |
| pure risk | the chance of loss but no opportunity for gain |
| controllable risk | one that you can reduce or eliminate by actions you take |
| insurance | exchanges uncertainty of possible large financial loss for a certain smaller payment |
| insurers | companies that provide planned protection against economic losses |
| insured | the person or business for which the insurer assumes the risk |
| policyholder | the person or company buying a policy |
| insurance policy | states the conditions to which the the company and the policyholder have agreed |
| premium | the amount the policyholder must pay for insurance coverage |
| claim | a policyholder's request for payment for a loss covered |
| property rights | exclusive rights to possess and use property and its profits |
| counterfeiting | illegal uses of intellectual property, patents, trademarks and copyrights |
