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Chapter 35

Economic riskThe possibility of incurring a loss relating to property liability and ones own personal well being.
ClaimA policyholder request for payment for a loss that is covered by the insurance policy.
Economic losssWhen something that has some financial value is lost or destroyed.
insuranceThe planned protection provided by sharing economic losses
insurance agenta person who sells insurance.
insurance commissiona state agency that makes sure that insurance premium rates and pratices are fair.
insurance companiesbusinesses that provide planned protetion against economic loss
insured or policyholderthe person for whom risk is assumed by an insurance company.
liability riskspotential losses to others that occur as a result of injury or damage that you may have caused
personal risksRisks associated with illness, disability losss of incume unemployment old age and premature death
policya contract that states the conditions to which the insurance company and the policyholder have agreeed
premiumthe amount that a policyholder must pay for insurance coverage
property risksthe risk of damage or loss of property due to theft wind fire flood or some other hazard.
self-insuranceWhen an induvidual family or business assumes the total risk of economic loss.

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