| A | B |
|---|
| Economic Risk | The possibility of incurring a loss related to property liabilty & one's own personal well being. |
| Risk | The possibility of incurring a loss. |
| Personal Risk | Risks associated with illness, disability, loss of income, unemployment, old age & premature death. |
| Property Risks | The risk of damage to or loss of property due to theft, wind, fire, flood, or some other hazard. |
| Liabilty Risks | Potential losses to others that occur as a result of injury or damage that you may have caused. |
| Insurance | The planned protection provided by sharing economic losses. |
| Insurance Companies | Businesses that provide planned protection against economic loss. |
| Policy | A contract that states the conditions to which the insurance company & the policyholder have agreed. |
| Premium | The amount the policyholder must pay for insurance coverage. |
| Claim | A policyholder's request for payment for a loss that is covered by the insurance policy. |
| Deductible | The amount you must pay before the insurance company pays a claim. |
| Self-Insurance | When an individual, family, or business assumes the total risk of economic loss. |
| Coinsurance | The sharing of expenses by the policyholder & the insurance company. |
| Insurance Agent | A person who sells insurance. |
| Insured / Policy Holder | The person for whom risk is assumed by an insurance company. |
