Chapter 5 Risk management & Insurance Calc

Front

Participating in insurance is BEST considered an example of risk __________ .

Back

Transfer

Front

You are in a car accident in which you are at fault. The other person requires medical treatment and car repairs as a result. What type of insurance do you need?

Back

Auto insurance (with liability included)

Front

The technique of assessing, minimizing, and preventing accidental loss to a business, as through the use of insurance, safety measures, etc.

Back

risk management

Front

A formal request to an insurance company asking for a payment based on the terms of the insurance policy.

Back

Claim

Front

The total amount and type of insurance carried.

Back

Coverage

Front

The person, group, or property for which an insurance policy is issued. The condition of having insurance.

Back

Insured

Front

Earthquakes, typhoons, and tsunamis are threats, which is also called ______________

Back

Hazard

Front

A stone hits your windshield. Which type of coverage would likely cover this expense?

Back

Comprehensive

Front

The amount paid for insurance is the

Back

premium

Front

The person named in a life insurance policy to receive the death benefit is called the

Back

beneficiary