Risk

Risk is

• measures taken to prevent harm

• a situation involving danger

• obligation to pay

• a demand or request

Risk Management is...

• likelihood something will happen

• one who owns the insurance

• actions taken to prevent danger

Insurance is...

• obligation to pay

• a demand or request to pay

• a risk management technique

Policyholder is...

• one who owns the insurance

• a situation involving exposure to dander

• one who is covered by the insurance policy

Policy is...

• the extent of protection afforded by an insurance policy

• a contract between the insurer and the insured

• a document demand or request to pay

Claim is...

• a demand or request for something

• the extent of protection afforded by a policy

• a situation exposure to danger

Coverage is...

• a demand to pay

• a demand or request for something

• the extent of protection by a policy

Deductible is..

• amount paid out of pocket before insurance pays

• obligation to pay

• one who owns the insurance

• a claim to be paid

Liability is...

• obligation to pay

• a contract between the insurer and insured

• likelihood that something will happen

An insured person is...

• the person who pays

• one who is covered by a policy

• pays the premium and deductible for a policy