Insurance Terminology Flashcards

The insurance company that undertakes to provide the insurance cover.

(a)  

The individual or organization that takes out the insurance cover.

(a)  

A written contract where the insurer agrees to protect the insured against a specified risk.

(a)  

The regular payment made by the insured to the insurer for coverage.

(a)  

Events like fire or theft against which insurance cover is taken.

(a)  

A risk that results in loss if it occurs and no gain if it doesn’t (e.g., accident).

(a)  

A risk that can result in either a loss or a gain (e.g., stock exchange).

Risks that can be insured — their occurrence is predictable and measurable.

(a)  

Risks that insurers avoid because they are unpredictable or too large to cover (e.g., war).

Professionals who calculate risks and premiums for insurance companies.

(a)