Chapter 14

Agrees to take on certain economic risks and to pay for the losses if they occur.

Insurer

Those that can be reduced or eliminated by actions you take.

Controllable Risk

Illegal uses of intellectual property, patents, trademarks, and copyrights.

Counterfeiting

The amount the policyholder must pay for insurance coverage.

Premium

The person or business for which the risk is assumed.

Insured

Those that can result in a financial loss.

Economic Risk

The possibility of incurring a loss.

Risk

A policyholder's request for payment for a loss that is covered by the insurance policy.

Claim

The person or company purchasing the policy.

Policyholder

Presents the chance of loss but no opportunity for gain.

Pure Risk

The exclusive rights to possess and use property and its profits.

Property Rights

States the conditions to which the insurance company and policyholder have agreed.

Insurance Policy

Exchanges the uncertainty of a possible large financial loss for a certain smaller payment.

Insurance

Can result in losses, such as health and personal well-being.

Personal Risk

Can lead to a loss of personal or business items such as money, vehicles, and buildings.

Property Risk

Related to harm or injury to other people or their property because of your actions.

Liability Risk

Agrees to take on certain economic risks and to pay for the losses if they occur.

Insurer

Those that can be reduced or eliminated by actions you take.

Controllable Risk

Illegal uses of intellectual property, patents, trademarks, and copyrights.

Counterfeiting

The amount the policyholder must pay for insurance coverage.

Premium

The person or business for which the risk is assumed.

Insured

Those that can result in a financial loss.

Economic Risk

The possibility of incurring a loss.

Risk

A policyholder's request for payment for a loss that is covered by the insurance policy.

Claim

The person or company purchasing the policy.

Policyholder

Presents the chance of loss but no opportunity for gain.

Pure Risk

The exclusive rights to possess and use property and its profits.

Property Rights

States the conditions to which the insurance company and policyholder have agreed.

Insurance Policy

Exchanges the uncertainty of a possible large financial loss for a certain smaller payment.

Insurance

Can result in losses, such as health and personal well-being.

Personal Risk

Can lead to a loss of personal or business items such as money, vehicles, and buildings.

Property Risk

Related to harm or injury to other people or their property because of your actions.

Liability Risk