Insurance Operations CH 1 vocab flashcard

Front

Minimizing risk

Back

Risk Reduction

Front

Expense for a claim paid by a policyholder

Back

Deductible

Front

Shifting financial loss risk to an insurer

Back

Risk Transfer

Front

Person who buys the insurance policy

Back

Policyholder

Front

Eliminating risk steps

Back

Risk Avoidance

Front

Planning for losses rather than transferring risk

Back

Risk Retention

Front

Probability of an event and its consequences

Back

Risk

Front

Documenting loss against an insurance policy

Back

Claim

Front

Evaluating risk and minimizing loss

Back

Risk Management

Front

Financial product offering protection against specific loss

Back

Insurance