BusFin Ch 10 Vocabulary

Front

a person or organization designated to receive the proceeds of the insurance policy

Back

Beneficiary

Front

results from negligent acts against individuals or organizations

Back

Civil liability

Front

the insured and insurer share the risk by paying a defined amount of the costs

Back

Coinsurance

Front

risks that can be reduced or avoided by thoughtful actions

Back

Controllable risks

Front

the monetary limits and risks covered by an insurance policy

Back

Coverages

Front

liability that results from breaking a law

Back

Criminal liability

Front

an identified amount of a loss that must be paid by the insured before the insurer is liable

Back

Deductible

Front

a chance of financial gain or loss

Back

Economic risk

Front

risks that result from the actions of individuals, groups, or organizations

Back

Human risks

Front

the insured will suffer a financial loss if the insured event occurs

Back

Insurable interest