Personal Risk Management Vocabulary

Social device providing financial compensation for the effects of misfortune

• Risk

• Premium

• Auto Insurance

• Insurance

Potential of losing something of value

• Identity Theft

• Risk

• Financial Risk

• Risk Reduction

Insurance policy which compensates lenders or investors for losses due to default of a mortgage loan

• Mortgage Loan

• Property Insurance

• Mortgage Insurance

• Term Life Insurance

Unauthorized use of someone's personal identifying information to commit fraud or other crimes

• Identity Theft

• Fraud

• Identity Recovering

• Commercial Identity Theft

Tracks activities on credit reports through the major credit reporting agencies

• Commercial Identity Theft

• New Account Fraud

• Identity Monitoring

• Credit Monitoring

Idea of reducing the extent or possibility of a loss

• Risk Transfer

• Risk Avoidance

• Risk Reduction

• Risk Retention

Involves accepting the risk

• Safety Risk

• Risk Retention

• Risk Transfer

• Risk Avoidance

Type of insurance coverage which pays for medical and surgical expenses

• Property Insurance

• Auto Insurance

• Life Insurance

• Health Insurance

Periodical bill a policy holder pays to keep coverage in effect

• Premium

• Deductible

• Insurance

• Risk

Covers the tenant's personal property against events such as: fire, theft, and vandalism

• Homeowner's Insurance

• Property Insruance

• Mortgage Insurance

• Renter's Insurance