14.2 Insurable Risks

An insurance policy states the conditions to which

• the insurance company and policy holder have agreed

• the insurance company and insurer have agreed

• the insurer and the insured have agreed

• the policyholder and the insurer have agreed

Life insurance payments are made to people named in the policy known as_____.

The person who represents an insurance company and sells policies to individuals and business is an insurance _____.

Three major categories of business insurance are

• personnel, property, and economic conditions

• customers, employees, and vendors

• personnel, property, and operations

• tech changes, consumer demand, and economic conditions

The amount a policyholder must pay for insurance coverage is a

• claim

• premium

• deductible

• ransom

The person for which the insurance company assumes the risk is called the

• insurer

• policyholder

• insured

• claimant