The amount you must pay on a claim before the insurance company will pay.

A financial product (called an insurance contract or policy) that you buy from an insurance company or organization.

A contract of insurance

The person to whom an insurance policy is issued.

A payment made monthly, twice a year, or yearly, for an insurance policy.

Chance or possibility of injury, damage, or loss that someone may want an insurance policy to cover.

The types of events (losses) that an insurance company would pay for and the amount of money paid for the loss.

In which of the following scenarios will you obligated to pay the least amount of money out-­‐of-­‐pocket for medical expenses?

The insurer's determination that you meet the company's conditions to be insured.

The person who issues insurance policies.

Special features added to a basic policy

Which of following is not a way to handle risk?

If a customer slips and falls at your restaurant which type of insurance will help you cover any financial cost related to the accident?

If an employee slips and falls at your restaurant which type of insurance will help you cover any financial cost related to the accident?

If a customer sues a contractor because they put a bathroom where a closet was supposed to go, what insurance will protect them against financial loss?

Which insurance is required by law in most states?

Which insurance helps to protect your business when you don't have enough insurance to cover your losses?