chapter 32, 33, 24, 35, and 36. the possibility of incurring a loss risk
TRANSCRIPT
UNIT 9 – RISK MANAGEMENTChapter 32, 33, 24, 35, and 36
Chapter 32
the possibility of incurring a loss
Risk
Chapter 32
the possibility of incurring a loss related to property liability and ones own person wellbeing.
Economic risk-
Chapter 32
risks associated with illness, disability, loss of income, unemployment, old age, and premature death.
Personal risk-
Chapter 32
the risks of damage or loss of property due to theft, wind, fire, flood, or some other hazard
Property risk-
Chapter 32
potential losses to others that occur as a result of injury or damage that you may have caused.
Liability risk-
Chapter 32
– the planned protection provided by sharing economic losses
Insurance
Chapter 32
businesses that provide planned protection against economic loss.
Insurance companies-
Chapter 32
– the person for whom risk is assumed by an insurance company.
Insured or policyholder
Chapter 32
A contract that states the conditions to which the insurance company and the policyholder have agreed
Policy-
Chapter 32
– the amount that a policyholder must pay for insurance coverage
Premium
Chapter 32
a policyholders request for a loss that is covered by the insurance policy
Claim-
Chapter 32
– the amount you must pay before the insurance company pays a claim
Deductible
Chapter 32
– when an individual, family, or business assumes the total risk of economic loss
Self-insurance
Chapter 32
When you and the insurance company share expenses
Coinsurance-
Chapter 32
A person who sells insurance
Insurance agent-
Chapter 33
– The general term used to describe insurance to protect you against financial loss if you injure someone else or damage someone else’s property in an automobile accident.
Automobile liability insurance
Chapter 33
Insurance that protects you from claims resulting from injuries or deaths for which you are found to be at fault.
Bodily injury liability-
Chapter 33
– insurance coverage that provided medical expense protection for the policyholder, immediate family members, and guests while in the insured person’s car.
Medical payments insurance
Chapter 33
– Insurance coverage that protects the policyholder and immediate family members against losses from injuries caused by a hit and run driver or by a driver who has no insurance and inadequate money to pay claims.
Uninsured motorist coverage
Chapter 33
Insurance protection against claims if your car damages some else’s property and you are at fault.
Property damage liability coverage-
Chapter 33
- Insurance coverage that protects a car owner against financial loss associated with damage resulting from a collision with another car or object or from the car turning over.
Collision insurance
Chapter 33
– Insurance coverage against almost all losses except those caused from a collision or from the car turning over.
Comprehensive coverage
Chapter 33
– Laws that require you to carry certain types of automobile insurance before your car can be licensed.
Compulsory insurance laws
Chapter 33
Laws whereby your drivers license will be suspended or taken away if you cause an accident and cannot pay for the damages wither through insurance, your savings, or the sale of property.
Financial responsibility laws –
Chapter 33
Automobile insurance that provided coverage to high risk drivers who are unable to purchase it otherwise.
Assigned risk plan –
Chapter 33
A plan in which people injured in automobile accidents are required to collect for their financial losses from their own insurance no matter who is at fault.
No-fault insurance laws-
Chapter 34
Insurance that protects you from claims arising from injuries to other people or damage to other people property caused by you, your family, or your pets.
Personal liability coverage
Chapter 34
The causes of loss, such as fire, wind or theft.
Perils
Chapter 34
Property that is permanently attached to land
Real property
Chapter 34
Property that not attached to the land.
Personal property
Chapter 34
A basic type of property insurance that protects against losses caused by fire or lightning.
Standard fire policy
Chapter 34
Additional protection of property that covers damage caused by perils such as wind, hail, smoke, and falling aircraft, among other things.
Extended coverage
Chapter 34
A package type insurance policy designed to fir the needs of most homeowners wishing to insure their homes and property.
Homeowners policy
Chapter 34
A list of goods showing the original cost of each item, when it was purchased, and how long it was expected to last.
Inventory
Chapter 34
The decrease in the value of property as it becomes older and wears out.
Depreciation
Chapter 34
Insurance that actually replaces an item that has been destroyed.
Replacement insurance
Chapter 34
An insurance company representative who determines the extent of loss and pays policyholders.
Adjuster
Chapter 35
the person named in an insurance policy to receive the insurance benefits
Beneficiary-
Chapter 35
the amount of money received should a policyholder decide to give up the protection provided by a policy
Cash value-
Chapter 35
term life insurance on which the amount of protection gradually becomes smaller, but the premiums remain the same during the term
Decreasing term insurance-
Chapter 35
an amount of insurance coverage that was originally purchased and that will be paid upon the insured’s death
Face value-
Chapter 35
life insurance that covers a group of people who are usually employed by the same company or are members of the same organization
Group life insurance-
Chapter 35
a financial benefit from the continued life of a person
Insurable interest-
Chapter 35
term life insurance on which the amount of protection and the premiums remain the same
Level term insurance-
Chapter 35
insurance designed to protect survivors against the financial loss associated with dying
Life insurance-
Chapter 35
a whole life policy intended to be paid up in a certain number of years
Limited-payment policies-
Chapter 35
a type of whole life insurance for which premiums are the same each year as long as the policyholder lives
Ordinary life policy-
Chapter 35
a type of insurance that has cash value and an investment feature as its common characteristics
Permanent insurance-
Chapter 35
a term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking a physical examination to determine whether she or he is still a good risk
Renewable policy-
Chapter 35
a life insurance policy that provides financial protection against loss of life during a definite period of time
Term life insurance-
Chapter 35
life insurance which provides both insurance protection and a substantial savings plan
Universal life insurance-
Chapter 35
life insurance that lets the policyholder select from a range of investments
Variable life insurance-
Chapter 35
permanent insurance extending over the insured’s lifetime
Whole life insurance-
Chapter 36
a combination of hospital, surgical, and regular medical insurance
Basic health coverage-
Chapter 36
a provision in which the insured pays a certain percentage of the costs above the deductible amount
Coinsurance clause-
Chapter 36
insurance that combines hospital, surgical, regular, and major medical insurance into one policy
Comprehensive medical policy-
Chapter 36
insurance that helps pay for normal dental care and covers dental injuries resulting from accidents
Dental insurance-
Chapter 36
insurance the protects a worker against the loss of income because of a long illness or accident
Disability income insurance-
Chapter 36
Insurance that pays most or all of the charges for room, food, and other hospital expenses.
Hospital insurance –
Chapter 36
Insurance that provides benefits to cover part or all of the surgeons fee for an operation
Surgical insurance-
Chapter 36
Insurance that pays for nonsurgical care given in a doctors office, the patients home, or a hospital
Regular medical insurance-
Chapter 36
– Insurance that provides protection against the high costs of serious illnesses or injuries
Major medical insurance
Chapter 36
Insurance that covers eye examinations, prescription lenses, frames, and contact lenses.
Vision care insurance –
Chapter 36
Organizations that provide complete health care to their members for a fixed monthly payment.
Health Maintenance Organization-
Chapter 36
A group of physicians a clinic, or a hospital that contracts to provide medical services to employees.
Preferred provider organization-
Chapter 36
– Insurance that provides medical and survivor benefits to people injured, disabled or killed on the job.
Workers compensation
Chapter 36
– Medical expenses assistance administered by state governments to financially needy families.
Medicaid
Chapter 36
– Health Insurance provided by the federal government for people aged 65 and some disabled peoples.
Medicare
THE END
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