Insurance Unit 25-26

What is the chance that something bad will happen?

a person that underwrites an insurance risk

Which determines how much you will pay for car insurance?

The possibility of financial loss occurring as the result of owning property.

What is a regular fee paid for insurance?

Covers renters from property risk due to liability or hazards?

What is insurance that covers homeowners from hazards, liability risks, or crime?

What is the mathematics of chance that is used to figure out insurance premiums?

a clause in an insurance policy detailing an exemption from or change in coverage.

What is speculative risk?

Why do businesses have liability insurance?

a document detailing the terms and conditions of a contract of insurance

Written contract for insurance

Concept you should be put in the same financial condition you were in before the loss

What is a thing that, if harmed, the inured person would suffer financially?

Insurance that covers you if your error causes damage to someone elses property

Type of risk with no positive outcome

Which is not a step in the risk management process?

How can someone lower their car insurance rates?

When someone who pays future losses in exchange for regular fee payments

A vulnerability that can cause a party to be held responsible for certain types of losses

How can insurance companies pay out claims when an incident occurs?