Risk Management Vocabulary

Shannon Anderson-Rush
Flashcards by , created about 5 years ago

Flashcards on Risk Management Vocabulary, created by Shannon Anderson-Rush on 10/26/2014.

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Shannon Anderson-Rush
Created by Shannon Anderson-Rush about 5 years ago
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Question Answer
A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics. Actuary
individual who sells and services insurance policies Agent
Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile. Automobile Liability Insurance
A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy. Claim
requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss Coinsurance
Covers physical damage to the insured's automobile (other than that covered under comprehensive insurance) resulting from contact with another inanimate object. Collision Insurance
Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car. For example, fire damage or a cracked windshield would be covered under the comprehensive section. Comprehensive Insurance
The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, living and death benefits are listed. Coverage
A predetermined, flat fee an individual pays for health-care services, in addition to what insurance covers. For example, some HMOs require a $10 copayment for each office visit, regardless of the type or level of services provided during the visit. Copayments are not usually specified by percentages. Copayment
Amount of loss that the insured pays before the insurance kicks in. Deductible
Items or conditions that are not covered by the general insurance contract. Exclusions
A circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an explosion. Hazard
Restoration to the victim of a loss by payment, repair or replacement. Indemnity
Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract. Liability Insurance
The cause of a possible loss. Peril
The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clause, riders, endorsements, and papers attached thereto and made a part thereof. Policy
The price of insurance protection for a specified risk for a specified period of time. Premium
Management of the pure risks to which a company might be subject. It involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance. Risk Management
Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy doesn't build up any of the nonforfeiture values associated with whole life policies. Term Life Insurance
The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer. Underwriter