The flashcards below were created by user
lecaly
on FreezingBlue Flashcards.
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Insurance
contract that transfers risk of financial loss for a fee
uneventful protection for the small business or small business owner in regards to monetary compensation in the event that a business and/or personal peril is experienced
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Insurer
company writing insurance
company writing insurance policy or contract and that agrees to compensate a person for loss under policy terms
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Beneficiary
person who receives proceeds of life insurance
the recipient of the proceeds of a life insurance policy
one who inherits property as specified in a will
person entitled to income or enjoyment of trust property
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Policy
written contract of insurance
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Face
maximum amount insurer pays for loss
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Premium
consideration paid by insured for a policy
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Risk
Peril
danger of loss
hazards that may be insured against
a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for
danger or loss from which the insured is protected, according to contract's terms
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Hazards
factors that contribute to uncertainty of insured loss
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Rider
addition to insurance policy that modifies, extends, or limits base contract
- addition to insurance policy to modify, extend, or limit base policy
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Binder
temporary contract of insurance
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Stock Insurance Company
corporation of stockholder investors
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Mutual Insurance Company
company of insurance policyholders investors
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Assessment Mutual Company
mutual insurance company in which losses are shared by policyholders in the ratio of their insurance to the company's total insurance in force
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Insurable interest
interest in nonoccurrence of risk insured against
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Concealment
willful failury to disclose pertinent information
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False representation
misstatement of material fact by the insured
willful failure to disclose relevant, material information to an insurer
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Warranty
statement of insured that relates to risk and appears in an insurance contract
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Subrogation
right of insurer to assume rights of insured
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Estoppel
occurs when one party leads the second to a false conclusion the second party relies on;
the second party would be harmed if the first party were later allowed to show the conclusion to be false
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Policyholder
insured under a contract of insurance
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Life insurance
insurance that insures against the death of the insured
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Underwriter
insurance company that insures against specified hazards
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Property insurance
insurance that insures against specified casualties to personal or real property
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Insured
person protected against a loss
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Blanket policy
insurance policy on many items in different places or different items in one place
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Specific policy
insurance that applies to only one item
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