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Definition
| Insurance purchased by families and individuals |
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Definition
| Goup of policies with a common characteristic. |
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| An entinty that obtains money form one source and redirects it to another. |
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Definition
| It fullfills social needs and promotes public safety. By providing health benifits and life insurance. By sponsoring organizations such as the HLDI and UL. |
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Definition
| An entity with certain rights under the terms on an insurance policy as a result of the insured's negligent acts covered by the policy. |
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Definition
| A person or corporation having a duty to act primarily for another's benefit. |
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Term
| Risk Management Techniques |
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Definition
| Insurance as a transfer of risk, Retention as insured keeps the risk or Avoidance does not participate in situation that can cause the risk. |
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Term
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Definition
| Loss prevention, Loss reduction, seperation and duplication. |
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Term
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Definition
| This technique seeks to lower the probable frequency of loss from an exposure. ex. antilock breaks |
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Term
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Definition
| This technique seeks to lower the severity of losses that occur. ex. fire extinquishers |
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Term
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Definition
| This technique divides resources or activities to minimize the effect of a single event. ex. keep charcoal away from fire source. |
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Term
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Definition
| This technique relies on backups or spares. ex. computer back information on a disc. |
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Term
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Definition
| is the promise of one party to hold another harmless for any liability arising from an activitiy. |
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Definition
| people who do not take risks. |
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Definition
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Definition
| How ofter a loss occurs or is expected to occur. |
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Term
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Definition
| Refers to the dollar amount of damage that results or could result from the exposure to loss. |
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Term
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Definition
| seeks a solution that offers the optimum or greatest payoff. It assumes the individual has complete knowlege of all alternatives and their environments. |
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Term
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Definition
| is a combination of the potential loss frequency and severity. |
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Term
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Definition
| are the customers expectations about a business, industry, or product. |
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Term
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Definition
| are customer expectations about a particular situation or circumstance. |
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