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| A chance of loss with no chance for gain. |
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| A risk that may result in either gain or loss |
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| A risk that may result in gain or loss because of changing economic conditions. |
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| A method for spreading individual risk among a large group of people to make losses more affordable for all. |
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| A pure risk that is faced by a large number of people and for which the amount of the loss can be predicted. |
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| Any financial interest in life or property. |
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| The chance of loss involving your income and standard of living. |
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| The chance of loss or harm to personal or real property. |
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| The chance of loss that may occur when your errors or actions result in injuries to others or damages to their property. |
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| An identified risk for a fee. |
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| Putting the policyholder back in the same financial condition he or she was in before the loss occurred. |
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| An organized strategy for controlling financial loss from pure risks and insurable risks. |
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| Understanding the types of risk you will face and their potential consequences. |
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| Also called risk transfer; transferring risk by buying insurance to cover potential losses caused by damaging events. |
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| Lowering your chance of loss by not doing high-risk activities. |
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| Taking measures to lessen the frequency or severity of losses that might occur. |
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| Accepting the consequences of risk by self-insuring to absorb the loss. |
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| The specified amount of a loss that you (the insured) will have to pay. |
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| The number and type of traffic tickets you have received for driving infractions and misdemeanors along with the number of accidents in which you have been involved. |
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| Automobile insurance that protects your own car against damage from accidents or vehicle overturning. |
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| Automobile insurance that protects you from damage to your car from causes other than collision or vehicle overturning. |
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| Personal Injury Protection |
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| Automobile insurance that pays for medical, hospital, and funeral costs of the insured and his/her family and passengers, regardless of fault. |
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| Uninsured/Underinsured Converage |
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| Automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay. |
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| Automobile insurance in which drivers receive reimbursement for their expenses from their own insurer, no matter who caused the accident. |
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| A group of people who are unable to obtain automobile insurance due to high risk. |
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| Umbrella Liability Insurance |
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| A supplement to your basic auto and property liability coverage that expands limits and includes additional risks. |
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| Insurance that protects renters from property and liability risks. |
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| Insurance that protects property owners from property and liability risks. |
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| A written amendment to an insurance policy. |
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| A provision requiring policyholders to insure their building for a stated percentage of its replacement value in order to receive full reimbursement for a loss. |
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| Personal Property Floater |
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| Insurance coverage for the insured's moveable property wherever it may be located. |
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| Insurance to protect against claims for bodily injury to another person or damage to another person's property. |
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| Someone presumed to have permission to be on your property. |
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| A dangerous place, condition, or object that is particularly attractive to children. |
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| A plan for sharing the risk of high medical costs resulting from injury or illness. |
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| A group plan in which all those insured have the same coverage and pay a set premium. |
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| Consolidated Omnibus Budget Reconciliation Act; a law that allows people who leave employment to continue their health insurance under the company plan for a limited period of time. |
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| A group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim. |
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| An employee benefit program that allows employees to set aside money, pretax, to help pay deductibles, copayments, and other health expenses during the year that are not covered by insurance. |
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| Includes medical, hospital, and surgical costs. |
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| Provides protection against the catastrophic expenses of a serious injury or illness. |
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| An insurance clause that caps or sets a maximum that the insured has to pay during any calendar year. |
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| Health Savings Account; used in association with a medical plan that carries a high deductible. |
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| Health Maintenance Organization; a group plan offering prepaid medical care to its members. |
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| Preferred Provider Organization; a group of health care providers who band together to provide health services for set fees. |
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| An insurance plan that makes regular payments to replace income lost when illness or injury prevents the insured from working. |
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