Shared Flashcard Set

Details

Title

Property and Casualty - Unit 1

Description

Important terms of insurance in unit 1

Total Cards

Subject

Insurance

Level

12th Grade

Created

04/12/2012

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Additional Insurance Flashcards

Term

risk

Definition

the chance or uncertainty of loss

Term

exposure

Definition

a condition or situation that presents a possibility of loss

Term

avoid risk

Definition

method rfor managing the risk of financial loss

Term

control risk

Definition

method for managing risk

loss precention/ risk reduction

limits loss severity

Term

retain a risk

Definition

paying the aftermath of a risk, intentionally