P & C Ch. 1 Vocab

  1. property
    the stuff owned and for the most part it is tangible items that can be possessed
  2. casualty or liability 
    the legal responsibility for damage that can be done to a third party's body or property 
  3. personal lines insurance
    P&C policies that are written to cover the needs of an individual or family for their home, auto, boat, camper, and RV
  4. commercial lines insurance
    contracts designed to provide insurance for the needs of a business
  5. insurance
    transfer of an individual's risk to a company
  6. insured
    you and your family members
  7. insurance company
    the professional risk bearer, the other party in the contract
  8. risk
    chance of loss, uncertainty of loss, probability that loss will occur
  9. loss 
    a way of putting a dollar value on the loss
  10. mitigating risk or loss
    several options in dealing with risk, avoid, reduce, retain, transfer
  11. predetermined limit
    the amount that the insurance policy will cover up to
  12. insurable interest
    the extent of your financial interest at the time of loss 
  13. exclusions
    the losses that the insurance company will not cover
  14. endorsements
    covers holes or gaps in coverage of insurance policies
Card Set
P & C Ch. 1 Vocab
vocab for P&C class