Insurance
What protects against a possible situation, event or outcome?
Insurance
Insurance policies involve which two parties?
Insurer and Insuree
In auto insurance, what is the minimum coverage required by law that pays for damages to another driver's vehicle?
Third Party Insurance
This term describes the amount the insured pays before insurance begins covering costs.
Deductible
This occurs when the insurer contacts the insurance company to report an incident.
File a claim
This type of insurance provides financial protection against the costs of medical treatment and related services.
Health Insurance
Which type of insurance covers legal liabilities resulting from bodily injury or property damage to others?
Liability Insurance
Legal contract between insurance company and individual, business or entity being insured.
Insurance Policy
In the early history of insurance, what term was used to describe the practice of sharing losses among a group of merchants or traders?
Risk Pooling
In an uncertain event, it is the insured’s responsibility to take all precautions to minimize the loss on the insured property.
Loss minimization
Which type of insurance provides coverage for legal expenses in the event of a lawsuit?
Liability Insurance
Which type of insurance covers financial loss resulting from death, providing financial support to beneficiaries?
Life Insurance
What type of insurance policy provides coverage for damage to someone else's property caused by the insured?
Third Party Insurance
What technique involves adjusting business practices, such as altering production processes or changing suppliers, to prevent or minimize losses?
Risk Avoidance
What is the advantage of having insurance coverage that helps minimize the financial impact of unexpected events?
Risk Management
What type of insurance offers coverage for injuries or damages caused to others by you or your property?
Third Party Liability Insurance
What do we call the payment made by the policyholder to the insurance company in exchange for coverage?
Premium
Name the insurance policy that covers repairs to your home caused by unexpected events like storms.
Property Insurance
What type of insurance covers the cost of medical treatments and services provided to the insured?
Health Insurance
Claims history, risk profile changes, policyholder actions, coverage needs changes, market conditions, internal policy changes from insurer are all factors affection what?
Factors affecting renewals
What type of insurance typically covers property loss, such as damage to a home from a fire or theft?
Property Insurance
Which type of insurance is commonly provided by employers to cover their employees' health, life, or disability needs?
Group Insurance
This principle of insurance says all parties will act in good faith towards each other.
Utmost good faith
This term describes the insurance company's refusal to provide coverage for a specific claim.
Claims Denial
What are four factors that affect eligibility for health insurance?
Age
Health history
Marital Status
Dependents
Maximums