Insurance Chp.20
assume risk
An owner of a company believes he will continue to sell products at a profit
avoid risk
A company decides to wait on the acquisition of another company until that company quarterly earnings reports comes out
transfer risk
Home Depot decides to contract with an outside transportation company for deliveries
insure risk
WSFCS benefits department negotiated a contract with another company that will provide liability coverage for their employees
comprehensive medical policy
a health policy combining hospital, surgical, regular, and major medical insurance
homeowner's policy
a package-type insurance policy designed to insure homes and property
collision
auto coverage for a loss resulting from a collision with another car or object
comprehensive coverage
auto coverage for almost all damage losses except those caused from a collision
bodily injury liability
coverage for claims resulting from injuries or deaths for which the insured is a fault
uninsured motorist
coverage for injuries caused by hit-and-run drivers or by drivers without insurance
property damage liability
coverage that protects a driver against claims if the insured's car damages someone else's property
major medical insurance
coverage that provides protection against the high costs of serious illnesses or injuries
personal liability coverage
covers claims for injuries or damages to property caused by you or your family
hospital insurance
health coverage for your room, food, and other hspital expenses
regular medical insurance
health insurance for non-surgical care in a doctor's office, patient's home or hospital
sugical insurance
health insurance that covers all or part of surgeons' fees
medical payments
insurance coverage for medical expenses of a policyholder and family members if they are injured while riding in a car
permanent life insurance
life insurance coverage with a cash value and an investment feature
term life insurance
life insurance that provides financial protection during a set period
disability income insurance
protection against the loss of income caused by a long illness or an accident
deductible
the amount the insured pays before the insurance company pays a claim
depreciation
the decrease in value of property
beneficiary
the person named in the life insurance policy to receive the benefits
coinsurance
the sharing of expenses by the policyholder and the insurance company