Chapter 6 - Fundamentals of Insurance

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Across
  1. 3. The party whose loss causes the insurer to make a claim payment
  2. 6. Consists of insurance plans that are offered by nongovernmental insurance organizations, defined by insurance contracts and financed by their insured
  3. 8. Insurance plans sponsored by a government body and described by statute
  4. 9. Policies that specifically identify a list of covered perils
  5. 10. The insurance contract
  6. 12. Provides protection from the additional medical expenses incurred by a policy owner as a result of the perils of sickness or accident
  7. 13. The price of insurance that is based on the expected cost of insured losses
Down
  1. 1. Provides protection from the peril of death
  2. 2. The probability of suffering a loss
  3. 4. Insurance Provides protection from the peril of disability, or the lost wages that result from the inability to work due to illness or injury
  4. 5. The first peril in a chain of events that result in a loss
  5. 7. Income earned by insurers from policyholders months or years in advance of paying insured claims
  6. 11. Can guarantee that the insured will continue to receive a predefined amount of money until his or her death