Insurance Fundamentals

3. Amount of money an insurance company charges in return for providing coverage for a particular risk.
5. A condition that increases the chance of loss.
6. Sudden and extreme event that causes widespread damage, destruction, or loss.
9. Process where an insurance company transfers a portion of the risks to another insurance company.
10. A person responsible for investigating, evaluating, and settling claims.
11. Intentionally hiding important information or not telling the insurance company something they should know.

1. A promise or agreement made by the person being insured to do or not do something specific.
2. Obligation of an individual or entity to compensate for any harm, injury, damage, or loss caused to another party.
4. A person who sells insurance products for an insurance company or companies.
6. This are the risk or items that is covered under the insurance policy.
7. This is where multiple insurance policies covering the same loss, sharing the cost of the claim proportionally.
8. Someone who assesses risks and determines whether to provide insurance coverage for individuals or businesses.