PRM Vocab

5. idea of reducing the extent or possibility of a loss
7. transfer the risk to a third-party entity, in most cases an insurance company
10. involves accepting the risk
14. unauthorized use of someone’s personal identifying information to commit fraud or other crimes
15. financial institution which provides a range of insurance policies to protect individuals and businesses against the risk of financial losses
16. type of insurance coverage which pays for medical and surgical expenses incurred by the insured
17. type of insurance which pays out a sum of money upon the death of the insured person
18. permanent policy in which the policy holder pays a specified premium each year for the duration of his or her entire life
19. designed to help regain good financial standing after identity theft occurs
20. tracks activities on credit reports through the major credit reporting agencies

1. hazard which has a potential source of harm or adverse health effect on a person or persons
2. policy which provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft
3. periodical bill a policy holder pays to keep coverage in effect
4. something which could cause harm to people’s health
6. alerts individuals when personal information is being used in ways which do not generally show up on credit reports
8. completely avoiding an activity which poses a potential risk
9. type of property insurance which covers losses and damages to a privately owned residence and to the assets within it
11. pays benefits if an individual dies during the period in which the policy is covered
12. type of insurance which covers the costs associated with an auto accident or other vehicle damage
13. covers the tenant’s personal property against named perils such as fire, theft and vandalism
14. social device providing financial compensation for the effects of misfortune