Risk Management Vocabulary

3. The person or company buying the policy
5. A risk that can result in financial loss, including personal risk, property risk, and liability risk
7. The exclusive rights to possess and use property and its profit
8. A place holder's request for payment for a loss that the insurance policy covers
9. The person or business for which the insurer assumes to risk
11. A risk that can lead to loss of personal or business property including money, vehicles, and buildings
12. A risk that presents that change of loss but no opportunity for gain
13. A company that agrees to take on certain economic risk and to pay for losses if they occur
14. A form of risk protection that exchanges the uncertainty of a possible large financial loss for a certain smaller payment

1. A policy starting the conditions to which the insurance company and the policy holder have agreed
2. Illegal uses of intellectual property, patents, trademarks, and copyrights
4. A risk that you can reduce or eliminate by actions you take
6. The possibility of incurring a loss
10. A risk that relates to harm or injury to other people or their property because of your actions
11. The amount a place holder must pay for insurance coverage