Shared Flashcard Set

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Business law
Flash cards for ch 37
12
Law
Undergraduate 4
02/05/2013

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Cards

Term
Insurance 
Definition
Contract that transfers risk of financial loss for a fee.
Term
Insurer
Definition
Company writing insurance.
Term
Insured
Definition
Person protected against loss.
Term
Beneficiary
Definition
Person who received proceeds off life insurance. 3rd party.
Term
Policy
Definition
Written contract of insurance.
Term
Face
Definition
Maximum insurer pays for loss.
Term
Premium
Definition
Consideration paid by insured.
Term
Risk or peril
Definition

Danger of loss.

property, life etc...

Term
Hazards
Definition
Factors that continue to uncertainty. 
Term
Rider
Definition
Addition to insurance policy that modifies extends or limits base contract.
Term
Binder
Definition
Temporary contract of insurance. 
Term
Insurable interest
Definition
Intrest in no occurrence of risk insured against. 
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