Financial Services _Çô Client Services RFC121 Chapter Notes - Chapter 8: Liability Insurance, Vehicle Insurance, Property Insurance

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC121
• Professor: Peter Wan

Document Summary

Insurance: protection against possible financial loss: medical expenses, protect your home belongings, cover personal or property damage. Insurance company: a risk-sharing firm that assumes financial responsibility for losses that may result from an insured risk. Insurer: an insurance company: join risk-sharing group by purchasing policy, policy: a written contact for insurance, premium: the amount of money a policyholder is charged or an insurance policy. Risk for a fee: perso(cid:374) that pays the (cid:862)fee(cid:863) periodi(cid:272)ally. Insured: a person covered by an insurance policy. Policyholder: a person who owns an insurance policy. Premature death, illness, disability, old age, or unemployment. Direct or indirect loss to property due to fire, windstorms, accidents, theft, and other hazards liability risks. Negligence resulting in bodily hard or property damage to others. Can be caused by automobile, professional misconduct, injury suffered o(cid:374) o(cid:374)e"s property: speculative risk: a risk in which there is a chance of either loss or gain.