Business Law Chapter 28: Insurance

Insurance that covers losses or damages to others when the insured is legally responsible for them.

The individual or entity who is harmed or suffers a loss because of the actions of the insured.

The amount of the loss or damage that the insured is responsible for paying.

The amount of money paid to an insurance company for coverage.

The insured's obligation to provide complete and accurate information about potential risks associated with the insurance policy.

A type of insurance contract where complete honesty and transparency are required from both the insured and insurer.

A main classification of insurance coverage: Ex: Liability insurance, life insurance, property insurance.

Insurance that covers damages and losses to a property.

Insurance that protects businesses from financial losses caused by cyberattacks, including breach reporting costs, data restoration expenses, and legal liabilities.

Risks that directly impact the insured business, such as data breaches and system failures.

Risks that arise from actions of others, such as lawsuits from customers or fines from regulators.

Insurance covering legal liabilities related to clinical trials, including injuries to participants and breach of privacy.

Insurance coverage based on the current market value of insured property, minus depreciation.

Insurance coverage that pays for the full cost of replacing damaged property with a new, identical item.

Insurance that covers liabilities arising from business operations, excluding specific risks like workplace injuries.

Insurance coverage that protects against a wide range of risks, including those not specifically listed in the policy.

An insurance contract that aims to restore the insured to their financial position before a loss occurred, not to profit from it.

A financial stake in the insured property or person, which means you'd suffer a loss if it were damaged or injured.

The insurer's right to step into the insured's shoes and sue a third party responsible for a loss.

Sections in insurance policies that specify circumstances or events for which coverage is denied.

Insurance that covers all types of physical loss or damage to property, except for specific exclusions.

The amount the insured pays out of pocket for each claim, before the insurer covers the rest.

A written document that modifies an existing insurance policy, adding or removing coverage.

To identify and assess the risks your business faces, and determine the appropriate insurance coverage to purchase.