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15 Cards in this Set

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Financial Insurable Interests.1

Allows Business Partners to Buy Insurance on Each Other.

Allowed to buy

NON-FINANCIAL INTEREST- A

TERMS & CONDITIONS


Allows Individuals Related Closely by, Blood or Law such as Spouses, Parents & Children or Grand Children to buy Insurance on each other.

Terms

NON-FINANCIAL INTEREST - B

You May buy Insurance on yourself and name any person as a Beneficiary. If you buy Insurance on another person. “This is called Third Party Insurance.

NON FINANCIAL INTEREST - C

A Corporate Employer or an Employee-Benefit Trust—(Pension Plan) May buy buy Insurance on the lives of Employees with(Written Notice) to the Employee regarding the Purchase—The Amount—and to whine the Benefits are payable in the event of the Employees Death.

Property-Insurance

Property-Against the loss of Physical Property.

Casualty

Causes of Loss Insured Against in an Insurance Policy

Health - Insurance

Health Insurance—is known as (Accident & Sickness—Ins


Or


Accident & Health Coverage

Loss

The Decline of Value in a Person or Thing

Loss

Risk

The Uncertainty or Chance of a “Loss Occurring

Pure-Risk

Possibility of “Loss” Situation that can only result in a Loss-Or no change at all. No opportunity for Financial Gain. The only Risks Ins-Co are willing to accept.

Speculative-Risk

Opportunity for Loss or Gain. “Gambling”

Hazard

Condition or Situation that Increases Probability of an Insured Loss Occurring.

Peril

Causes of “Loss”Insured Against in an Insurance Policy.

Peril Life Insurance

Causes of Loss Insured Against in an InsurancePolicy


Life-Ins-Against the Financial Loss causes by the premature death of the Insured.

Life

Health- Insurance







Health-Against the Medical Expenses it Loss of (Income) caused by Sickness or Injury