Unplanned acceptance of losses because of failure to identify risk, failure to act, or forgetting to act.

Enacted by the federal government on March 23, 2010 to ensure consumer rights and protection for healthcare.

In financial management, the measurement of the length of time needed to recoup the cost of a capital investment.

Schedule illustrating the percentage of loss dollars actually paid in settlement of claims over time.

The cause of a loss.

A payout of a fixed dollar amount that remains the same throughout the specified annuitization period.

An accounting of goods sold and their corresponding costs performed at specified points during the accounting period; the most common method.

A policy that offers lifetime protection by combining a cash value with death benefits.

A record is made of every sale and continuous costs of each item sold are transferred from inventory asset to the cost of goods sold

All tangible property not classified as real property. See Real property.

All property other than buildings or other structures.

Coverage that protects the collection of property owned by an insured that is not considered part of a building or structure.  It can be at

A general class of risk; risks arising from property, people or information.

A group of physicians or hospitals that form alliances to help providers attain market share, improve bargaining power, reduce administrative costs and sell their services

Party bringing a lawsuit against another.

The process a risk manager takes to predetermine a course of action; an element of the managerial process.

Acronym for Program Managers Agreement

A hybrid of HMO and PPO plans.

The maximum dollar amount an insurance policy will pay for a covered loss.

A loan from the insurer to the policy owner, secured by the policy’s cash value.

The owner of an insurance policy. The policy owner can be different from the insured.

The period of time for which the insurance policy provides coverage.

The geographical area in which accidents, occurrences, or events must happen to have coverage under the insurance policy.

A general class of risk; risks arising from changes in the law, governmental reinterpretations or changes in government policy.

A self-insurance strategy used by two or more organizations that desire to share risks with each other. The organizations are not individually capable of self-insuring.