1. IBT Performance Based Objective Chapter 1 – Basic Insurance
The cost of insurance coverage paid annually, semiannually, or monthly to keep the policy in force.
The individual or business that purchases insurance against a risk. Also called Insured
The transfer of risk in exchange for payment of a fee
SWBAT to explain basic insurance concepts: insurance, policyholder, premium,
probability, risk, claim, coverage, deductible, policy, insured, insurer, and
liability IOT demonstrate knowledge of basic insurance terms.
A written request for reimbursement to cover loss or damage that occurred from a specific event.
A contract written to protect individuals named in the policy against specific future losses.
The company that assumes the risk and agrees to pay losses covered by the policy
The branch of mathematics that measures the likelihood of some event occurring.
To take a chance on being hurt or losing something.
The individual or business that purchases insurance against a risk.
The amount of money which the insured party must pay before insurer pays on a claim.
Protection against a specific type of loss
facts, information, and skills acquired by a person through experience or education
To show how something is performed
Legal responsibility

2. PBO Key Terms
Insurance - The transfer of risk in exchange for payment of a fee
Policyholder - The individual or business that purchases insurance against a risk. Also called Insured
Premium - The cost of insurance coverage paid annually, semiannually, or monthly to keep the policy in force
Probability - The branch of mathematics that measures the likelihood of some event occurring.
Risk - To take a chance on being hurt or losing something.

3. PBO Key Terms
Claim - A written request for reimbursement to cover loss or damage that occurred from a specific event.
Coverage - Protection against a specific type of loss
Deductible - The amount of money which the insured party must pay before insurer pays on a claim.
Policy - A contract written to protect individuals named in the policy against specific future losses.
Insured - The individual or business that purchases insurance against a risk.
Insurer - The company that assumes the risk and agrees to pay losses covered by the policy
Liability - Legal responsibility
Demonstrate -To show how something is performed
Knowledge - facts, information, and skills acquired by a person through experience or education