Insurance Flashcards
A contract whereby one party promises to compensate another, upon payment by the latter of a certain specified sum, for any loss suffered from the occurrence of a certain event.
Insurance
Should use a reputable insurance firm that is familiar with the needs of funeral service.
Manager
- Commercial enterprises
- Professional persons
- The expectations of people
Contemporary Concepts of Insurance is Realted to 3 Broad Areas
- Physical facilities
- Vehicles
- Liability to people (public)
- Employee liability (workman’s comp)
- Specified hazards or risk
- Malpractice
Risk Factors of Insurance
- Analyzing risk
- Evaluating property
- Selecting an agent
- Determining coverage and premiums
- Maintaining an insurance file
- Insurance on inventory of equipment
- Handling losses and claims
7 Areas of Organizing and Maintaining an Insurance Program
- Malpractice
- Employee fringe benefits
- Agents (employees)
Present and Future Trends
The failure of a professional person to render proper services through reprehensible ingorance or negligence.
Malpractice
A benefit, such as fre life or health insurance received by an employee in addition to his/her regular salary.
Employee Fringe Benefits
The firm is liable for the acts of these.
Agents (Employees)
The cost of coverage charged by an insurance company for the protection offered.
Premium
