qualities of what they are buying and selling

insurance method of protecting a person from financial loss, whereby policy holders make regular payments

to an insurance entity; the insurance firm then remunerates a group member who suffers significant

financial damage from an event covered by the policy

money-back guarantee a promise that the seller will refund the buyer’s money under certain conditions

moral hazard when people have insurance against a certain event, they are less likely to guard against that

event occurring

occupational license licenses issued by government agencies, which indicate that a worker has completed a

certain type of education or passed a certain test

premium payment made to an insurance company

risk group a group that shares roughly the same risks of an adverse event occurring

service contract the buyer pays an extra amount and the seller agrees to fix anything specified in the contract

that goes wrong for a set time period
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