What is Risk?

Risk

[risk]

noun

1.

Risk is the likelihood that an insured event occurs, that is, an event in which the insurance company is likely to pay out a Claim. Insurance companies use Risk when determining whether to insure a home, car, or individual, and when setting Premiums. People with lower Risk generally pay lower rates, and people with higher Risk generally pay higher rates.

Share |
 

Related Content

Forecast

Forecast

Life is as unpredictable as the weather. We’d love to help you prepare.

What is Loss of Use?

What is Loss of Use?

Do you know what Loss of Use is?

Long-Term-Care Protection Strategies

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.