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Risk is the probability or chance of suffering a financial loss.

Stated otherwise, risk is the likelihood, or lack thereof, that an event will occur that will result in financial loss. It is the concept of risk upon which insurance is based. Specifically, in return for the payment of a premium, the insurer agrees to assume the risk, and therefore the financial impact, of the risk. The nature of the risk and the degree to and conditions upon which the insurer will assume the financial impact of the occurrence are set forth in the insurance policy.

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Lola Cummings

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3y ago

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