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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.
Lola Cummings
Wiki User
∙ 11y agoAn undesirable risk is rejected as such because the risk is to high. Basically it means that the company has reasonable certainty that a loss will occur even before you buy the policy.
A few examples of undesirable risk would be.
1. A teenage male with his first car and it happens to be a mustang. (almost a guarantee of an accident with the first 60 days).
2. A person with an extensive and rather regular claims history. (Indicative of fraud or negligent activity)
3. Someone with very bad credit looking to insure a high dollar risk. (potential for fraud activity)
AnswerIt is a risk that cannot be insured because of cercumstances, most of those risk are unpredictable e.g wars, roits, earthquakes.Wiki User
∙ 10y agoIn life insurance policy, the mortality of the person or the proposer is assessed by the underwriter what is called risk. Whereas in non life policy , the risk factor varies according to the character of the policy in question.
Wiki User
∙ 9y agoAn insurance policy is a protection against a possible loss. Wet risk in insurance terms is anything from water damage.
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What is conducted after each incident of unauthorized disclosure of classified information in cases involving espionage or leaks to the public media to determine the effect of a compromise on national security?
Damage assessment
Who performes risk assessment?
who performs the risk assessment
What does risk assessment?
Risk assessment is a step in a risk management process. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat.
What are the levels of risk assessment?
How to do laboratory risk assessment in biosafety level
What is the definition of a risk assessment?
Risk assessment is the systematic analysis and evaluation of risk associated with the activity
Can you change a risk assessment after an accident?
You can revise a risk assessment in light of what you learned from an accident or incident, but you must not change an existing risk assessment.
When was Risk Assessment - Torchwood - created?
Risk Assessment - Torchwood - was created in 2009.
What is the risk assessment model for?
The risk assessment model provides a process structure to guide you in assessing risk.
The analysis of a situation to determine the level of risk inherent in that situation is called?
risk assessment
What does risk assessment mean?
Risk assessment is a step in a risk management process. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat.
What is the principle called that all insurances are based on?
Division of risk.
Which two factors determines the risk in the risk assessment matrix?
Probability and severity determine the risk level in the Risk Assessment Matrix.
