Insurance

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.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Mastering Mobile Lingo

Mastering Mobile Lingo

Do you understand these common mobile slang terms?

Accidents

Accidents

Accidents happen to everyone. We're here to help.

Money Draining Food Myths

Money Draining Food Myths

These food myths will really put a drain on your wallet.