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.

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

Your DNA Test

Your DNA Test

If your family relies on your income, it’s critical to know what their needs would be in the event of your death.

Did You Know This Fact About Unattended Cooking?

Did You Know This Fact About Unattended Cooking?

Do you know unattended cooking is a leading cause of fatal home fires?

Assess Your Life Insurance Needs

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.