What is Risk in insurance?
Risk is the chance that something bad may happen. Risk involves uncertainty about the outcome of work on something that people value unpleasant consequences.
In simple, it is an event that is not planned but ultimately occurs with financial consequences that lead to losses.
What does Risk in insurance means?
Risk means danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured.
What are types of Risk seen in Insurance business?
There are different types of risk seen in insurance. Here are few of them.
- Pure Risk
- Speculative Risk
- Particular Risk
- Fundamental Risk
- Static Risk
- Dynamic Risk