Insurance authors have traditionally defined risk as

Question

Question: Insurance authors have traditionally defined risk as

Options:

1.  Any situation in which the probability of loss is one
2.  Any situation in which the probability of loss is zero
3.  Uncertainty concerning the occurrence of loss
4.  The probability of a loss is occurring

Answer 1

3. Uncertainty concerning the occurrence of loss

Insurance authors have traditionally defined risk as uncertainty concerning the occurrence of loss.