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.
Many older people think it's too late for life insurance. Actually, life insurance can be part of a sound financial strategy for people in their 60s and 70s as well.
Business owners may be able to protect themselves from the financial consequences of losing a key employee.
An increasing number have been developed to help individuals with their personal finances.