risk

The hazard, or chance of loss, on any particular item of insurance. The term "risk" usually is used in a general way to designate the entire subject matter of insurance covered under a policy or upon which an application for insurance has been received. Risk is also sometimes used designate a policyholder.

Internal Revenue Service ¹

See also adverse deviation, application, automatic coverage, automatic reinsurance, automatic treaty, binder, border-line risk, captive insurance company, cede, classification, coinsurance, contingent liability, declarations, exclusion clause, experience