Jul 6, 2021
Definition for Risk in Insurance: Objective Risk, Subjective Risk
Definition for Risk in Insurance: Objective Risk, Subjective Risk
Definition for Risk in Insurance There is no one definition for risk in insurance. Economists, behavioral scientists, risk theorists, statisticians, and actuaries all of them have their own view of risk. But, risk historically has been defined in terms of uncertainty. Based on this concept, risk is defined as uncertainty concerning the occurrence of a loss. For example, the risk of being killed…
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