Risk Philosophy
Definition of "Risk philosophy"
Personal view regarding how losses occur and the validity of loss prevention and reduction; also, whether an individual is a risk taker or a risk avoider. For example, if a driver takes the view that dying in a serious automobile accident is inevitable, then use of seat belts is unnecessary. On the other hand, a driver's philosophy may be that wearing a seat belt will minimize injury and reduce the chance of dying in an accident.
Popular Insurance Terms
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Insured's income prior to the disability minus the insured's income after the disability. ...
Termination of coverage in insurance. ...
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To transfer a risk from an insurance company to a reinsurance company. ...
Rule that concerns the distribution of the aggregate surplus among the policies in the same proportion as each respective policy has contributed to the surplus. ...
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