The term used for event in which large number of losses occur to life and property is -------.
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This chance of loss is called as risk. The cause of the risk event is known as peril.
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The likelihood that an insured event will occur, requiring the insurer to pay a claim. For example, in life insurance, the insurance risk is the possibility that the insured party will die before his/her premiums equal or exceed the death bene
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This chance of loss is called as risk. The cause of the risk event is known as peril.
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