Okuzeka
Insurance vocabulary · Underwriting & Risk

Risk assessment

Meaning in insurance, with examples

nounCommon term

In insurance, risk assessment means: A careful study of how likely a loss is and how serious it could be, used to decide whether and how to insure something.

In Turkish: risk değerlendirmesi, risk analizi

How it is used

Done by underwriters and risk engineers before quoting. A risk assessment may involve a site survey, medical questions or a driving record. The results are written up in reports and lead to recommendations such as installing sprinklers.

Example sentences

  1. Our risk engineer will visit the plant next week to complete the risk assessment.

  2. The risk assessment showed that the building has no fire escape on the upper floors.

Common collocations

  • carry out a risk assessment
  • risk assessment report
  • initial risk assessment
  • on-site risk assessment
  • underwritingThe process of studying a risk, deciding whether to insure it and setting the price and conditions of the policy.
  • underwriterAn insurance professional who examines risks, decides whether to accept them and sets the premium, limits and conditions.
  • riskThe chance that something bad, such as an accident, illness or damage, will happen; in insurance it can also mean the person or property being insured.
  • proposal formThe form a customer fills in when applying for insurance, giving the facts the insurer needs to assess the risk.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Underwriting & Risk

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This page explains English vocabulary for learners. It is not financial advice.