What does Risk Identification mean? Read on to discover the definition & meaning of the term Risk Identification - to help you better understand the language used in insurance policies.
Risk identification is the means by which a company's management attempts to pinpoint risks in their business operations. This allows them to take steps to prevent these risks or create relevant solutions in case they do happen, such as purchasing adequate insurance coverage.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Risk Identification. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: