What does Risk Profile mean? Read on to discover the definition & meaning of the term Risk Profile - to help you better understand the language used in insurance policies.
A measure of expected losses for a finite time period based on various items of historical data such as total losses, number of losses, average loss size, and payout patterns. The term is usually reserved to refer to a book of business, an individual account, or an individual policy with a sufficiently large exposure base to lend credibility to analysis of the data.
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 Profile. 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: