What does Risk Quantification mean? Read on to discover the definition & meaning of the term Risk Quantification - to help you better understand the language used in insurance policies.
Forecasting of loss frequency and severity to make risk financing decisions. Dependable estimates of the likelihood and dollar amount of loss-causing events allow an organization to take appropriate steps now and in the future to minimize their financial impact.
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 Quantification. 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: