Risk = the possibility that a need may arise.

Under the insurance contract, and in return for a premium, the insurance company is obliged to assume the risk. The insurance may cover individual risks (depending on the line of business, these may also be referred to as ‘risks’ or → Risk (as specified) or cover all risks.

Source reference: See the VDT publication “VDT Article Series, Part 5 | Glossary“ and the source cited there.