The possibility of a need arising is also referred to as a risk.

Under the insurance contract and in return for a fee, the insurance company is obliged to → Risk assumption committed. The → Insurance cover can be limited to individual risks (also known as perils or hazards, depending on the insurance class) or cover all risks.

The term "risk" largely corresponds to the term "hazard". However, it is also used to describe the object of the individual insurance policies, i.e. the insured person or the insured object.

Source reference: See VDT publication "VDT article series part 5 l Glossary" and the source indicated there.