noun
1.
Risk is the likelihood that an insured event occurs, that is, an event in which the insurance company is likely to pay out a Claim. Insurance companies use Risk when determining whether to insure a home, car, or individual, and when setting Premiums. People with lower Risk generally pay lower rates, and people with higher Risk generally pay higher rates.
While protection is never a bad thing, you want to make sure the value of the coverage outweighs the added cost.
Knowing when to buy an annuity can make a big difference. Learn how timing can influence your decision about if and when to buy.
Here’s a list of 8 questions to ask that may help you better understand the costs and benefits of extended-care insurance.