Final answer:
The risk of economic loss due to property damage or loss of life is related to the Principle of d) Insurable Interest in the context of insurance.
Step-by-step explanation:
If an individual faces the risk of economic loss in the event of property damage or loss of life, this represents the Principle of Insurable Interest. An insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object or suffers a loss if the insured object is harmed. This concept is fundamental to the insurance method of protecting a person from financial loss, which involves regular premium payments to an insurance entity that, in turn, provides remuneration to those who suffer significant financial damage from an event covered by the policy.