Question

The likelihood or chance of injury, damage or loss to a person or thing is called ______________.

Option 1: Coverage Clause
Option 2: Loss Reporting Requirement
Option 3: Claim Notification Provision
Option 4: Reimbursement Clause

Answer 1

The likelihood or chance of injury, damage or loss to a person or thing is called insurance.

Step-by-step explanation:

The likelihood or chance of injury, damage or loss to a person or thing is called insurance. Insurance is a method of protecting a person from financial loss, whereby policy holders make regular payments to an insurance entity. The insurance firm then remunerates a group member who suffers significant financial damage from an event covered by the policy.