What is Risk Retention?
Assumptions of planned losses through deductions, deliberate lack of insurance and loss-related plans where some, but not all, are deliberately maintained and not transferred.
You can define Risk Retention as, Risk maintenance depends on the individuals or organizations who, when purchasing insurance, take responsibility for the specific risks they face, rather than passing the risk on to the insurance company. This means that the person or organization has chosen to pay for any losses themselves instead of taking out insurance to transfer the financial burden of losses to a third party.
Companies generally maintain this risk if they feel that the cost of doing so is less than the cost of full or partial insurance. Theft damage is an example of the risk that many companies prefer to buy or use their crime insurance.
Another reason a company can sustain risk is if it is unforgivable or less than deductible. In this case, we are talking about mandatory detention.
The insurance company must also decide which risks to maintain. The risk they don't want to take is passed on through insurance policies.
Definition of Risk Retention: This can be a health insurance issue. Concerns about the risk of sustaining losses due to lack of insurance. It is very common for large companies like Google to offer health insurance to their employees without having to purchase insurance. Google only allocates enough money to pay off debts, which means that Google takes a risk.
Conscious or unconscious decision of an individual or organization not to transfer the risk of loss to another party using insured or insured risk transfer techniques.
Literal Meanings of Risk Retention
Meanings of Risk:
Expose someone or anything of value for loss, damage or loss.
Conditions involved in exposure to hazards.
Sentences of Risk
Disobeying the law is very dangerous
Synonyms of Risk
danger, gamble with, hazard, gamble, likelihood, wager, take a chance with, bet, menace, jeopardize, chance, expose to danger, put in danger, imperil, venture, put at risk, probability, put in jeopardy, endanger, fear, put on the line, threat, prospect, peril, possibility
Meanings of Retention:
Continuity, use, or possession of something.
Sentences of Retention
Maintain direct control of the central government