A risk that is not beneficial to the insurer, as loss is the only foreseeable outcome.
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A situation where unknown future outcomes involve only losses. Contrast with “Speculative Risk.”
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Pure risks are events the occurrence of which results in either loss to the individual or organization concerned. Pure risk holds out no prospect of gain which is what distinguishes it from speculative risk, where the prospect of either gain or loss exists.
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MEDICAL,USA: Situation that involves a chance of a loss or no loss, with no chance of gain.
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The only consideration is the possibility of loss or no loss but not making a profit. Contrast with Speculative risk.
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The uncertainty of a peril that can produce only a loss, should the event occur.
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UK:Uncertainty as to whether a loss will occur. With a pure risk there is no possibility of gain; the outcome is loss or no change. Such risks are static and inherent in the environment, e.g. fire, but can be minimised by risk management. Compare with speculative risk.
Insurance Encyclopedia
Pure Risk Exposure
An exposure in which the only possible outcomes are losses or no loss. A gain is not possible.
Pure year figures
The figures relating to premiums, claims, etc., refer only to the particular year of account. Figures relating to business written in earlier years but transferred into that year are excluded.
Pursue and pay
Phrase used to describe an insurance claim being processed for payment in which the coordination of benefits provision is investigated before the claim is paid.
Put option
Gives the buyer/holder the right, but not the obligation, to sell to the issuer the underlying instrument or, in the case of a weather derivative, the cash value of a weather data index such as degree days. Put options are also called floors or weather floors.
Putrefaction
Breaking of emulsion in paint is also called putrefaction.
PUWER Provision and Use of Work Equipment Regulations 1998
Provisions to enhance the safe provision and use of work equipment. The Regulations place general duties on employers and list minimum requirements for work equipment to deal with selected hazards in any industry. ‘Work equipment’ includes everything from a hand tool, through machines of all kinds, to a complete plant such as a refinery. Part IV has specific requirements for power presses. See FENCING OF MACHINERY. –