With regard to insurance, risk can be defined as:

A) uncertainty regarding financial gain.

B) certainty regarding financial gain.

C) uncertainty regarding loss.

D) certainty regarding loss.

C) uncertainty regarding loss.

Explanation:

An insurance is an arrangement between the insurer and the insured in which the insured pays the insurer a fee known as premium for indemnity in case of a loss or damage to an identified property or life.

An insurance is taken by the insured to reduce his cost in case of a loss. As such, the risk in an insurance is the uncertainty regarding a loss.

The right option is C.