absolute risk

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absolute risk

Probability that a specified event will occur in a specified population, in contrast to the relative risk of the event.

Absolute Risk

The observed or calculated probability of the occurrence of an event, X—e.g., toxic exposure, infection, etc.—in a population relative to its exposure to a specific hazard or pathogen. Absolute risk is risk stated without any context whatsoever.
Example 172,570 people in America were diagnosed with lung cancer in 2005, a year in which there were approximately 290,000,000 Americans, yielding an absolute risk of 1:1,680 of being diagnosed with lung cancer. Adding context—e.g., age, smoking history, industrial exposure, etc.—is used to define a person’s relative risk of suffering a particular condition.

absolute risk

Epidemiology The observed or calculated probability of occurrence of an event, X, in a population related to exposure to a specific hazard, infection, trauma; the number of persons suffering from a disease when the exposed population is known with certainty. Cf Relative risk.
References in periodicals archive ?
Takaful insures only Pure Risks and the claims are only payable in the event of Loss to cover repairs, damage, replacement of property, or an agreed fixed amount.
In my mind it was a melding of pure risk with speculative risk, though that may be a simplification.
Pure risk involves losses due to physical assets, human resources, legal liabilities and work related injuries.
Emphasize risk-taking for value creation rather than pure risk avoidance.
In the UK, it has a joint-venture with Prudential plc consisting of PruHealth and PruProtect, providing private medical insurance and pure risk protection products, respectively.
Nonlife insurance companies determine premiums for their insurance policies based on reference loss cost rates or advisory pure risk premium rates calculated by the organization.
Insurance is a unique financial product that focuses on the transfer of pure risk to protect consumers' property, health, income, businesses and lives," Hampton said.
26) Indeed, tort law generally does not compensate for pure risk Imposition.
Risks can be divided into basically two types: pure risk and speculative risk.
Young and Tippins also introduce the novice to the movement by some risk managers to expand the role of the function beyond the pure risk focus.
This approach certainly seems reasonable, but the focus on the pure risk to the individual ignores an important feature of many of the Superfund sites.