First Sentence:
To actuaries, risk is the 'probability that a particular adverse event occurs during a stated period of time or results from a particular challenge', where 'an adverse event is an occurrence producing harm'.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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reasonable insured, insurance contract law, public conscience test, waived disclosure, careless advice, contracting insurance, general contract law, factual expectation, prudent insurer, certain insurers, insurance period, compensation culture, insurance intermediaries, transit insurance, contingency insurance, insurable interest, particular insurer, insurance relationship, liability cover, technical defences, insurance warranties, applicants for insurance, motor insurers, motor cover, insurance position
Key Phrases - Capitalized Phrases (CAPs):
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United States, Court of Appeal, Ombudsman News, House of Lords, New York, Financial Times, United Kingdom, Life Ins, Lord Diplock, Geneva Papers, Lord Hoffmann, Lord Mansfield, Supreme Court, Lord Denning, The Economist, Insurance Ombudsman, Lord Goff, Lord Bingham, App Cas, Lord Steyn, New Zealand, Insurance Act, Lord Woolf, Insurance Contracts Act, Lord Wilberforce
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