Which term do insurers sometimes use to refer to the insured person or property?

In the context of insurance terminology, the term that insurers often use to refer to the insured person or property is "risk." This term encompasses the potential for loss or damage that the insurer is assuming when they provide coverage. In insurance, a "risk" can represent a variety of scenarios, from an individual policyholder to the specific property being insured. The insurer evaluates this risk to determine appropriate premiums and coverage limits.

Understanding how the term "risk" is used is crucial because it forms the foundation for underwriting decisions, premium calculations, and the overall risk management process within the insurance industry. The other terms—exposure, hazard, and peril—each have specific meanings that relate to different aspects of insurance but do not directly serve as a synonym for the insured individual or asset. Exposure refers to the extent of risk present based on the characteristics of the insured property or person, hazard denotes a condition that increases the likelihood of a loss occurring, and peril refers specifically to the cause of loss itself, such as fire or theft.