The risk that is covered by an insurance contract for a specific period. In other words, it is the subject matter risk that may involve the occurrence of an insured event and the filing of a claim, so that the insurance company will have to pay the holder (policyholder) the reimbursement amount specified in the contract.

This risk is already insured and accepted to be covered by an insurance firm and falls within the set of insurable risks that constitutes the main value proposition of an insurance firm (core risks).