What term is used to describe the probability that a specific event will happen?

The term that describes the probability that a specific event will happen is "Chance of Loss." This term is commonly used in risk management and insurance to quantify how likely it is for a loss to occur due to various factors, such as a disaster, accident, or other insurable events. Understanding the chance of loss is fundamental in evaluating risks and making informed decisions about insurance coverage and risk mitigation strategies. It helps insurers determine how much to charge for premiums based on the likelihood of claims.

The other terms do have specific meanings in probability and risk management. Subjective probability refers to an individual's personal judgment or estimation of the likelihood of an event occurring, which may not be based on empirical evidence. Probability index is not a standard term used in risk management, so it lacks the defined context of risk assessment. Expected value is a statistical concept that represents the average outcome when considering all possible outcomes weighted by their probabilities but does not directly answer the question regarding the likelihood of a specific event occurring.