( Insurance : Underwriting )
Under the assumption of risk doctrine, a person who understands and recognizes the danger inherent in a particular
activity cannot recover damages in the event of injury.
The courts held that assumption of risk meant that workers assumed liability for accidents caused by risks common to employment.
Assumption of risk is the practice of paying for minor losses yourself, but protecting against catastrophic
losses by buying insurance cover.
Collins English Dictionary. Copyright © HarperCollins Publishers