Final answer:
The phrase 'Taking a chance' is not a means of defining risk; it is an action of taking risk(option c).
Step-by-step explanation:
The question asks which of the following is not a means of defining risk. Among the options provided, the one that does not serve as a means of defining risk is c) 'Taking a chance'.
This expression speaks to the action of taking risk rather than defining what risk is. The others such as having identifiable outcomes and probabilities, unexpected and undesirable outcomes, and risks being positive, negative, or different than expected, all relate to the characteristics and evaluation methods used to quantify and understand risk.
Risk involves the uncertainty of future events and can be seen extensively in insurance operations. Insurance companies use historical data, statistical tools, and models to estimate risk, although perfect prediction is not possible due to the variability of human behavior and the inherent uncertainty in life events. The definition of risk includes known and unknown factors affecting the chance of an unexpected event occurring. Furthermore, risk can have a range of outcomes; they may lead to losses, gains, or simply different results from what was expected.