Final answer:
Risk is the term defined as the chance of damage, injury, or loss, and probability is used to predict such occurrences and their likelihood.
Step-by-step explanation:
The term that can simply be defined as the chance of damage, injury, or loss is risk. The theory of probability is closely related to risk, as it is used to predict the likelihood or chance that a certain event will occur, which can include the occurrence of risks. For example, the probability of getting a head in a coin toss is 50 percent because the coin has only two sides and the event of heads or tails is equally likely. Insurance companies use probability to estimate risks and determine premiums for coverage, acknowledging that perfect prediction of future events is not possible due to imperfect information and the inherent uncertainty in life's events. Probability is used in various fields such as genetics to predict the chance of gametes and offspring having certain alleles, and in insurance to estimate the risk of certain events happening to individuals.