Define "mortality risk".

"Mortality risk" refers to the likelihood of death occurring within a specified time frame. This concept is a fundamental aspect of life insurance, as it helps insurers assess and quantify the potential risk they face when providing coverage to an individual. The higher the mortality risk, the more likely it is for the insurance company to have to pay out a death benefit. Thus, understanding and calculating mortality risk is crucial for determining premium rates and the overall viability of the life insurance policy.

The other options may relate to life insurance but do not accurately define mortality risk. For instance, the amount of life insurance coverage needed is a separate consideration that depends on individual circumstances and financial needs rather than the likelihood of death itself. Average life expectancy is a demographic measure that can influence mortality risk but does not define it. Similarly, the general risk associated with taking out a life insurance policy encompasses various factors beyond just mortality risk, including financial security and policy terms.