Which term best describes the risk that remains after risk management practices are applied?

The term that best describes the risk that remains after risk management practices are applied is "residual risk." This concept is crucial in risk management because it acknowledges that while proactive measures can be taken to minimize risks, such as implementing safety protocols or transferring some risks through insurance, there will always be a portion of risk that cannot be entirely eliminated.

Residual risk reflects the uncertainty that still exists after all risk control measures have been implemented. It is important for organizations to assess and understand their residual risk in order to make informed decisions about how to manage or accept the still-present risks. This ongoing evaluation helps in strategizing future risk management efforts or in determining the level of coverage needed in insurance policies.

The other terms provided do not accurately capture this concept. Covered risk refers to risks that are explicitly included in an insurance policy, uninsurable risk refers to risks that cannot be insured due to their nature or the lack of insurers willing to cover them, and excluded risk pertains to specific risks that are not covered by an insurance policy. Each of these terms highlights different aspects of insurance and risk management but does not denote the risk that persists after all management strategies have been employed.