What term is used to describe the entity initially seeking insurance coverage against risk?

The term that describes the entity initially seeking insurance coverage against risk is "policyholder." The policyholder is the individual or organization that purchases an insurance policy and is responsible for paying the premiums. This entity is protected by the insurance contract, which provides coverage for potential risks outlined in the policy.

The term "primary insured" typically refers to the individual or entity whose interests are directly covered by the insurance policy. While they can be considered synonymous with "policyholder" in some contexts, the correct terminology for the entity seeking coverage and entering into the contract with the insurer is indeed "policyholder."

In contrast, a "reciprocal insured" generally pertains to a unique insurance arrangement where members of a reciprocal exchange provide mutual insurance to one another, which doesn’t fit the scenario of an entity simply seeking coverage. A "risk assessor" is a professional responsible for evaluating potential risks and determining appropriate insurance coverage but does not seek coverage themselves. Thus, “policyholder” is the accurate and appropriate term for the entity actively pursuing insurance coverage.