You said that all soldiers are at risk, but we do not “expect” them all to die. But some will. It would be accurate to say that that percentage (some) is truly “at risk” of dying. That is an “expectation”, but certainly not an absolute (either direction, more/less).
-sdrebear
Not all soldiers are in combat situations. Any of them could perish to highly unforseen fire/accident, but the ones that would accurately be described at “at risk” are the ones in combat situations. Then, some amount of loss among those in combat are “expected” to be lost.
Likewise, not all mortgage holders are “at risk” due to ARM resets, etc. Among those that are “at risk” due to ARM resets, etc. some percentage would be “expected” to default.