moral hazard

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun The risk to an insurance company that the holder of a policy will destroy the insured property in order to collect the monetary reimbursement available under the policy.
• noun The risk that an individual or organization will behave recklessly or immorally when protected from the consequences.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun economics, insurance The prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun (economics) the lack of any incentive to guard against a risk when you are protected against it (as by insurance)