ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The chance of injury or loss as defined as a measure of the probability [likelihood] and severity of an adverse effect to health, property, the environment, or other things of value.

Detailed explanation-2: -Risk is the chance of loss, and peril is the direct cause of the loss. If a house burns down, then fire is the peril. A hazard is anything that either causes or increases the likelihood of a loss.

Detailed explanation-3: -Risk: Uncertainty arising from the possible occurrence of given events that would result in loss with no opportunity for gain.

Detailed explanation-4: -The responsible party may become legally obligated to pay for injury to persons or damage to property. Liability risk may occur because of catastrophic loss exposure or because of accidental loss exposure.