MANAGEMENT

Detailed explanation-1: -A hazard is a condition that increases the possibility of loss. For instance, fire is a peril because it causes losses, while a fireplace is a hazard because it increases the probability of loss from fire. Some things can be both a peril and a hazard.

Detailed explanation-2: -Hazard: Condition that increases the probability of loss.

Detailed explanation-3: -A hazard is a dangerous phenomenon, substance, human activity or condition. It may cause loss of life, injury or other health impacts, property damage, loss of livelihoods and services, social and economic disruption, or environmental damage.

Detailed explanation-4: -A hazard is anything that either directly leads to a loss or anything that increases the likelihood of a loss. If your home has a swimming pool, for example, it could be considered a hazard because it increases the likelihood that someone might be injured on your property.

Detailed explanation-5: -What is the difference between perils vs. hazards? A peril is the cause of the loss, and a hazard increases the likelihood of a peril happening. People often mistakenly interchange perils and hazards when discussing property insurance, but they aren’t synonyms.