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RISKS, PERILS, AND HAZARDS EXAM QUESTIONS WITH COMPLETE SOLUTIONS RATED A+
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Risk - ANSWERThe possibility of financial loss that exists as a state of the real world. Peril - ANSWERA cause of loss. Hazard - ANSWERA condition that may increase either the chance (frequency) or the amount (severity) of loss arising from a peril. Classes of Pure Risk - ANSWERPersonal risk, property risk, and liability risks. Personal Risk - ANSWERLoss of income earning ability. Property Risk - ANSWERDirect loss or damage, or indirect loss (i.e. income, expenses). Physical Hazard - ANSWERThe natural properties of objects and their impersonal surroundings that increase the chance and/or amount of loss. Pure Risk - ANSWERUsed to designate those situations which involve only the possibility of loss or no loss.
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